Most people only have two bank accounts they utilize in their lives. Those two accounts are usually a checking and savings account. Your paycheck gets deposited into your checking account, you then pay bills and if there is anything left the balance goes into a savings account.

According to Trading Economics, the national savings rate is 3%. It will be bordering on impossible to accumulate any real wealth with such a pitiful savings rate. Of course, there will be a handful of people who acquire wealth because they bought a certain company at a certain time and it went way up in value thus giving them a form of wealth. Those will be few and far between the broke people who can never retire or even cut back on work to enjoy other things that life has to offer.

Let me give you a simple system to increase your savings and wealth. First, you’re going to use more than just two bank accounts. Most people dump all their money in their primary checking account up front and then give the money to everyone but themselves first and only keep the tip money if there is any money left. Many people have even given up on saving money and don’t even have a savings account. This is a huge mistake!

Stop that madness by immediately paying yourself 10% into your savings account the day you get paid. Technology makes this so simple these days if you’ll use what is available to you right on your smartphone. Simply make sure your bank has an online app you can use on your phone. If they don’t, fire them and get a new bank. It’s just that simple.

Let’s assume you receive a $1,000 net paycheck as an employee every Friday. (More for self-employed or business owners below) When you’re at lunch, on a break, or when you get home on Friday open up your banking app and immediately transfer $100.00 into your savings account. Can’t afford that?  Bullshavic! Everyone can afford it if it’s done first thing and up front. It’s when you let your cash all go into one spot and spend first instead of transfer first you can’t afford it.  I have written articles on 50 ways to save $100.00 per month so you can absolutely afford it and many of you even more.