Kyle Taylor knows what it's like to be in — and get out of — a serious financial ditch.
In 2010, the then-24-year-old had $50,000 worth of student loans, lacked a steady job and was unsure if he could pay the next month's rent. At one point, he resorted to picking up change off of the street to buy ramen noodles.
Today, Taylor, 30, is a millionaire and the founder and CEO of The Penny Hoarder, a site that offers practical personal finance advice to millions of readers.
While Taylor follows a number of helpful personal finance guidelines, such as having weekly check-ins with yourself to review your finances and saving 50 percent of your take-home income, there's one he says can have an immediate impact.
Taylor insists there are actually ways to start saving even when you're barely making ends meet.
"If you're somebody like I was, living paycheck to paycheck and wondering how you can get out of the hole," he tells CNBC, "the first thing I recommend people do is to start a second bank account."
That second bank account should be strictly for savings, he says.
"Deposit anything, something. Five dollars, a roll or pack a quarters — just deposit something," he says. "And then use that as a foundation to keep growing from."
The simple act of dedicating one account to savings is a big step forward, no matter what the balance, Taylor says.
He also stresses the importance of keeping this account disconnected from your checking account, so that transferring funds is more difficult.
It works, the millionaire says.
"Even if [you deposit] just five dollars a week, it will get better," he says. "It will keep growing if you stick with it."
Check out the formula Taylor uses to save big.
