Nearly 70% of Americans have less than $1,000 in their savings accounts. 34% have no savings at all.
"The Money Wizard," who goes by the pen name Sean and asks to remain anonymous, is not the average American: the Minneapolis-based 26-year-old already has $150,000 in the bank.
Thanks in part to the fact that he doesn't have student loans to pay, he's able to set aside more than 60% of his $70,000 salary. With this savings rate, he expects to have at least $750,000 in the bank by 37, at which point he'll be able to retire comfortably.
CNBC asked Sean, who lives on less than $25,000 a year, for his top money saving tip. His answer? "Question the things you're spending your money on."