Are you on track? If you start in your 20s, you should aim to put away around $400 a month. But that's not possible for everyone.
CNBC Make It used CNN Money's helpful millionaire calculator to estimate when you would become a millionaire if you're able to contribute $300 to an investment account each month, assuming that you're starting from scratch with zero savings.
- With a 4 percent rate of return, you'd become a millionaire in 62 years, by 2080.
- With a 6 percent rate of return, you'd become a millionaire in 48 years, by 2066.
- With an 8 percent rate of return, you'd become a millionaire in 39 years, by 2057.
- With a 10 percent rate of return, you'd become a millionaire in 34 years, by 2052.
As these numbers show, depending on how old you are now, putting away only $300 a month may not be a reliable long-term plan for building wealth and .
Consider reworking your budget and trying to find areas where you can dedicate more to saving and investing. You want to start putting money away to take advantage of , in which any interest earned accrues interest on itself. That means a little money invested now can end up being more than a lot of money invested later.
You're not alone if even $300 is maxing out your finances: Even $2,100 a year, or $175 a month, is .
But if you're able to get started investing, here are a few simple, low-stress ways to begin:
- Sign up for your employer's and take full advantage of any company match, which essentially gives you free money.
- Contribute to a or traditional IRA, which are both individual retirement accounts that offer tax breaks.
- , which help you begin by investing small amounts of what it calls your "spare change." The app rounds up your purchases to the nearest dollar and automatically puts your coins to work.
- Try that aim to make investing simple.
- Consider automated investing services, known as , that can help you out no matter how much you have in the bank.
- Research low-cost , which .
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