Do you remember the first time you were given a piggy bank? When I was a child I had a little plastic elephant and a ceramic penguin where I would stash away my extra coins. When someone gave me a bank note, I would always put it into the ceramic penguin and protect it like treasure. I was always positively surprised by how much money I had in my little treasure chest when unscrewing the piggy bank after a year.

As a child one hundred bucks was an amazing sum; particularly when it was in the form of numerous bank notes and coins. While today one hundred Euros, Pounds, or Dollars may no longer like the wealth I perceived it to be as a kid, saving has not lost its appeal. Maybe it's no longer a piggy bank, but a bank account, but saving does still carry some magic.

Thus, here are the 10 things I have learned about saving.

1. Start saving early

This might sound a bit late for those slightly older, but if you teach your children from an early age to put some money away, they’ll thank you for it in a few years. Just tell them about the magic power their money possesses – compounding.

2. It’s never too late

If you haven’t started saving yet, start now. It’s never too late to put money aside to fuel your galleon of wealth and become ever closer to the golden shares of financial independence and happiness.

3. Small amounts turn into substantial wealth

It is amazing what small sums turn into with time. Amounts as small as $/€/£ 5 per day quickly add up. $/€/£ 5 a day turn into $/€/£ 150 after one month and $/€/£ 1,825 after only one year. That is not accounting for any interest earned.

4. Your money will do the work for you

Even those $/€/£ 5 will start earning you interest as soon as you put them into an interest paying account. With time your money will start multiplying fast and your savings turn themselves into an increasingly bigger pile of wealth.

5. It’s easier than one might think

Saving isn’t rocket science. It’s merely a bit of discipline and first and foremost repetition. The more frequently you save money, the more it becomes engrained in your daily behaviors and the quicker it adds up.

6. Make it easier for yourself with automation

This is one of the biggest traps. When we see money in our accounts, we usually feel that we have money left to spend. If you transfer your money directly into a dedicated savings account that you don’t touch, you kill two birds with one stone: you save and you don’t feel that you have money left to spend. The best way of doing so is by setting up a direct transfer between your current and your savings account. That way you will not even feel the pinch.

7. Keep separate accounts

Related to 6: Always keep your savings and current account separate. If you are trying to save in the same account that you use for paying your bills, you’ll always end up eating into your savings. You might think that it’s only ten euros here and there, but it quickly adds up and your savings shrink instead of grow.

8. Save the interest, don’t spend it

On that awesome day when your bank finally rewards you for lending money to them, don’t be tempted to spend the interest. Add it straight to your hard working crew. That way you will enjoy the power of compound interest.

9. Combine saving with investing

Saving is the first step to investing. Whether you are saving to buy an apartment, planning to become active in the stock or bond market, saving is the first step to becoming an investor. Always remember the four steps of wealth building when saving and watch your savings turn you into a serious investor.

10. Enjoy the fruits of your money’s labor

The best thing. After some time you will get to enjoy the fruits of your money’s labor. When your stash has grown to a nice size, the interest from your savings will pay for holidays, electronic gadgets, cars, and best of all, financial independence.

So here you have it. The ten things I have learned about saving. I do love number 10, as it is the best of all. Finally all your saving efforts are really paying off manifold. Enjoy the fruits of your own efforts and discipline and your money’s hard labor.