We are in the middle of America Saves week (February 24-March 2, 2008).

Although some people may feel that it is too late, it is never too late to start saving money. The purpose of America Saves week is to get more people thinking and involved in saving money. Yeah, we consume a lot but saving money is also a good thing to do as well. For me, saving money to spend it later and not having to worry about debt. It is great to enjoy a vacation or a night out because I have budgeted for it.

America Saves states on its website…

America Saves Week is a new effort aimed at reaching institutions and individuals to increase awareness that people need to save money, reduce debt and build wealth.

When the conversations on national news programs focus on money, the pundits discuss the first two most and neglect the wealth building aspect. Slow and steady is what makes real difference.

Yesterday I had some errands to run and in the process I found 3 pennies. It doesn’t seem like a lot but all I had to do to get those three pennies was pick them up. If I added those three pennies to my next month’s mutual fund contribution or add them to the principal on my mortgage, then I know I will earn more for them than I would if I just kept them in my purse.

If I gathered a few friends for the copper stars I found yesterday and even put them into a bank account I would earn a little over the course of a year. Saving really makes a difference with compounding interest. High interest is a saver’s (investor’s dream). High interest is bad for a borrower.

Building wealth on 3 pennies is not going to give me enough to live on but even saving/investing a few cents or a small amount weekly or monthly say $20 a week or $100 a month can make a difference. If you reduce your debt while increasing what you have saved then you are building wealth. Even though you may save, which is admirable, but having a large amount of debt reduces your net worth. America Saves offers reasonable tips for people, especially a section on saving on a tight budget.

High interest is an investors best friend and a debtors nightmare. If you don’t believe this, would you rather have a steady return of 15% annually or have to pay off a credit card with a 15% interest rate? Saving $10 or $20 a month would yield you more than paying “the minimum” with the same rate of interest.

It is never too late to start saving, sometime this week, check out America Saves and try to put away something extra, if you can.