There are many excuses for not saving money: "I owe too much on my credit cards." "My living expenses are too high." "I just don't get paid enough to save." No matter how many bills you have, experts say you can still save, although the amount depends on your income, your debt and your living expenses. Most experts say that those in their 20s should save at least 10 percent or more of their income. Those who are older should put away more because they have less time to save before retirement.
If you think you can't save a portion of your income, consider what economists Steven Venti and David Wise say. Through their research, they discovered that people in the lowest income groups were able to save more -- for some, as much as $100,000 more -- than some of those in the middle income groups. Their research also found that people who had little to no retirement savings got that way simply because they chose to save less and spend more over their lifetimes [source: Mulrean].