Hey, Regis, who doesn't want to be a millionaire?

        According to New York University economist Edward Wolff, the number of millionaire households has nearly doubled since 1983 to about 4.1 million, or about 4 percent of all households. And the ranks of deca-millionaires, those with more than $10 million, has grown to 274,000 households in 1998, from 48,100 in 1983.

        We can't all start high-flying computer companies like Bill Gates, but we can take small steps to ensure our nest eggs reach that elusive goal.

        A few weeks ago, this column explained how saving a little bit can add up through the magic of compounding.

        • Forgoing a new car could save $340 a month. That money invested with 10 percent returns over 30 years grows into $768,565.

        • Investing $20 a week instead of popping for pizza turns into $197,888 after 30 years at 10 percent.

        • Buying a candy bar each day costs $17 a month, or $38,428 over the same 30 years at 10 percent.

        And that's just the beginning.        

Sip for less

        John called to say that when he's on road trips, he brings his own refillable cup. Many gasoline stations, he says, offer 25-cent soda refills.

        Instead of buying a $1 Coke every time he stops, he simply refills.

        If John were to refill twice a day, he'd save $1.50 a day. Not much — but figure he travels five days a week through a whole year. Invested at 10 percent over 30 years, that comes to $104,448.

        Genny from Glendale said there's a mint to be saved from the groceries we buy — and often throw away.

        Does the cottage cheese go bad before you can eat it? After opening, put the lid back on and store it upside-down in the fridge. The cheese drops down and forces out the air.

        And running leftover biscuits and rolls under water before reheating in a hot oven will make them taste fresh-baked.        

Follow-through crucial

        And don't forget to follow through.

        Lisa wrote to say she can “do the deferring of small pleasures,” but is stumped at what to do with the money.

        The first step is making sure you put the maximum in your employer's retirement plan, such as a 401(k) or 403(b). In such plans, a certain amount is taken out of your paycheck each week before it is taxed.

        If you have already maxed out such a plan, or don't have one, consider starting an IRA. Generally, the rules allow you to put in $2,000 a year. Most IRA administrators can set up automatic transfers from your bank to your account.

        Most local banks offer IRAs, or chose a discount brokerage if you're looking to minimize fees. Both will have resources and often advisers to help you make wise decisions.

        There also are independent financial advisers and full-service brokerages.

        Just be sure to ask about commissions and fees to make sure your penny-pinching isn't working for someone else.

        Amy Higgins writes about personal finance for the Enquirer. She's at 768-8373; ahiggins@enquirer.com; or Your Money, The Cincinnati Enquirer, 312 Elm St., Cincinnati, OH 45202.

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