How much money you need to save each day to become a millionaire by age 65

Jeff Topping/Getty ImagesThe earlier you start saving money, the better.

If you want to build a million-dollar bank account, start investing - and start as early as you possibly can.

"Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan," financial adviser David Bach writes in his book "Smart Couples Finish Rich."

"You just need to make the right decisions - and act on them."

To illustrate the simplicity of building wealth over time, Bach created a chart detailing how much money you need to set aside each day in order to have $1 million saved by the time you're 65, assuming you start with zero dollars and receive a 12% annual return.

We recreated Bach's chart assuming lower rates of return: three, five, and eight percent.

While the numbers in the chart below are not exact (for simplicity, it does not take into account the impact of taxes), they give you a good idea of how coming up with a few extra dollars each day can make an enormous difference in the long run, particularly if you start saving at a young age.

Next time you consider running to Starbucks for a $4 latté, think about this chart and consider redirecting that coffee cash to your savings:

Andy Kiersz/Business Insider

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