American consumers carry $227,500 in savings, according to the Federal Reserve Bank, and that number is only rising. Considering the effect that interest can have on savings, it's essential that the average American knows how to build their savings — and to start young.

If you want to learn more about how to increase your savings without having to worry about investing more money, this video can help you learn about the power of compounding interest.

Get Your Stock Advisor Offer