I've been on HRT for a little over a month now. I don't see my doctor till next month. I'm on both spironolactone--which I love saying for some weird reason--and estradiol--I also love saying it too!
Anyway, I don't think I've noticed any thing at all. I mean, I guess I could say there is some breast pain, but I don't think there really is. Breast swelling? I guess I would call it that, but I think its just my imagination to be honest. There seems to be an accumulation of fat around the armpit to breast area, but I'm thinking it was always there and I'm just now noticing it. My nipples seem hard and pointy but that's pry just because its cold here. They aren't hard and pointy 24/7. I could say my skin is smoother, but I don't think it is. I don't feel emotionally any different either. I mean I feel happier, but that is just because I've gone full time and can be myself. I don't think it has anything to do with hormones. 
I'm 22 years old, 5 foot tall, and 100lbs. I plan on continuing the treatment; I am however, discouraged as of now.
I'm sure people will tell me just to hang in there, but does anyone else remember a similar kind of feeling there first few months on HRT? I guess the feeling that I mean is that I'm just imagining everything.

A little over a month? That's nothing. Keep in mind your going to be going through puberty essentially which takes several years. Cisgirls take on average 5-6 years to complete puberty. You probably wont notice any changes for several months.

The changes come very gradually, you probably won't notice them until something really is considerably different.  Emotionally I didn't realise anything was happening, my best friend and my family did, mainly me been very surly, but I didn't.  The first time I realised was really when I was watching a film I had seen many times before and I cried when I never use to; after that I started to notice all the more subtle differences that had happened to my personality.

Be patient, and you wake up one day and you suddenly realise how much things have changed, when you couldn't see it yourself happening.  My favourite thing is is now waking up in the morning and when I look down seeing how much my boobs now stick out... or how my body shape is definitely not purely male any more

Changes do take a very long time. To quote my endocrinologist who treats many transgender patients, estrogen has a cumulative effect over time as you take it. Additionally, it takes time for your body to switch from testosterone to estrogen as the cocktail of drugs will confuse the endocrine system at first.

I barely had any changes after a month. Over time, many encounter visible changes past the 6 month mark. Don't expect estrogen to change you suddenly in over a month when your body has been subjected to testosterone for at least the past decade!

Ditto what they said and I firmly believe the we should NOT do shock therapy type HRT, i.e. try to get on super high dosages quickly. I think you're body needs time to adjust and patience is -required-. You likely won't see much change for 6 months to a year. This is like puberty all over again and for natal females, it takes many years.

just be patient, changes happen gradually.
i didn't see any noticeable changes until the 2nd month.

A month is quite short, indeed

However there is much difference amongst transgenders when differences start to be experienced once HRT is started

I started to notice slight changes between the first 2 months. They weren't huge. The first month I saw emotional changes and that was it

I am also in the beginning stages of HRT. I have been on it for 3.5 weeks and have experience SLIGHT changes...don't be discouraged, I can identify with wanting to see things happen, lord knows I look at my chest like 25 times a day now....I trust the girls when they tell me to be patient, but it is HARD.

The other thing to do maybe is watch a few YouTube videos, always a great source of info

I guess my number one worry is that my dosage which I know is low and requested it as such, is so low that it is not even doing anything. And my doctor doesn't want to see me till November, and I don't want to bother her. I just want to know I'm not wasting my time or my money.

I am going on 4 years at a low dose and I still an developing.  It takes time.

Starting off on a low dose and being on it for a while is the BEST way to start HRT. Let your body slowly adjust and change before you try to hammer it with higher doses. Many of the problems some trans people have with "development" like traffic cone shaped boobs etc comes from starting right off the bat on big dosages. A females hormones slowly ramp up over time during puberty, it's not like they wake up one morning and have a full course of E running through their blood stream. If you were seeing big changes in the first month, that would be a bad sign IMHO.

Also remember that the changes you see and the changes others see are totally different. We do not notice subtle changes we get use to them. People who know us and see us every now and again can be quite amazed in how we have changed.

I saw an old friend the other week who knew I was transitioning, he has known me for about 25 years. I hadn't seen him for about six months. He stood talking to the group of people I was with and didn't know me. When I introduced myself, we are friends BTW, he was totally taken aback. Very apologetic for not recognising me, and very very sweet as only a true  gentleman can be.

It doesn't really start to kick in until after a few months, so don't despair yet! Patience is a virtue.

Like others have said - give it time.

You might want to document your progress by taking pictures and body measurements at intervals along the way. You'll be able to see progress as it happens by doing that. I didn't do that and now I wish that i had.

Another thought is to start a journal if you don't already have one. I did do that and I can see the emotional changes that happened to me in my writing in the earlier entries.

Within the first month, there were no physical changes.  My chest did tingle a little but there was no size increase yet.  It might take 6 months before you see any changes... depending on age and how well the estrogen latches to you internally.  Don't get frustrated and don't OD, sometimes we all get this feeling of I need it NOW NOW NOW but there is no NOW NOW NOW.  When you finally start noticing major bodily changes you will know the wait was worth it 

The first month of hormones was more internally.  Feeling normal, better, more vibrant.  It was very much a more emotional experience as the hormones start processing into your body almost overnight.  I do believe the whole female mind feeling a female body finally because that is how I felt.

Learn to cry, learn how your emotions change, how calm you feel.  Enjoy it, and avoid mirrors until you are ready.  Might sound silly but I know I did until electrolysis did the work it needed to.