With the rising cost of groceries, rent and other essentials, having money to set aside and save can feel impossible.
However, saving doesn’t always require more money — you might just need to reorganize what you already have, says Kashif Ahmed, a certified financial planner and lecturer at Suffolk University in Boston.
Ahmed, who teaches a finance class to undergraduate students, says many of his students tell him they want to save more, but say they lack the funds to start. That tracks with national data: Nearly 75% of Gen Z adults reported having $1,000 or less saved, according to a Self Financial survey of over 2,000 adults in July.
But often, “the money is there, you just have to go look for it,” Ahmed says.
Here’s where he recommends starting.
How to reorganize your spending
Ahmed’s advice: Start by writing down every dollar you spend and sincerely looking at it.
When looking through your list, ask yourself which expenses were absolutely necessary and which expenses were simply “wants.” For example, he says, do you really need two lattes a day or five different streaming services?
Sometimes, it may be smart to bring in a third-party auditor — someone like a parent or friend who isn’t emotionally invested in your purchases — who can identify places to cut spending and save instead. Even packing a meal instead of buying lunch once a week can be a great way to get started, Ahmed says.
“Financial security is absolutely possible,” he says. “It’s all about discipline.”
It’s OK to make fun purchases
Saving money doesn’t necessarily mean you have to cut out all purchases that may bring joy or stick to a tight budget limited to essential items.
Sometimes, a restrictive budget may even backfire on you, leading to periods of spending binges, Suze Orman, personal finance expert and host of the podcast “Women & Money (and Everyone Smart Enough to Listen),” told the Wall Street Journal in 2024.
Instead, Orman said to try focusing on smaller, everyday decisions that can make you feel more in control of your spending.
“Just do one thing that might make you feel more secure,” Orman said. “Is that saving $10? Is that not going out to eat?”
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