You may be able to save more money than you think, advisor says
With the rising costs of food, rent, and other basic needs, having money to set aside and save can feel impossible.
However, saving does not always require more money; You may 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 finance to undergraduates, says many of his students tell him they want to save more but don’t have the money to start. This is tracked by national data: Nearly 75% of Gen Z adults reported having $1,000 or less in savings. According to Self Financial survey More than 2,000 adults in July.
But most of the time, “The money is there, you just have to go look for it,” says Ahmed.
Here’s where he suggests starting.
How do you rearrange your spending?
Ahmed’s advice: Start by writing down every dollar you spend and looking at it sincerely.
As you review your list, ask yourself which expenses are absolutely necessary and which expenses are just “wants.” For example, do you really need two lattes a day or five different streaming services?
Sometimes it can be wise to enlist a third-party auditor, such as a parent or friend who is not emotionally invested in your purchases, who can identify places where you can cut expenses and save money. Even prepping one meal a week instead of buying lunch can be a great way to get started, says Ahmed.
“Financial security is definitely possible,” he says. “It’s all about discipline.”
It’s okay to have fun shopping
Saving money doesn’t mean you have to cut out all purchases that could bring joy or stick to a strict budget limited to essential items.
Sometimes a Suze Orman, personal finance expert and host of the “Women and Money (and Everyone’s Smart Enough to Listen)” podcast, says restrictive budgeting can backfire on you and lead to periods of overspending. He told the Wall Street Journal in 2024.
Instead, Orman said to try focusing on smaller, daily decisions that will make you feel more in control of your spending.
“Do one thing that will make you feel safer,” Orman said. “Is this saving $10? Is this not eating out?”
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