With rising prices for groceries, rent, and other necessities, it can feel impossible to set aside money and save.
However, saving money doesn’t necessarily mean having more money. You may just need to reorganize what you already have, says Kashif Ahmed, a certified financial planner and instructor at Suffolk University in Boston.
Mr. Ahmed, who teaches undergraduate finance classes, said many students say they want to save more but don’t have the money to get started. This is consistent with national data. Nearly 75% of Gen Z adults report having less than $1,000 in savings, according to a personal finance survey of more than 2,000 adults conducted in July.
But in many cases, “the money is there, you just have to go look for it,” Ahmed said.
This is where he recommends starting.
How to restructure your spending
Ahmed’s advice: Start by writing down all the money you spend and taking a hard look at it.
As you go through your list, ask yourself which expenses are absolutely necessary and which ones you just “want.” For example, he says, do you really need two lattes a day or five different streaming services?
In some cases, it may be wise to bring in a third-party auditor (someone with no emotional stake in the purchase, such as a parent or friend) who can reduce spending and identify where savings should be made instead. Simply packing a meal instead of buying lunch once a week can be a great way to start, says Ahmed.
“Financial security is absolutely possible,” he says. “It’s all a matter of discipline.”
Fun shopping is also OK.
Saving money doesn’t necessarily mean you have to forego all purchases that might bring you joy or limit yourself to essentials and stick to a strict budget.
In some cases, a limited budget can backfire and lead to a period of overspending, Suze Orman, a personal finance expert and host of the podcast Women & Money (andEveryone Smart Enough to Listen), told The Wall Street Journal in 2024.
Instead, try focusing on small everyday decisions that can make you feel more in control of your spending, Orman said.
“Try one thing that might make you feel more at ease,” Orman says. “Does that mean I save $10? Does that mean I don’t go out to eat?”
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