How to save when you do not want to make sacrifices

Select’s editorial staff works independently to review financial products and write articles that we believe our readers will benefit from. We earn commissions from affiliate partners on many offers, but not all offers on Select come from affiliate partners.

It’s no secret that it is much easier to spend than to save. Saving requires discipline to prioritize the future you in exchange for all the instant gratification you can get when you make an impulse purchase. In addition, many of us are dependent on the mindset that we can always save later on the road.

No matter what we prefer right now, we know that saving is a smart financial move.

“When research shows that for every dollar you have in a savings account, you reduce the likelihood of missing a bill, refraining from medical care if something happened, skipping meals, etc. if you have an emergency,” says Mariel Beasley of Duke University. Common Cents Lab, a behavioral science lab focused on the financial well-being of people with low to moderate incomes.

The challenge is that we often see saving as sacrificing our happiness. But the good news is that there are ways to make it easier to save while not losing too much of everything else. Below, Beasley shares some tips for saving money when you do not want to make big sacrifices.

Subscribe to Select Newsletter!

Our best selection in your inbox. Shopping recommendations to help you upgrade your life are delivered weekly. Sign up here.

Save your unexpected cases

2. Automate your savings

Make it fun to save

4. Cut out regrettable expenses

Conclusion

Information about Marcus by Goldman Sachs High Yield Online Savings has been collected independently of Select and has not been reviewed or provided by the banks prior to publication. Goldman Sachs Bank USA is a member of the FDIC.

Editorial note: Opinions, analyzes, reviews or recommendations expressed in this article are only those of the Select editorial staff and have not been reviewed, approved or otherwise approved by any third party.

Leave a Reply