{"id":312431,"date":"2025-11-28T14:46:08","date_gmt":"2025-11-28T14:46:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/312431\/"},"modified":"2025-11-28T14:46:08","modified_gmt":"2025-11-28T14:46:08","slug":"you-may-be-able-to-save-more-money-than-you-think-advisor-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/312431\/","title":{"rendered":"You may be able to save more money than you think, advisor says"},"content":{"rendered":"

With the rising cost of groceries<\/a>, rent and other essentials, having money to set aside and save can feel impossible. <\/p>\n

However, saving doesn’t always require more money \u2014 you might just need to reorganize what you already have, says Kashif Ahmed, a certified financial planner and lecturer at Suffolk University in Boston. <\/p>\n

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<\/a> of over 2,000 adults in July. <\/p>\n

But often, “the money is there, you just have to go look for it,” Ahmed says. <\/p>\n

Here’s where he recommends starting.<\/p>\n

How to reorganize your spending<\/p>\n

Ahmed’s advice: Start by writing down every dollar you spend and sincerely looking at it.<\/p>\n

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? <\/p>\n

Sometimes, it may be smart to bring in a third-party auditor \u2014 someone like a parent or friend who isn’t emotionally invested in your purchases \u2014 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. <\/p>\n

“Financial security is absolutely possible,” he says. “It’s all about discipline.”<\/p>\n

It’s OK to make fun purchases<\/p>\n

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.<\/p>\n

Sometimes, a restrictive budget may even backfire<\/a> 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<\/a>.<\/p>\n

Instead, Orman said to try focusing on smaller, everyday decisions that can make you feel more in control of your spending. <\/p>\n

“Just do one thing that might make you feel more secure,” Orman said. “Is that saving $10? Is that not going out to eat?”<\/p>\n

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Plus, sign up for CNBC Make It’s newsletter<\/a> to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn<\/a> to connect with experts and peers.<\/p>\n

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