MyTwoCents: 'The difference between saving nothing and saving a pretty small amount would make me pretty miserable. And especially after the past few years we’ve had, I don’t know if that’s worth it'
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I understand why saving doesn’t seem worth it to you right now. Your efforts would be wildly disproportionate to the results. Sure, you could spend the rest of your 20s scrimping and hoarding a couple dollars here and there, but you’d miss weddings and birthdays and dinners and drinks with your friends and family and colleagues — and you’d only have a couple thousand dollars to show for it. That amount is nothing to sneeze at; it’s more than what many Americans have on hand.
What’s more, studies find that abstract goals — like “save more” or “invest for retirement” — can also be self-defeating. That’s because more immediate priorities will always trump vague future needs. You’re not going to skip a good friend’s birthday dinner just because you might want that money for a hypothetical emergency years from now or to pay for a nursing home when you’re 90.
Plenty of people automatically deposit a chunk of money into a separate savings account every month, ideally when their paycheck first hits so they don’t even miss it. You could try that, but there are additional ways to make saving money even more incremental and sneaky, including apps and debit cards that will round up all your purchases and put the spare change toward a savings or investment account.
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