Dear Enchantress,
I’m looking for some practical advice on how to start saving money. I’ve tried budgeting before, but it never seems to stick, and unexpected expenses always throw me off track. I want to build up my savings, but find it hard to balance saving with enjoying life. How can I start saving effectively without feeling like I’m constantly depriving myself? Any tips or strategies would be greatly appreciated! I have ideas about how you seem rich! And yet I have no idea if that is true, and you still have fun, so how do you do it all?
Sincerely,
Struggling Saver
By Shane Kulman
Dear Struggling Saver,
First, let me say that you’re not alone—many people struggle to find that balance between saving for the future and living in the moment. It’s fantastic that you’re already thinking about this because it’s the first step toward creating a system that works for you, and yes, it is possible to save money without feeling deprived! It’s like food. As soon as you say you cannot do or have something, chances are you will want it more. So, let’s dive in!
I am totally wealthy! And it’s not because I have a lot of money or don’t; money is always moving.
Let’s start with why budgeting might not be working for you. Traditional budgets can feel restrictive, and when unexpected expenses come up, it’s easy to feel like you’ve failed or need to start over. Instead of looking at budgeting as a rigid system, think of it as a flexible guide that helps you prioritize. Your money can have a purpose, and some of that purpose can absolutely be for fun.
Here are a few practical strategies to help you build savings while still enjoying your life:
- Create a Spending Plan Instead of a Budget
A spending plan focuses on where you want your money to go rather than what you can’t spend. It shifts your mindset from deprivation to intention. Start by listing your income, then break down your spending categories: savings, fixed expenses (like rent and utilities), flexible expenses (like groceries), and personal fun money. Assign realistic amounts to each category, ensuring you include money for enjoyment.
- Automate Your Savings
One of the easiest ways to build savings is to automate it. Set up an automatic transfer from your checking account to your savings account as soon as you get paid. Even if it’s a small amount, it will add up over time, and because it happens automatically, you won’t miss it or be tempted to spend it. The key is to “pay yourself first.”
- Build an Emergency Fund
Unexpected expenses can derail even the best-laid plans. Having a small emergency fund (start with $500 or $1,000) can provide a cushion when life happens. This way, you won’t have to dip into your savings for unplanned expenses, and it’ll keep you on track with your long-term goals.
- Cut Costs Without Sacrificing Fun
Look for ways to save on the things you enjoy rather than cutting them out entirely. For example, you can take advantage of discounts, find cheaper alternatives, or limit eating out to once a week. If you love traveling, consider more affordable destinations or travel during off-peak times. Small changes like these allow you to still have fun while keeping costs down.
- Track Your Progress
Tracking your savings growth can be highly motivating. Whether you use an app, spreadsheet, or a simple notebook, keeping an eye on your progress will encourage you to stick with it. When you see that number rise, it becomes easier to keep saving because you know you’re getting closer to your goals.
- Mindset Shift
It’s important to view saving not as a restriction, but as a way to give yourself more freedom in the future. Instead of thinking of it as “cutting back,” remind yourself that every dollar you save is helping you reach a goal, whether that’s financial security, a dream vacation, or buying something special without going into debt.
- Splurge—Intentionally
Allow yourself occasional splurges. If there’s something you really want, plan for it! Save up and buy it guilt-free rather than feeling like you can never indulge. Being intentional about your spending will make those moments feel even more rewarding.
Remember, it’s about balance, and you don’t have to be “rich” to live a rich life. By being mindful of where your money goes and making conscious decisions, you can enjoy the present without sacrificing your financial future.
Sincerely,
Enchantress Shane
If you have a question for Shane, email her at love@enchantedembodiment.com
