PITTSBURGH — Millions of Americans live paycheck to paycheck, and many struggle to save money.
But taking baby steps can really pay off.
“Just pick one thing that you are spending money on and figure out how much you are spending on, and just do it for two weeks,” said Anna Frank, a financial educator at First Commonwealth Bank.
Frank recommends starting with a two-week challenge to track just one item on your spend list.
“Then you can get a sense of, ok if I spend $15 in two weeks then that’s $30 a month and it can be hard to know what to cut back on if you don’ t know what you are spending,” she said.
Thirty dollars a month on snacks for example is $360 a year spent instead of saved.
According to a recent survey by Yahoo Finance and Marist– 35 percent of Americans say they are “very dissatisfied” with their personal savings, and 47 percent say the “cost of living” is the biggest challenge to saving money.
To save more in 2025 experts say there are realistic things you can do:
- Set up a savings goal, even if it’s just $5 a week. That’s $240 a year. Having it automatically transferred from your paycheck to a savings account can help.
- Renegotiate. Now is the time for you to ask for a better rate on things like insurance and subscriptions.
Sara Rathner is an expert with the money website NerdWallet.
“Don’t be afraid to call them (subscription services) and say, ‘Hey I’m thinking of taking my business elsewhere. Do you have any deals that I can take advantage of?”
- Plan holiday shopping now.
NerdWallet found 28 percent of 2023 holiday shoppers were still in debt a year later.
- Unsubscribe from emails.
Marketing emails from your favorite stores can lead to impulse buys on things you don’t really need just because they are on sale.
Want to save a few thousand dollars a year?
- Bring your lunch to work instead of buying.
A 2024 worker lunch survey found 78% of workers have changed their lunch habits because of inflation.
Don’t go to the grocery store hungry if you want to save money. A recent poll found shoppers spend an extra $26 when their stomach is growling.
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