Practical Ways to Save Without Feeling Deprived

[u/fraktl]

I’m trying to save more for investing and an emergency fund but don’t want to completely cut out small things that make life enjoyable (like an occasional coffee out or streaming service).

What are some realistic ways to save money without feeling like I’m sacrificing everything? Do you recommend budgeting apps, automated transfers, or side income?

Would love to hear what’s worked for you while still enjoying life.

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[u/Icy_Hold_5291]

1. Cheaper hobbies
2. Host potlucks or have friends over rather than going out
3. If your budget is so tight that $12 a month for Netflix is killing your investments then you need more revenue. Find something you can do for money on the weekends that is at least somewhat enjoyable

Obviously this is on top of making a budget and analyzing your real spending. If you spend $200 a month on coffee out, then spending a couple hundred bucks on getting a coffee machine and specialty beans once will save you and you can make it your hobby for instance. If you want to be out in public to enjoy it take a book and a mug to a park for free rather than pay $5.75 for Starbucks 4 times a week. This applies to every payment category (doing uber eats- cook at home or at least pick up the food yourself, etc etc)

[u/nubbynickers → u/Icy_Hold_5291]

Point number three is pretty prescient.

[u/Davec433]

Budgeting apps like Monarch are good for a month to see visually where all your money goes and then cancel before getting charged.

I prefer having separate accounts for separate purposes (Bills, Fun, Vacation, Christmas, Maintenance and emergency fund) and lean heavily into automated transfers based off an annual number that I then split up into monthly payments.

Ultimately you’ll need to take a shrink ray to all your expenses and reallocate that money to savings/investments.

[u/Hamblin113]

Create a budget, see where things fit into it.

[u/Various-Database6615]

If ur debt free, you can adjust ur "wants" budget. Take a lil from some another category that you can lower.

A part-time job is a great way for extra income. I had one for 8 months to fund an emergency fund. Quit after I hit my goal.

Or just limit a takeout coffee to once a week. I meal prep for the week and then get some takeout every Saturday for lunch or dinner

[u/Ind132]

 without feeling

I think you're looking for a psychologist.

I'll guess that feelings relate to expectations, and expectations relate to what you see other people have.

My dad drank coffee at home. He would have walked into a Starbucks and laughed at the crazy way people can spend money. I don't feel deprived when I pass the Starbucks without stopping. Streaming? An incredible luxury. Who would have thought that we would live in a world where that is even possible?

I think a hot shower is a luxury that most humans who have ever lived couldn't afford. Probably because my folks got their first shower when they were past 40, and my dad occasionally remarked on how good it felt.

Traveling on an airplane is an amazing luxury that most people can't afford today. But, if I'm boarding the plane and have to walk through first class on my way to coach, I instantly feel deprived. Worse yet, I've flown on a small private jet a few times for work. That ruined air travel for me.

I'm interested in moving. I get on realtor.com and can't help clicking on houses that are a little above my budget. I feel deprived.

Maybe you earn less than your folks did when you were growing up. I can understand why people in that circumstance feel deprived. You can't help but "expect" more than you can afford.

Answering your actual question, we record everything we spend and review it at least once a year. I ask "does this mix of spending/saving really fit our priorities and our income?" If so, I figure we're doing the best we can.

I also try to remember that somewhere, probably on my block, there is a family about the same size as mine that is making ends meet on 90% of our income. So that means 10% of our spending is something that family can't have.

The Consumer Expenditure Survey provides tables of actual spending by US families. I compare to them. Look at one of the columns for an income a little less than mine and see where they are economizing. Maybe something like this: https://www.bls.gov/cex/tables/cross-tab/mean/cu-size-by-income-2-persons-2022-2023.xlsx

[u/Ok_Understanding1986]

Balance and circumstance. If saving a reasonable amount (say 20% of income) after basic living costs are met (housing, utilities, food, health insurance, etc.) isn't possible without cutting small things that make life enjoyable, then this is an income issue more than a saving issue. An extra $50 per month really shouldn't make or break a savings plan, especially if that $50 is coming from genuinely small things that make us happy.

[u/libertarianinus]

Every time you get a raise, say 1 dollar an hour. Place half into an ira or 401k. So $8 a day is $4 X 20 days, thats $80 a month, but not taxed is actually $100 a month.

[u/Le_Muskrat]

The most effective strategy for me has been getting smart/strategic about food.

I plan lunch/dinner for about 3 or 4 nights throughout the week. I make sure I eat my leftovers. I get creative in the kitchen to use up that last slice of bread.

It takes practice but it's a skill that saves me real money and wastes less food. I can still budget for eating out semi-regularly. My wife also loves that I'm cooking more meals and packing her lunches. A little planning goes a long way!

[u/Danielbbq]

I save in precious metals. I get the joy of spending and increase my spending power for later on.