Saving money is probably one of the most difficult (and least fun) parts of being a self-sufficient adult. Not only is this practical financial advice at odds with our dream décor sensibilities, but it's also easier said than done when living in a city like New York. But even if you spend half your monthly income on rent, self-made millionaire David Bach would still argue for saving money every paycheck.
"People say, if I make more money, then I'll save. Or they say, I can't afford to save," he told the personal finance site Grow. But, he explains, "it's about saying, over and over again: You can't afford not to [save]. You don't go from not running to running a marathon. You work your way up. Savings is very similar." He goes on to say that many people have what he calls a "latte factor," which essentially means that they don't align their day-to-day spending with their values and long-term goals. "It's not really about giving up coffees or something else, but looking at where your money is going and realizing, I may actually have enough to save," he explains.
Bach, who is also the author of The Automatic Millionaire, recommends examining the disconnect between your values and how you spend your money. If you value experiences over material possessions, for example, take a look at your finances and see whether or not your spending decisions reflect that. From there, cut out frivolous expenses and put that money in your savings account—even if it's just $50 a paycheck. "It's about getting total clarity around your values and making sure the way you spend and invest aligns with that."
For more, read up on the best piece of financial advice Bach has to offer 20-somethings, and share your money saving advice in the comments!