5 Powerful Tips to Start Saving for Uncertain Times (Even If You Think You Can’t)

Look, we all know things are…well, a little wild right now. And now I’m saying you should start saving? Costs are up, politics are in a place we haven’t seen in our lifetimes, and it’s easy to feel like you’re just treading water. But here’s the thing: you can build a safety net, a little cushion, even if you think there’s no way you can save. 

Start Saving? Why Does It Even Matter? 

Why is saving important and why do you need to start saving when it feels pointless or just impossible?

Because it’s time to change the way we’re surviving but not thriving.

• The “Living Paycheck to Paycheck” Cycle: According to a 2023 report by LendingClub, 62% of Americans live paycheck to paycheck. This leaves little room for anything extra.
• Debt Overload: The average American household carries a staggering $170,000 in debt, including mortgages, credit cards, and student loans. (Federal Reserve Data)
• Retirement Anxiety: A Transamerica study found that the median retirement savings for Americans in their 50s is only $89,000, far below what’s needed for a comfortable retirement.
• Unexpected Expenses: Life throws curveballs. Car repairs, medical bills, and home maintenance can derail even the best-laid plans.
• Inflation: the rising cost of goods and services erodes the purchasing power of your income, making it harder to save.

You might’ve read that and said a big YES to every single point, and then said, but that doesn’t help me save. We do what’s important to us. Not saving, is costing you more than you might even realize.

What NOT Saving Costs You

Ignoring savings isn’t just a short-term problem. It has long-term consequences:

• Financial Stress: Constant worry about money takes a toll on your mental and physical health.This takes a toll on your sleep, bodily stress, and your health. Long-term it can steal years from your life.
• Lack of Emergency Fund: Without savings, unexpected expenses can lead to debt or reliance on high-interest loans. When something big happens, or you even just need new brakes on your car, your emergency fund can make the difference between having to take out an expensive payday loan or put it on high interest credit cards, which will cost you even more.
• Delayed Dreams: That dream vacation, a down payment on a house, your first and last month’s rent, or early retirement? They all require savings. Dreams of a better quality of life often requires money.
• Retirement Insecurity: Living on Social Security alone isn’t enough for most people. And with the threats to Social Security, from governmental administrations to its funding, we all need to have another source to rely on.

See why it matters? I bet you can think of even more reasons you need to start saving right now. I’m going to show you how you can kickstart your savings journey with 5 actionable tips.

Start Saving with These 5 Powerful Tips

1. The 1% Thing: Tiny Steps, Big Wins.

According to a 2023 LendingClub report, 62% of Americans live paycheck to paycheck, making big savings feel impossible. 

Listen, we’re not aiming for a financial miracle here, though I am all about those miracles from our money mojo. Right now, I’m talking about starting with a little nudge in the right direction, to get you going. I’m talking 1%? I know literally 1 penny for every dollar. You got this.

What to Do?

Set up an automatic transfer to a separate account. You won’t even miss it. If you get paid in cash, such as tips or through services, pay your future self first, starting with that 1 percent.

Why it Works:

 It’s about getting the ball rolling. Once you see it working, you’ll feel way more motivated.

2. The Slow and Steady Climb: Level Up Your Savings, Little by Little.

The average American household carries a staggering $170,000 in debt. (Federal Reserve Data). This amount of debt hanging over the average family means less money for saving. It means rainy day funds don’t exist, and long-term savings that can roll into retirement savings aren’t enough to live off of. This is especially true when Social Security is expected to no longer be sustainable by 2037 with new estimates showing it may run out as early as 2033. 

This is why starting now, wherever you are, is better than ignoring this or putting it off another month or year. 

Once you’ve got the 1 percent savings going you can keep going. If you can start higher than 1 percent based on your current spending plan and income, start higher. Don’t do the minimum just because you can.

Even if you can afford to save more, this isn’t about saving every extra penny you’ve got. You can if you want, but drastic changes usually don’t stick. Building this habit up slowly and steadily will make the behavior last. 

We’re not trying to be superheroes here. Let’s just nudge things in the right direction, bit by bit.

What to Do?

Every month, or every few months (aim for at least quarterly), bump up your savings by another 1%. You’ll be surprised how fast it adds up.

Why it Works

Taking it 1 percent at a time, if you must start small, makes it less overwhelming than trying to save a ton all at once.

3. The “Where’s My Money Going?” Check: To Start Saving Track, Trim, and Feel Good.

Let’s be real, sometimes we have no clue where our money disappears to. It can be scary to take an honest look but get out your notebook and detective lens cuz it’s time to get into the details. This tip of playing detective means finding those money leaks, so we can plug ’em up. You’d do the same if you found a leak in your house or under your car’s hood, right? We do the same with your money.

What to Do?

Write down everything you spend for a week. Then, see where you can cut back. That daily latte? Maybe skip it a few times.

Why it Works

You can’t fix what you don’t know. Once you see the leaks, you can plug ’em.

4. The “Set It and Forget It” Trick: Make Saving Automatic.

Temptation can sabotage your savings goals. Let’s make saving so easy, you don’t even have to think about it.

What to Do?

Automate those transfers! Out of sight, out of mind. That way, you won’t be tempted to spend it.

Why it Works

Automating your savings removes the emotional element. You’re less likely to spend what you don’t see. It takes the willpower out of it. You’re basically saving on autopilot.

5. The “Future You Will Thank You” Plan: When Saving Think Long Term.

Okay, yeah, retirement feels like a million years away. But trust me, future you will be so happy you started now. A Transamerica study found that the median retirement savings for Americans in their 50s is only $89,000.

The average American household carries a staggering $170,000 in debt. (Federal Reserve Data). This amount of debt hanging over the average family means less money for saving. It means rainy day funds don’t exist, and long-term savings that can roll into retirement savings aren’t enough to live off of. This is especially true when Social Security is expected to no longer be sustainable by 2037 with new estimates showing it may run out as early as 2033. 

This is why starting now, wherever you are, is better than ignoring this or putting it off another month or year. 

What to Do?

Start thinking about your long-term financial goals, like retirement. Even small savings today add up over time. Picture that comfy retirement for yourself and create a clear vision for your future.

Why it Works

Having a clear vision of your future motivates you to stay on track.

Creating a More Secure Future Starts Now

Your money mojo can shape your quality of life and how secure your future is. You might be tempted to close this tab or window and keep ‘thinking about’ it. I want to encourage you to instead pick one small action from the five tips I share above and do it. Remember, it doesn’t matter if you start small. Get clear and get going.

Support from The Money Mojo Mentor to Start Saving

Look, I get it. Money stuff can be stressful. That’s why I’m here.

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