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Why saving money is hard — and how you can get better at it.

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AICPA + Ad Council

If you're like most people, you probably know it's hard to save money. Really hard. But do you know why?

Sure, we all know that one person who is really good at managing money and seems to have this whole saving thing figured out. But for the rest of us, storing all those "acorns" away for the winter is just tough. We all know it's important, but where — and how — do we even start?

First, know that you're not alone: Research shows that a lot of Americans don't have much in savings. One survey of about 5,700 people released by the Federal Reserve found that 46% of adults could not cover an emergency expense of $400 without selling something or borrowing money.


Image via iStock.

There are a number of reasons why getting in the habit of saving is challenging.

One reason stems from our scarcity of attention, wrote Sendhil Mullainathan, professor of economics at Harvard University in an article on CNN Money. We are more likely to prioritize our immediate needs (say, a new phone) over our future needs (such as our retirement).

This is similar to why we procrastinate in general. According to psychologists, we see our future selves as strangers. While we inevitably become them, the people who we will be in a few months (or decades) are unknown to us, so we do not always make good choices for our futures.

A second reason is that we tend to forget what it felt like during conditions of scarcity. So, maybe you used to survive on a smaller salary, but now that you are getting paid more, you are likely to also increase your spending along with it to buy more (or better) things.

Image via iStock.

Technology has also made it easier for people to spend more money. Paying for services or items is quick and easy today, especially as we move toward becoming a cashless society.

And on top of all this, there is peer pressure that can be applied via social media, said Sean Stein Smith, a CPA, CGMA, and assistant professor at Rutgers University-Camden. "Seeing pictures of celebrities, family, and friends posting their newest purchases during their most recent vacation can be a tremendously difficult hurdle to overcome," he explained.

So what can we do to become better savers? Here are few helpful tips and tricks to get you into the habit of saving:

1. Stick to a realistic budget and pay yourself — i.e., your savings account — first.

Image via iStock.

"In order to accomplish any goal, whether it is running a marathon or setting up a savings plan for yourself, you need to have a plan in place," says Smith, who is also a member of the AICPA's National CPA Financial Literacy Commission. To do this, you need to take the time to know where your money is going and how much you can afford to save.

Everyone’s circumstances are different, so it's important to make a realistic budget that includes all your bills and expenses. And budget your savings just like it’s any other bill that you are paying so that you're always contributing something to that savings account.

2. Make your savings payments automatic.

The same technologies that make spending so easy can make saving easy too. Try to automate the process as much as possible by setting up automatic payments on payday so that a chunk of every paycheck goes straight into your savings account and you don’t even have to think about it.

"It’s like jumping into a pool: You have to steel yourself to do it once, and you can benefit going forward," wrote Mullainathan, the Harvard economics professor.

3. Remind yourself what it’s like to be broke.

Since we forget what scarcity feels like as soon as we’re not experiencing it, one helpful thing can be to remind yourself of what it feels like to be broke when you do have money. FutureMe.org lets you write an email to yourself to be delivered later — on payday, for instance, when you'll forget how it felt to scrounge change together for groceries.

4. Take the 52-week money challenge.

Sometimes just getting started is hard, so why not take this 52-week money challenge to get yourself in the habit of saving? The challenge works like this: on week one, save just $1, then on week two, save $2, and on week three, save $3, and so on until you reach week 52, where you save $52. This incremental savings plan starts small, but it can add up to a big difference — you will save $1,378 in just one year.

Worried you won’t stick to the plan? Try the plan in reverse and start by saving $52 on week one so that you have no excuse on week 52 to not put that $1 in there.

5. Make a goal and stick to it, and celebrate milestones.

Image via iStock.

It’s important to have an emergency fund, but there are a lot of other things you can save for too. So while it's probably best to try to let your savings grow for a while (and keep withdrawals to a minimum), it's good to set smaller, more immediate, goals as well that allow you to reward yourself along the way with fun things, like that dream vacation you have always wanted.

Want to make sure your savings plan is realistic and well thought-out? Try the four-week financial fitness challenge.

6. Save your windfalls.

Did you get a larger-than-usual tax refund or an annual bonus this year? As tempting as it can be to rush out and spend it now, put that extra money into savings. You won’t miss the money, and it will get you closer to your savings goals.

7. Keep the cash back for your savings account.

Does your credit card or bank offer you cash back for certain purchases? Make sure to transfer those extra dollars right into your savings account.

8. Save your change.

Image via iStock.

Small amounts of money can go a long way too. Do you have a bunch of change rattling around in your wallet? Why not collect all those coins in an old-school piggy bank? When it is full, you can exchange the coins at your local bank or supermarket for cash that can easily be deposited into a savings account. It might not seem like much, but over the course of the year, those loose pennies can really add up.

Some banks also offer "keep the change" programs to automatically round up your debit card purchases to the nearest dollar and transfer the difference into your savings account.

9. Increase your savings contributions when and where you can.

Get a raise? Or did you finally pay off your mortgage or a credit card? Be sure to increase your savings contribution before you start spending to reflect your pay increase or extra money in the budget. It will help you get one step closer to your savings goals.

Image via iStock.

10. Get a budget buddy.

"Planning, automation, and sticking with it — think of it like a workout regime — are the 'secret sauce' to savings success," says Smith. And a great way to stick with it is to find someone, like your husband, wife, or partner, to help motivate you.

"[This is] someone that is on the same path as you that can keep you motivated, engaged, and committed when you are tempted to start slacking," he says.

For some of us, saving isn’t easy, but thankfully there are a lot of ways to trick yourself into getting better at it.

And once you develop the habit and start meeting your goals, your future self will thank you.

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Three women, three MS journeys: How multiple sclerosis looks different for everyone

Gina, Nathalie and Helga share their reactions to being diagnosed with MS and how they stay informed and positive in the face of ever-changing symptoms.

Courtesy of Sanofi

Helga, Nathalie and Gina all have MS, and their experiences show how differently the disease can manifest.

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It’s been 155 years since neurologist Jean-Martin Charcot gave the first lecture on a mysterious progressive illness he called “multiple sclerosis.” Since then, we’ve learned a lot. We know MS causes the immune system to attack healthy tissue, including damaging the brain and spinal cord. Resulting symptoms can be debilitating and include fatigue, blurred vision, memory problems and weakness. Huge advancements in our understanding of MS and its underlying causes, as well as treatment advances, have been made in the past few decades, but MS remains a complex and unpredictable reality for the 2.8 million+ people diagnosed around the world.

Ironically, the only real constant for people living with MS is change. There’s no set pattern or standard progression of the disease, so each person’s experience is unique. Some people with MS have mild symptoms that worsen slowly but sometimes improve, while others can have severe symptoms that drastically alter their daily lives.

All people with MS share some things in common, however, such as the need to stay informed on the ever-evolving research, find various lines of support and try to remain hopeful as they continue living with the disease.

To better understand what navigating life with MS really looks like, three women shared their MS stories with us. Their journeys demonstrate how MS can look different for different people and interestingly, how the language used to talk about the disease can greatly impact how people understand their realities.

woman with horse, woman riding horseGina loves riding her horse, Benita.Courtesy of Sanofi

Gina—Hamburg, Germany (diagnosed with relapsing multiple sclerosis in 2017)

When her youngest son was 4 months old, Gina started having problems with her eye. She’d soon learn she was experiencing optic neuritis—her first symptom of MS.

“Immediately after the diagnosis, I looked up facts on MS because I didn’t know anything about it,” Gina says. “And as soon as I knew what could really happen with this disease, I actually got scared.”

As her family’s primary income provider, she worried about how MS would impact her ability to work as a writer and editor. Her family was afraid she was going to end up in a wheelchair. However, for now, Gina’s MS is managed well enough that she still works full-time and is able to be active.

“When I tell somebody that I have MS, they often don't believe me the first time because I don't fulfill any stereotypes,” she says.

Overwhelmed by negative perspectives on living with MS, Gina sought support in the online MS community, which she found to be much more positive.

“I think it’s important to use as many positive words as you can when talking about MS.” It’s important to be realistic while also conveying hope, she says. “MS is an insidious disease that can cause many bad symptoms…that can be frightening, and you can't gloss over it, either.”

To give back to the online community that helped her so much, Gina started a blog to share her story and help others trying to learn about their diagnosis.

Though she deals with fatigue and cognitive dysfunction sometimes, Gina stays active swimming, biking, riding horses and playing with her sons, who are now 11 and 6.

Cognitive dysfunction is common in MS, with over half of people affected. It can impact memory, attention, planning, and word-finding. As with many aspects of MS, some people experience mild changes, while others face more challenges.

Gina says that while there’s still a lot of education about MS needed, she feels positive about the future of MS because there’s so much research being done.

woman in wheelchair holding medal, woman rowingNathalie is an award-winning rower with multiple international titles.Courtesy of Sanofi

Nathalie — Pennes Mirabeau, France (diagnosed with relapsing-remitting multiple sclerosis in 2002)

Nathalie was a teenager and a competitive athlete when she noticed her first symptoms of MS, but it would take four years of “limbo” before she was diagnosed.

“Ultimately, the diagnosis was more of a relief, than a shock,” she says. “Because when you have signs and you don’t know why, it’s worse than knowing, in the end, what you have.”

However, learning more about the disease—and the realities of disease progression—scared her.

“That glimpse of the future was direct and traumatic,” she says. Her neurologist explained that the disease evolves differently for everyone, and her situation might end up being serious or very mild. So, she decided to stop comparing herself to others with MS.

She said to herself, “We’ll see what happens, and you’ll manage it bit by bit.”

By 2005, Nathalie’s MS had progressed to the point of needing a wheelchair. However, that has not dampened her competitive spirit.

Nathalie began her international rowing career in 2009 and has won multiple world titles, including two Paralympic medals—silver in London and bronze in Tokyo. Now, at 42, she still trains 11 times a week. Fatigue can be a problem, and sometimes hard workouts leave her with muscle stiffness and shaking, but she credits her ongoing sports career for helping her feel in tune with her body’s signals.

“Over the years, I’ve learned to listen to my body, letting my body guide when I need to stop and take breaks,” she says.

Nathalie explains that she used to only look backwards because of the initial shock of her diagnosis. In time, she stopped thinking about what she couldn’t do anymore and focused on her future. She now lives in the following mindset: “Even when doors close, don’t miss out on those that open.” Instead of focusing on what she can’t do, she focuses on the opportunities she still has. Right now, this includes her training for the 2024 Paralympic Games in Paris, where she will compete for another rowing medal.

“I only go forward,” she says. “Well, I try, anyway…It’s easy to say, it’s not always easy to do. But that’s what I try to do.”

woman exiting water after swimming, woman with great daneHelga's Great Dane has become a helpful and beloved companion.Courtesy of Sanofi

Helga—Johannesburg, South Africa (diagnosed with relapsing multiple sclerosis in 2010)

When Helga first started having balance issues and numbness in her feet, she chalked it up to her training as a runner. But when the numbness moved to her face, she knew something was wrong. She never guessed it was MS.

“When I was diagnosed, I felt completely overwhelmed and clueless,” Helga says. “I felt that I had nowhere near enough information. I did not know anything about the disease…I had no idea that it was going to be a process of continually monitoring and adjusting your lifestyle.”

In the beginning, Helga’s symptoms developed slowly, and she didn’t appear ill to others. She was even able to run for a few years after her diagnosis, but she couldn’t do marathons anymore, and she began to fall frequently due to balance issues and right-foot dragging. Then her cognition issues became more problematic, especially in her job as a trainer in a printing company.

“My executive function, decision-making and short-term memory were affected to the point that I was eventually medically unfit for work,” she says. She stopped working in 2017.

However, she didn’t stop living life. Even though she could no longer run, she continued to swim competitively. She got a Great Dane puppy and trained him as a service dog to help her walk. She also serves as vice chair of the patient support organization Multiple Sclerosis South Africa, and she advises others who have been diagnosed to join a patient advocacy group as soon as possible to get reliable information and meet others with MS.

Helga says she is “hopeful” about the future of MS. “I must say that I am so grateful that we have all the new medications available, because my life would not be the same if it wasn't for that,” she adds.

Part of how she manages her MS is by looking at the positives.

“If I could tell the world one thing about MS, it would be that MS is an incurable disease of the nervous system, but it's also the greatest teacher of valuing your health, family, friends, and managing change in your life,” she says. “My life is diversified in a way that I never, ever thought it would, and MS has been honestly the greatest teacher.”

Each MS journey is unique – with each person impacted experiencing different struggles, successes, and feelings as they manage this unpredictable disease. But the common thread is clear – there is a critical need for information, support, and hope. We are proud to participate in World MS Day and share these incredible stories of living life while living with MS. To learn more about MS, go to https://www.sanofi.com/why-words-really-matter-when-it-comes-to-multiple-sclerosis.

MAT-GLB-2301642-v1.0-05/2023

This article was sponsored by Sanofi. Participants were compensated when applicable.

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