Personal finance author FARNOOSH Torabi shares her tips for saving money when you feel social pressure to spend. investinyou (in partnership with acorns.) (via CNBCMakeIt)
There is a limit to how much you can do with your money, especially if you have student loans, credit card debt and other monthly expenses, she tells CNBC Make It. But "getting into the habit of saving can be really simple as long as you just commit to a little bit at the time," Torabi explains.
Make it as easy as possible on yourself. Set up a regular, automatic transfer from your checking account to a savings account. This doesn't have to be a lot, maybe $5 a day or even $5 a week. "The key is to have it leave your hands before you get a chance to spend it," Torabi says. "Over the course of six months, a year or even just a little bit of saving at a time... [it] will accumulate and it will motivate you to do more.
It's more than just your own outlook. Friends and family can affect how you spend and save. "If you're hanging out with people who are constantly spending money, constantly keeping up with the Joneses, guess what? That's going to have a big impact on your bottom line as well," Torabi says. Surround yourself with people and influences that will help you make healthy financial decisions, she suggests.
If you're hanging out with people who are constantly spending money, constantly keeping up with the Joneses, guess what? That's going to have a big impact on your bottom line as well.
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