With the cost of everyday essentials continuing to rise, many households are finding it difficult to set money aside. Higher prices for groceries, fuel, housing, and other necessities have left many families focused on covering monthly expenses rather than building savings.
Even so, financial experts say that starting with a small amount can help create lasting savings habits. One Arizona-based financial advisor believes that saving as little as $10 a month is a practical first step for people who feel their budgets are already stretched.
Costs
The rising cost of living has placed added pressure on household finances across the United States. Many families are adjusting their spending to keep up with increasing prices, making it difficult to prioritize savings.
For people living paycheck to paycheck, setting aside a large percentage of income may not be realistic. Financial advisors say recognizing those challenges is important when creating a savings plan that works.
Advice
Alison Stine, owner of Stine Wealth Management, recently spoke with ABC15 Mornings about the importance of reviewing personal finances and making gradual improvements.
According to Stine, financial planning is about more than numbers. She says every person’s financial situation is unique, and unexpected life events can affect even the best budgets.
Rather than aiming for major changes all at once, she recommends taking small, manageable steps that can be maintained over time.
Saving
For many households, traditional advice to save 10% of income may not be achievable.
Instead, Stine encourages people to begin with whatever amount fits comfortably within their budget, even if it is only $10 each month.
While that amount may seem small, she says the goal is to establish the habit of saving first. Once the routine becomes part of a monthly budget, the contribution can gradually increase as finances improve.
Habits
According to Stine, building consistent financial habits is often more valuable than focusing on the initial dollar amount.
She suggests treating a savings account like any other recurring bill by making regular deposits, no matter how small they may be.
Automatic transfers from each paycheck into a separate savings account can make saving easier while reducing the temptation to spend the money elsewhere.
Spending
One way to identify savings opportunities is by reviewing recent bank or credit card statements.
Looking through monthly transactions can help reveal recurring purchases that may not seem significant individually but add up over time.
Examples may include:
| Spending Habit | Possible Savings Opportunity |
|---|---|
| Daily coffee purchases | Make coffee at home more often |
| Frequent dining out | Prepare more meals at home |
| Unused subscriptions | Cancel services you no longer use |
| Small impulse purchases | Redirect the money to savings |
Stine says these small adjustments can create room in a budget without requiring major lifestyle changes.
Progress
Saving $10 a month will not immediately offset higher grocery bills or fuel costs. However, financial experts say the purpose of starting small is to build consistency and confidence.
As income increases or expenses become more manageable, the monthly savings amount can be adjusted.
Even modest progress over several months can help create momentum and encourage long-term financial planning.
Planning
Financial planning does not always require significant income or large investments. For many people, it begins with understanding where money is being spent and making realistic adjustments.
Experts recommend setting achievable savings goals, reviewing spending regularly, and increasing contributions whenever possible.
Building an emergency fund gradually can also provide greater financial flexibility when unexpected expenses arise.
While rising living costs continue to challenge household budgets, financial advisors say small, consistent actions can still make a meaningful difference over time. Saving just $10 a month may not solve every financial challenge, but it can help establish healthy money habits and create a foundation for larger savings in the future. The key, according to experts, is to begin with an amount that feels realistic and build from there.
FAQs
Why start with $10 a month?
It helps build a consistent saving habit.
Should savings be automatic?
Automatic transfers can make saving easier.
Can small savings grow over time?
Yes, regular contributions can build steadily.
How can I find extra money to save?
Review spending and reduce unnecessary purchases.
Is saving possible on a tight budget?
Experts say starting small is better than waiting.
