Financial experts share simple ways to build savings during a tough economy
LEXINGTON, Ky. (ABC36 NEWS NOW) — As 2026 moves forward, many families are finding it harder to set money aside. According to data from the Federal Reserve, nearly one in four Americans lacks emergency savings — a challenge made worse by rising costs for food, housing, and healthcare.
Financial experts say saving money in today’s economy isn’t easy, but small, intentional steps can still make a meaningful difference.
Rod Griffin, senior director of consumer and advocacy education at Experian, says saving isn’t just about cutting back — it’s about being proactive and learning when to say no.
“There’s so much more that we spend money on for one thing, so many opportunities,” Griffin said. “Sometimes it’s a matter of not saying no. And that’s the most important thing when it comes to credit and finance — saying no. Those two letters can be really hard to say.”
Griffin says one common goal experts recommend is having three to six months of basic living expenses saved — things like rent, utilities, and food. But he admits that number can feel overwhelming.
“That can be an intimidating number,” Griffin said. “I always tell people to work at that over time. If you can just satisfy a little bit each month and put it in a savings account — it doesn’t have to be a lot. It can be $10 or $20 a month to start out with.”
Even small contributions, he says, can help smooth out unexpected financial challenges.
“Even a little bit can smooth out those financial challenges that you run into along the way,” Griffin said.
If you’re only able to deposit money once a month, Griffin says that’s still a win.
“It’s really about how do you set aside a bit each month, or even every week or two weeks, to build that savings over time,” he said. “Set small goals, and when you reach those goals, celebrate.”
Another key step, Griffin says, is understanding exactly where your money is going.
“Take a month, keep a diary, write down everything you spend for a month,” he said. “Everybody looks at me funny, but look at the coffee you buy. Put yourself in control of your money instead of letting your money control you.”
Tracking expenses naturally leads to budgeting — a word many people avoid, but one Griffin says is essential.
“Everybody hates the ‘B’ word, but budget is really important,” he said. “You need to have a plan. Then you’ll know exactly where you might have some opportunity to save or reduce your costs and put toward savings — even a little bit.”
Griffin also recommends regularly reviewing subscriptions on your phone and other devices. Free trials often turn into recurring monthly charges, and those small fees can quietly add up over time.
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