Even in the best of times, saving money can be a major feat. For many, paychecks closely cover the essentials and, for many others, any extra might mean stretching paychecks to cover activities and needs (like braces) for kids, desired vacations and other situations both necessary and extra. There seems to be nearly infinite things to do with money besides saving it.

But not finding a way to save, even if it’s a little each month, can have larger costs on our future (e.g., possible emergencies, retirement, etc.) and on our mental health.

Brian Kallback, assistant professor of finance at Loras College, underscores how expensive life can be and how difficult it is to live paycheck to paycheck, but that saving what we can as early as we can is essential since “early dollars matter more than later dollars.”

“There is a difference regarding those who save and don’t save in readiness for retirement or any goal,” Kallback said. “We need to take the necessary steps but we’re not built to do that. We think the biggest threats are today; it’s fight or flight.”

The reality between how we use our money versus how we want to use our money might be a large gap, just as there is a large gap between our younger and older selves.

“Some studies have shown that we don’t recognize our future selves,” he said. “If you talk to a 20 year old about retirement, they don’t truly get it because they don’t see themselves in the future; they don’t know (their future) selves.”

Since that unknown future self still needs to be considered, how do we narrow the gap?

Kallback said that the “biggest driver for savings is intentionality, for the need to make a conscious decision to save for the future.”

One way to save for our future selves is to be both intentional and also, ironically, somewhat removed from too many direct actions.

“Take advantage of automated saving features,” he said. “They take us out of the equation and we can see how much we can save. Some savings programs can run in the background of our lives.”

Automated features can be set up on our own or with “the help of a fiduciary financial planner, who looks out for your best interests over their own,” Kallback said. “The main thing is to make a decision to save and get started as soon as you can.”

However, even with the best intentions, it can be difficult to get motivated to save. And part of that may be how well we know ourselves — our habits and abilities.

Pete Spinoso, community outreach and education supervisor at Dupaco Community Credit Union, stresses that we need “to be honest with (ourselves)” to start or continue saving.

All too often, there might be “roadblocks” to saving successfully.

“One roadblock is not having a budget,” Spinoso said. “Today, banking is a convenience, and is almost too convenient. There’s online shopping and transfers (between accounts), so access is a big temptation that can limit saving.”

Other roadblocks abound, too. One is how we handle immediate wants versus future needs.

“When we save a lower amount, it doesn’t seem like a big deal; there’s no instant gratification,” he said. “It’s necessary to trust the process over time and with some effort to ensure we can build off of it later.”

There are things to do as soon as we are ready to be intentional and honest with what we are able to accomplish.

“The economy is now favoring high-interest retirement accounts (5-7%), so let money work for you and see savings accelerate,” Spinoso said.

To take advantage of higher interest savings and savings in general, there are some additional helpful strategies. Spinoso recommends the following options:

• Have your paycheck direct-deposited into your savings account, and then transfer what you need for bills and other expenses to your checking account.
• Open a set-aside account just for savings, one that you don’t need to see or access. (Dupaco has a holiday account that helps you save for that high-spending time of year.)
• Know which way you track spending better when out and about — cash or card.
• Meet with a credit coach who can help build credit with accounts that are not easy to access.
• Opt in to receive text messages for your purchases and subscriptions. (We are “more visual, so when we see our spending, it resonates.”)
• Round up your purchases using tools (like Dupaco’s Change-Up Savings) that work like dropping change in a jar.
• Download apps that might be helpful with tracking your progress and with budgeting.
• While not an exhaustive list, the most difficult one yet to consider is how to change our lifestyle as needed.

Spinoso said it’s necessary to make difficult changes and also to be proactive, have an objective and be “all in, or you’ll spin your wheels.”

Making these difficult decisions can help to circumvent certain negative mental health conditions, as well.

“Financial safety is a basic need just like food and shelter,” said Gina Richman, MA in educational counseling. “Having savings or emergency funds helps to reduce anxiety and fear which will attack one’s mental health and could lead to depression.”

When overly stressed about money, she said, the parts of mental health affected include making sound decisions and ensuring good nutrition and sleep. The domino effect of these issues can then have negative implications in our relationships.

All in all, then, saving money may be the easier, more reassuring route after all, no matter when we begin saving in earnest.

Both Kallback and Spinoso underscore starting to save earlier in life for the biggest impact, but there’s also no age limit to getting started when possible. And no matter if we are just starting out, at mid-life or near retirement, one of the best things for savings success is to meet with a financial coach or fiduciary financial advisor so the struggle to save isn’t ours alone.

Yet, whether on our own or with help, the struggles can pay off for those who will need it most — our future selves.