Living in the moment is a feel-good approach to life that boosts mental health and enhances lifestyle in the present. Certainly, people of any age can adopt this approach to everyday living, but it’s especially true among Gen Z. That fact may not be surprising, given that younger generations tend to focus on the short term over the long term.

However, this mentality is resulting in a trend known as “soft saving” – a tendency to put a disproportionately smaller amount of money toward savings goals and more toward lifestyle choices and comforts. That’s definitely living in the moment.

From teens and college students living on after-school jobs to young professionals who have found their footing in a career, a large share of Gen Z would rather put their money toward things and experiences that offer an emotional appeal or a “soft” lifestyle, one that reduces stress and focuses on personal (not financial) growth.

The problem with accepting this soft saving trend without challenging it is that there will come a time when Gen Z will wish they had started saving earlier. Many people find themselves unable to work as long as they expect and consequently need a nest egg for retirement.

Living the soft life while saving

While the soft life is all about a higher quality of life in the present, there are ways to find a balance. Adopting a few simple strategies can help you live well and save at the same time. Here are some ways you can incorporate saving and earning into your current lifestyle:

• Choose deposit accounts that help you earn more. At First Financial, this includes our Better Rewards Checking account which offers high yields and our Share Certificates that help you securely grow your savings.
• Comparison shop. Take a few minutes to check prices online or in the store to see where you can save a few bucks. One store may sell the item for full price while another may sell at a discount. You can also save big by comparison shopping your services like insurance, mobile carriers and more.
• Ditch unused services. If you no longer go to the gym or use a subscription service, cut those costs to free up money for your savings.
• Pay down debt. If you are carrying high credit card or loan balances, paying down that debt can help you pay yourself back in the long run. By paying off your debt, you will reduce the overall amount of interest you will pay to free up more money for savings later.

For more helpful information and tips, visit our Youth & Young Adult page.