Ever feel stuck between “I need to save money” and “you only live once”? Don’t worry, we’ve all been there. It’s an expensive world we live in, and we’re all just trying to live our best lives. Treating yourself to dinner at a swanky restaurant, splurging on that buzzy but overpriced face serum, and finally booking that trip to Europe you’ve been dreaming about for ages—these all have the power to romanticize your life. They also have the potential to sabotage your savings goals, too.
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It’s a fine line to walk between spending and saving, which is why we chatted with Robin Growley, Head of Consumer Deposits at Bank of America, to get her expert advice on how to balance it all. Her biggest takeaway? Make a budget. “The awareness that a budget gives you of your financial situation is important to your financial health,” says Growley. Not only does it help you keep track of where your money is going each month, it also prevents you from accidentally spending it all before the month is over. Here are her top tips for creating a budget that balances saving with spending—so you can enjoy life now and in the future.
