There are plenty of people 40+ who look back to things they wish they’d done, especially when it comes to saving. Many feel like it’s “too late” to start now. Not true!
Something a little different affects younger people who are just starting out. Specifically, with their often relatively small resources, it can feel like the amount they can save will never add up to anything. Also not true!
It’s very clear that most people don’t plan to fail – they fail to plan. Also so many people have convinced themselves they “can’t afford” to save money right now, when often that’s not the case.
This is not about individuals dealing with tough situations that make it difficult or impossible to save. That happens and that’s different.
This is about people who want to save money and know they should be putting something aside but they’re just not making it happen. Basically because they’ve let something else take priority over saving.
It’s a common enough way of thinking. Unfortunately for many, it leads to regret when they think back on what they spent the money on – often trivial, momentary stuff – instead of saving.
If you want to build your savings, it really can be as easy as “just deciding” to get in the habit of saving and arranging it so that you never have to think about making it happen. Automatic transfers out of every paycheck and directly into set-aside account/s – including a savings account and a plan like a 401(k) at work – make “set & forget” easy and painless.
Everyone who has put money aside this way and “paid themselves first” knows it’s true – you don’t miss the money that went directly into savings. People adapt very quickly and live happily on what’s left. It becomes the best of both worlds.
Some overdo it and go to an extreme – becoming very aggressive savers and having no fun and no life. That’s not necessary at all. You may want to use the 50/30/20 rule as your guide with 50% of your take-home pay going to needs (housing, food, car, insurance), 30% for fun and 20% for savings.
And if you can’t start out at 20% for savings, that’s okay. Start at 10%. Start at 5%.
Just start where you can and increase it as you start enjoying seeing your savings grow.
Where to keep your savings? Having a savings account at a local bank gives you a place for your opportunity/rainy day fund. The goal? To have a “cushion” of money available immediately – say a few thousand dollars – so you don’t have to put unexpected expenses on high-interest credit cards.
Plus at a local bank, you can get to be known as a customer and as a person – as opposed to online where you will always be a number. Having local relationships is good.
Also maximize your participation in the retirement savings plan your employer offers and definitely save enough in these plans to get any cash match, because that’s free money.
It won’t seem like a lot in the beginning. That’s okay. After a few years of additions, cash matches, catch-up deposits, growth and compounding, people who thought they were hardly saving anything find themselves looking at their savings and retirement account statements and saying, “This came from that? Wow!”
They’re pleased with themselves and they deserve to be. Because having savings gives people two things worth having – options, and a feeling of security.
From the “Smart About Money” Canton Citizen column published on January 22 2026.
Nick Maffeo is the President & CEO of Canton Co-operative Bank – right next to the Post Office – in Canton.
Have a question? Email to info@cantoncoopbank.com.