We have different attitudes about saving money depending on our background, current financial situation and our psychological makeup regarding self-control, fear of economic uncertainty, and pessimistic-optimistic outlook.
Someone with modest means often knows better where their dollars are coming from and going as compared to those from affluent means. A 1% annual increase in your savings rate invested wisely at an early age is likely to be a significant nest egg 40 years hence.
Anyone recall saving at a young age in a bank account? I do. My classmates and I were encouraged to bring in a few dollars to save every month. This was an educational project between Dollar Savings Bank and our Bronx elementary school sanctioned by parents.
4. When you vacation, strongly comparison shop for low airfares and try Airbnb. Depending on the location, Airbnb is a great way to save money when travelling with kids and one hotel room is simply not going to cut it.
7. Cut out some of the lattes. During my years going to law school as an adult, when we had young babies at home, I literally lived, drank lattes and ate meals at Starbucks for the 8-9 months of school plus studying for the bar.