How to Save Even When You Think You Can’t

Also: A Record Share of Families Delayed Medical Care Last Year Because It Was Too Expensive

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  January 31, 2023 There’s one piece of personal finance advice that I use over and over again. It’s simple, it works for almost everyone, and it has nothing to do with buying or not-buying lattes. Make saving a habit. For years I’ve been quoting Stephanie Kibler, a personal finance blogger at Poorer Than You. (The tagline is “Money: It’s not just for rich people.”) In her early 20s, Stephanie knew she should be saving for retirement. But on a slim salary, she just couldn’t do it, so she decided to save just $5 a month. Family and friends told her she was wasting her time, but Stephanie disagreed. She found that setting aside $5 a month taught her something valuable: She could be a person who saved for retirement, even at a minuscule level. Once she got used to saving for retirement, Stephanie increased that $5 to more substantial amounts. When it comes to saving, even the tiniest bit is meaningful. My caveats are: No beating yourself up. Don’t feel shame over not having more or not saving more. You do what you can do, and feel proud that you’re developing  a great financial habit. Our reporter Mary Ellen Cagnassola spoke with Tori Dunlap, who is a cheerleader for new investors — especially women — about the realities of saving when you’re broke or just getting started. (Or both.) — Jill Cornfield, deputy editor P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.   More Insights and Advice from Money

A Record Share of Families Delayed Medical Care Last Year Because It Was Too Expensive People of all income levels postponed treatment for “somewhat” or “very” serious conditions in 2022 at a much higher rate than in recent years. READ MORE

Gas Prices Are Back Above $3 in All 50 States For most of last summer and fall, gas prices declined from the record high above $5 set back in June. But prices have been rising again since Christmas, and the national average is now $3.39. READ MORE

Are Social Security Payments at Risk if the U.S. Defaults on Its Debt? The Treasury Department has already begun taking “extraordinary measures” to ensure the country can keep making Social Security payments, though Treasury Secretary Janet Yellen has warned that it is difficult to know how long those measures will last. READ MORE

Amazon Prime Members Can Now Get Prescription Drugs for $5 a Month Amazon just launched a subscription service that lets Prime members order prescription drugs for a flat fee of $5 per month. More than 50 medications are included with the pass, which is available in 42 states. READ MORE

 

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