Culture – Struggling to save? Finance influencers share smart money tips for Gen Z #IndiaFinance

Gen-Z been labelled as the generation obsessed with aesthetics, chasing experiences over financial stability. From the quiet luxury craze to impulsive travel splurges, the narrative suggests they care more about looking rich than actually being rich. But the numbers tell a different story—Gen Z isn’t just saving money; they’re investing it, often earlier than the generations before them.

A 2024 Fidelity Investments report found that Gen Z savers have seen a 66 per cent increase in their retirement accounts over five years, with balances averaging $52,900. A Charles Schwab survey revealed that Gen Z started investing at an average age of 19, years ahead of millennials. So, despite our reputation for reckless spending, a lot of us are actually taking our finances seriously.

That said, not everyone has cracked the savings code. A 2024 Bank of America report paints a different picture—57 per cent of Gen Z don’t have enough emergency savings to cover three months of expenses, 30 per cent feel they don’t earn enough to save, and only 15 per cent set aside a fixed percentage of their paycheck for savings. For every Gen Z investor on the rise, there are plenty of us still trying to make it past payday without watching our bank balance hit single digits.

Unfortunately, I fall into the latter category. My paycheck disappears almost as soon as it lands—one impulsive coffee order, one “I deserve this” shopping spree, one weekend plan at a time. I know I should be saving, but between rising costs and the temptation to live in the moment, it never quite works out.

So, how do you actually save money without giving up the things you love? Is it possible to build a safety net without feeling like you’re constantly depriving yourself? I turned to finance influencers Twinkle Jain and Sakchi Jain, who have built a following by teaching Gen Z how to save smarter—not harder. Here’s what they had to say.

Why is saving so hard?

Gen Z is great at making money, especially through side hustles and digital platforms, but saving? Not so much. The pull of instant gratification and FOMO-fuelled spending makes it easy to focus on now instead of later. “They love experiences over possessions, value convenience, and aren’t afraid to splurge on things they truly care about, like travel, tech, or self-care,” says Twinkle Jain. While this makes life exciting, it can also lead to financial instability if there’s no balance.

How to save money without hating your life

Automate your savings so you don’t even think about it

One of the easiest ways to save is automation—set up automatic transfers to a savings or investment account before you have a chance to spend. “Out of sight, out of mind! Treat savings like a non-negotiable expense,” advises Twinkle Jain. This takes the effort out of saving and makes it a habit.

Spend with intention to avoid impulse buys

Mindless spending is one of the biggest roadblocks to saving. Before buying something, pause and ask yourself: Do I actually need this, or is it just trending? Delayed gratification helps too—wait 24 hours (or a week) before making a non-essential purchase. “Following a waiting rule reduces impulsive spending and ensures you buy only what truly adds value,” suggests Sakchi Jain. Small shifts like these can lead to big financial wins.

Start investing early—even if it’s just ₹500 a month

A common mistake? Waiting to “earn more” before investing. Even small amounts can add up over time. “Don’t wait to start investing. Even ₹500 a month in a mutual fund can grow significantly. Start small, stay consistent, and let compound interest do its magic,” says Twinkle Jain. The sooner you start, the easier it is to build wealth.

Track your spending so you actually know where your money goes

Most of us don’t even realise how much we spend until our bank balance starts looking tragic. The easiest way to get a grip on your finances is by tracking your expenses—whether through an app or just a notes doc on your phone. You don’t have to budget every rupee, but when you see how much those daily coffee runs or random Amazon buys add up, it’s easier to cut back on things that aren’t worth it.

Set aside guilt-free spending money

Saving doesn’t mean cutting out everything fun. Instead of feeling guilty every time you buy something you don’t needset aside a portion of your income for things you actually enjoy. When you budget for fun, you’re less likely to overspend impulsively because you’ve already accounted for it. It’s all about balance—saving while still enjoying your money.

Despite our love for spending, Gen Z is financially curious and eager to learn. With the right habits—automating savings, investing early, and spending with intention—we can have the best of both worlds: financial security and the freedom to enjoy life. The trick is finding the balance between indulgence and long-term planning, making small but smart money moves that pay off over time.

Lead image credits: Pexels

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