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Modern Money Management: The Emergence of ‘Soft Saving’ for the New Generation

Elinor Rozenvasser Updated: October 24, 2023 • 2 min read
gen z young girl looking at her money on the beach

Key Points:

  • 3 in 4 of Gen Z would rather have a better quality of life than have extra money in their banks.

  • A majority of Generation Z prioritizes a higher quality of life over accumulating excessive savings.

  • 'Soft saving' enables individuals to set aside modest amounts regularly, ultimately leading to substantial savings without drastic lifestyle changes.

Saving money is a crucial part of achieving financial stability and ensuring a secure future. However, the traditional approach of cutting back on expenses and making significant sacrifices can be challenging. Fortunately, there are user-friendly methods that allow you to save without compromising your current lifestyle.

Let's explore practical tips and introduce you to the soft saving trend, which makes the process of saving money easier and more sustainable.

3 in 4 of Gen Z would rather have a better quality of life than have extra money in their banks.

Budgeting Made Simple

Creating a budget is the cornerstone of effective money management, enabling you to keep a close eye on your income and expenses to prevent overspending. To get started, list out your monthly income, providing a clear overview of your financial inflow.

Next, categorize your expenses, distinguishing between essential areas like housing and transportation, and discretionary spending like groceries and entertainment. Assign a specific amount to each category, ensuring a balanced allocation of funds. To facilitate this process, consider utilizing user-friendly budgeting apps or spreadsheets for seamless and accessible tracking.

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Embrace the Soft Saving Trend

The soft saving trend is all about setting aside small amounts of money regularly, without feeling the pinch. This modern approach allows you to save for the future while still enjoying your present lifestyle. Here's how to implement it:

  • Determine an amount you can comfortably set aside weekly or monthly.
  • Automate the process by setting up automatic transfers to a savings account.
  • Choose an amount that won't significantly impact your day-to-day spending.
  • Over time, these small contributions will accumulate into a substantial sum.

Leverage High-Interest Savings Accounts

A high-interest savings account can significantly boost your savings over time. Unlike traditional savings accounts, they offer competitive interest rates, allowing your money to grow faster. Here's what you need to know:

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  • Research and compare different banks and financial institutions to find the best rates.
  • Ensure that the account has no or minimal fees to maximize your savings.
  • Regularly deposit into the account to take full advantage of the compounding interest.

The Bottom Line

Saving money doesn't have to be a burdensome task. By adopting user-friendly strategies like budgeting, embracing the soft saving trend, and utilizing high-interest savings accounts, you can effortlessly build a secure financial future.

One of the most effective ways to modernize the idea of saving for the future while still living in the present is to use the soft saving trend by putting aside a small amount of money weekly or monthly into a savings account. This way, you won't feel the money being taken from you now, but years down the line, you'll have a nice sum to show for it. With a high-interest savings account, you can watch your savings multiply even further. 


Elinor Rozenvasser is a content writer and editor with a knack for finance. She holds a Bachelor's in Communications and Business from Reichman University, and has been swimming alongside finance specialists for over a decade. She's not your typical financial writer, though. She's more likely to use witty puns and sarcasm than jargon and technical terms. But don't let that fool you. She's still a whiz when it comes to explaining complex financial concepts in a way that anyone can understand. If there's any writer who can make finance fun and engaging, Elinor is your girl. She's sure to leave you laughing (and learning) long after you've finished reading her work.