You DON'T need to save every last penny. How to maximize savings at every salary.

"A penny saved is a penny earned." — Benjamin Franklin

"You can spend $1,000 a day, and you can make $2,000 tomorrow. You can always get it back. The one thing that you can never get back is time." — TikTok

Everyone has an opinion: financial gurus tell us to save it all and influencers tell us to spend it all. But at the end of the day all this conflicting advice really does is shame us for our spending habits, even if we are saving a whole lot of pennies. And that undermines the whole point of working hard and saving, which is not to build a big penny collection, but to help you feel secure and live a fulfilling life.

So I propose a different way forward. One that does not involves saving every last penny—and then beating yourself up when you don’t: Instead of obsessively tracking every dollar spent, what if you focused on meeting specific savings targets and then gave yourself permission to enjoy the rest? Here is my proposed way of maximizing savings at any salary.

Budget your savings, not your spending.

For high-earning professionals, a rough framework might include maximizing retirement vehicles like 401(k)s and IRAs, plus setting aside $10,000-$50,000 annually in taxable accounts, depending on income and circumstances. These savings targets will vary enormously, of course, depending on where you live, your income and your goals. A financial advisor can help you determine exactly what savings goals make sense for your particular situation. And then, once you've hit those predetermined targets, the remaining funds can be spent without the guilt that typically accompanies discretionary purchases. This approach acknowledges that savings serve a purpose—funding future goals and security—rather than being an end unto themselves. While consulting a financial planner for personalized guidance is essential, the principle remains: determine how much you need to save, save it, then enjoy what's left.

The freedom that comes from this savings-first, guilt-free spending approach is transformative. Rather than viewing every restaurant meal or vacation as a threat to your financial future, you can fully appreciate these experiences knowing your financial goals are being met. After all, the purpose of financial security isn't merely to die with a large bank account, but to create a life with room for both future stability and present joy. By setting clear savings targets and meeting them, you can find that elusive balance between preparing for tomorrow and living fully today.

Ms. Money is written by Marisa Rothstein, JD, CFP(t), AEP, and Lead Financial Advisor at Siena Private Wealth, A Member of Advisory Services Network, LLC.

Nothing contained in this article should be construed as investment, legal or tax advice. Consult your tax or legal advisor regarding your situation. To learn more about Siena Private Wealth, visit: www.sienaprivate.com. All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.