Nowadays, millennials get a lot of flack for going out to eat too much or buying expensive coffee at Starbucks. It can be difficult to imagine how making small sacrifices today can pay off in the long run. But in reality, small changes truly can add up. This is why so many people are adopting the FI/RE movement, which means “Financial independence, retire early.” They live an extremely frugal lifestyle so that they can retire in their 40s.

On the flip side, if you choose to completely indulge in the present day, you might end up with nothing when it is time to retire. Try to take a step back and evaluate if you are truly spending your money wisely. Start by making a budget, and it will become clear to you how much you need to cut back if you want a comfortable future.