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Money expert Stefanie O'Connell doesn't think that millennials need to sacrifice looking good and feeling good just because they need to save money. Instead of spending $40 or $50 a month on a gym membership, you can find free workout videos on YouTube, for example. Women can do their own nails or shape their own eyebrows. For haircuts, a pricey salon isn't the only option. O'Connell admits to frequenting a hair design school herself.

To really motivate yourself, O'Connell suggests setting up a bank account where you deposit all the money you've saved via your low-cost alternatives. Watch it grow!