Retirement.

 It's something our parents deal with and it feels like light years away, a thing for the future to think about.

Saving for it often takes a back seat to more immediate "needs" like investing in the current you - purchasing a home or car, building a family, your social life and that upcoming overseas holiday.

This doesn't have to be the case. You can find a balance between preparing for the future while living your best life today.

According to Ntombi Tisani, Head of Marketing at Old Mutual Personal Finance, a new Bank of America study found that millennials are the first generation to plan long-term for financial freedom, which is the ability to live their desired lifestyle instead of exiting the workforce.

The report reveals that 63% of millennials are saving to live their desired lifestyle compared to 45% of both baby boomers and Gen Xers, whose focus is on saving for retirement.

Tisani says that this trend is relevant for South Africa too.

"While we are seeing shifts in the savings culture of young South Africans and young people integrating their careers into their lifestyle, it does not mean they should ignore the natural easing of one's working life, which happens around the age of 65.

So, in a tough economic environment with rising interest rates and living expenses, how do you find the middle ground between investing in the future you and still living your best life today?

"Making small, incremental changes to your daily financial habits limits the impact on your lifestyle," she says.

Tisani offers these tips:

l Eat out once a week instead of every night.

l Live economically. Don't buy things you don't need and don't try to keep up with friends and neighbours.

l Plan a Netflix night in instead of going to the movies.

l Look after things you have.

l Don't make excuses about why you don't save.

l Use credit sparingly.

l If you are in debt pay this off as fast as you can.

l Ask questions when you want to know more.