Saving Cents, Transforming Lives: Shang Saavedra’s Entrepreneurial Journey

Shang Saavedra, the Founder and CEO of Save My Cents, Inc., has sparked a powerful movement that stems from the connection between mental well-being and financial health.

Shang's career path is a vibrant tapestry woven together with diverse experiences, spanning from advising food and beverage businesses to leading strategy for well-known giants like Victoria's Secret and CVS Health. In 2023, seven years after starting Save My Cents, Shang decided to fully embrace her entrepreneurial path and go all in on her business. At the core of her work lies a deep passion for changing lives, one cent at a time. With compelling content and meaningful coaching, Shang empowers people across the U.S. to confidently navigate their financial journeys, redefine their connection with money, and achieve greater financial success.

We asked Shang about her career background, what her current day-to-day looks like, and the piece of advice she would give someone starting out on the journey she’s on.

Q: Tell us about your career background. How has it led you to where you are today?

A: I received my bachelor’s degree in economics from Harvard, and my MBA in entrepreneurship and marketing from the University of Chicago Booth School of Business. I worked for eight years in management consulting focusing on private equity buyouts in the food and beverage industry, two years at an e-commerce startup, two years at Victoria’s Secret doing corporate strategy, and one year doing omnichannel strategy for CVS Health. I decided in 2023 to go full time into my own entrepreneurial journey, which is to change the financial lives of Americans through teaching them how to rewire their beliefs about money, to save more money, invest it, and build a dignified retirement. My company, called Save My Cents, Inc., is a social media enterprise that exists primarily on Instagram, as well as my own website and YouTube. I currently provide coaching services, online courses, and do corporate speaking events. 

Q: What, in the earlier parts of your career, best prepared you for this particular role?

A: To be able to help people in personal finance requires a grasp of numbers, comfort with spreadsheets, and a decent understanding of psychology. In fact, I almost wanted to minor in psychology in college. Instead, I decided to work it into my economics major by emphasizing a lot of courses in behavioral economics, which really influenced my ability to understand how human behavior plays out in personal finance. When I first started in management consulting, I needed to be fast with Microsoft Excel. So on my own personal time I practiced by creating a budgeting tracker using Excel. It became so fun that I kept it up and tracked for five years using it. Those Excel skills are still with me today as I build retirement plans for my clients. And my interest in human behavior and psychology differentiates me from other personal finance professionals: I really dig into how someone thinks and how they were brought up to see where their habits around money might be holding them back. 

Q: What piece of advice has played the biggest role in your career so far?

A: In perhaps my first year of working I went to a women’s conference. There, a really wise woman said, “You can have it all, but just not all at once. There’s no such thing as work/life balance, it’s more about emphasizing one area over another at any point in life.” Hearing that, especially so early in my career, was life changing. I was heads-down focused on my work and income in my 20s; I set aside time for dating in my mid-20s; and then when I had kids, I already knew that I needed to make room for my children over my career and be okay with it. 

Q: Tell us the story behind your company. When and why was Save My Cents, Inc. started? 

A: I started Save My Cents, Inc. because I realized if I can solve someone’s financial problems, I could literally change their lives. To do so we start humbly at the cents level, and then it goes up from there. And no, that does not mean I’m asking people to pick pennies off the street. Personal finance for years was all about the numbers, and only recently have people picked up more on the emotions. My content and services focus on educating Americans about the mindsets, the inherited cultural values, and the mental health issues that infiltrate the way people approach money, savings, risk taking, debt, and investments. I holistically help people rewire their brains to achieve greater financial success. I began coaching in 2016, starting Instagramming probably around 2017 or so, and things really began to take off in 2019. I have had people tell me that I helped them realize how influential their families, friends, and upbringing were on their own personal finances in a way that no therapist or other financial counselor had before. 

Q: What does your current day-to-day look like?

A: I purposefully designed my incorporate life to allow for more time to be with my family. From 6:30 a.m. to 8:45 a.m. I am up with my kids and getting them out of the house. Three times a week I work out right afterward. Then from 9 a.m. ish to 5 p.m. I divide my day into two parts: about five to six hours working on Save My Cents, and about two to three hours of stay-at-home mom duties, including making sure my kids have what they need, researching weekend activities, meal prepping for my household, cleaning the house, doing laundry, and sometimes taking a nap. Then I pick up the kids, we have dinner, after dinner play, bath, bedtime routines, and the evenings are usually private time with my husband instead of working. We really want our marriage to blossom as well, and make that more important than our work.

Q: What are the biggest challenges you’re currently facing, and how are you solving them?

A: Scaling. I need to get out of my own way and be able to get more work done by handing it to my team. I’ve already set expectations with some of them that more work is coming and I hope to be able to get over my desire of having control over all the work. It’s the only way to be sustainable as my company grows. 

Q: Which books, podcasts, educational programs, or other resources have been most helpful to you?

A: Being Instagram-native, I learn a lot from other social media influencers who have done quite well—not necessarily in my space, because it’s also important for me to be able to stand out. I spend a lot of time on the Instagram explore page to understand what makes certain posts viral or interesting. I also leverage networking groups like Dreamers & Doers to meet fellow entrepreneurs in person—people who are transparent about the challenges of running a business. This really helps with lowering my imposter syndrome and allows me to be okay with the speed that I’m going at.

Q: What’s something you do outside of work that makes you a better leader?

A: Ever since 2012 I have observed a Sabbath. From Friday sundown to Saturday sundown I do not work on my projects and I do not check my emails. This allows me to disengage and really be with my family, friends, and do fun things for myself. Our brains need rest to repair and become more creative. Otherwise we risk burnout. I have found out now that I don’t miss working on Saturdays and that I look forward to this time every single week. 

Q: What do you find most challenging about hiring? 

A: Currently my team is entirely virtual. My team consists of individuals who are specialized in social media, video editing, customer service, financial modeling, and graphic design. I have only ever met one of them personally face to face. It does feel really scary to hire someone virtually, and I have been burned once: a web developer ghosted on me mid-development and cost me $2,000 in deposits. Therefore, these days I almost always try to hire by referral so that this is less likely to happen. 

Q: What advice would you give someone starting out on the journey you’re on?

A: Every time I encounter something hard or I see someone who is wildly successful, it is incredibly easy for me to ask, “Well there must be a formula they are following that I’m completely missing!” Even though I am a repeat entrepreneur, the comparison game is real. I have found over time though that ultimately success mainly comes from you having enough thick skin. Not only are you willing to persevere, sometimes for years, without results, but you are also humble enough to know when to come up for air and ask for help and feedback. So do the hard work, keep going, foster a network of transparent people who will give you feedback, and you’ll find your way. 

Shang is a member of Dreamers & Doers, an award-winning community that amplifies extraordinary women entrepreneurs and leaders by securing PR, forging authentic connections, and curating high-impact resources. Learn more about Dreamers & Doers and get involved here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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