Go ahead, buy the latte: There's a better way to save than cutting out coffee

For years, millennials have gotten a bad rep for buying expensive coffee, avocado toast and all things fancy. But is spending money on things that make you happy really all that bad?

Budget gurus point to the "latte factor" and argue that the key to riches is to sacrifice those everyday pleasures. Popularized by David Bach, the "latte factor" is the idea that you can save a ton of money by cutting back on small purchases and crafting budgets to curb your spending.

I think David Bach and the rest of the budgeting crew are wrong. As the CEO of the new saving platform Rize, I believe that the key to saving isn't self-sacrifice and budgeting your life down to the cent, it's paying yourself first and designing your life so that saving is simple and effortless.