In this day and age, many people will have to work their entire lives and may not ever get the chance to retire. This is due to them not being able to save up enough money to be able to support themselves and pay their bills after retirement. This is very unfortunate however, because as people get older it is important for them to be able to slow down and relax. Plus, with age can come health issues that make working a full or even part time job much more difficult. Whether you are close to reaching retirement age or still pretty far off, you should be considering ways to save extra money. Here are 4 to get you started.
Set A Goal
Setting goals can be really helpful anytime you are trying to save money for a specific thing, and saving for retirement is no exception. Of course, the more money you have saved up the better, but the actual amount you need will depend on your own personal lifestyle. For instance, if you plan to move into an assisted living community in your golden years, the amount of money you will want to set your goal at may be a little higher than someone who plans to move in with one of their children when they get older. There is no right or wrong answers when it comes to your personal goal, but make sure you put some thought into it. Sit down and budget out how much you will spend per year and then factor in some extra for emergencies as well.
In addition to your regular job, you may want to think about re-selling items online for a little extra cash. Though this side hustle can be time-consuming, many people find that they can make really good money doing it which will be super helpful for you when it comes to saving extra money for your retirement.
Set Aside A Certain Amount Each Week
When doing your weekly or monthly budgeting, consider how much you make in a week and then decide upon a certain reasonable amount that you can set aside each week without missing it too much or having to make many sacrifices. This amount will be different for everyone, but once you get used to it you will find that it is really helpful to have a routine like this and before you know if you will have a pretty large sum of money saved up.
Depending on where you work, you may have access to a retirement account such as a Roth IRA where your employer will match whatever you save, or your money will grow over time without you even doing anything to it. These types of accounts are great for people who plan on saving long term and don’t plan on touching their savings until reaching a certain age.
Saving money for your retirement can be a really scary and stressful experience, but it can be done. Taking small steps each day is the best way to make a better future for yourself! Try these tips and see where they take you.