With the future of the Social Security program in the United States being uncertain, it is more important than ever that you are saving money for retirement. But if you're like most people, your budget already feels tight, and you are not sure where to find the money to set aside in a retirement account. Have no fear! Below, you will find three tips to help you "find the money" to save for retirement:
Refinance Your Mortgage
Look at your mortgage rate, and compare it to the rates that banks in your area are now offering. Mortgage rates have fallen substantially over the last 10 years, so there's a good chance you are paying more interest than a new buyer would pay. Refinancing your home is essentially taking out a new mortgage loan at today's current rates. This will result in lower monthly payments. You can dedicate the money you save on each month's mortgage payments to your retirement account.
Cut Your Subscriptions
Take a look at your last monthly bank statement. Chances are, you are paying for a few monthly subscription services that you don't even use. These might be gym memberships, video streaming services, and so forth. You might tell yourself you will one day begin going to the gym again, but if you have not gone in months, you probably won't actually start again. Unsubscribe to these services you don't use, and put the money towards your retirement.
Change Where You Shop for Groceries
The idea of giving up your specialty cheese, high-end coffee, and other luxuries may not be appealing, and you might not have to to save on groceries. Try just changing where you shop. Look for a discount grocery store like Aldi, and check it out. These stores offer products that are just as good as those you would find at a standard grocery store, but they reduce overhead with less advertising and fewer fancy displays, resulting in lower prices. If you can trim just $50 or $100 from your monthly grocery bill, you can put that cash towards retirement.
If you try the three strategies above and are still struggling to save for retirement, reach out to a financial advisor. They can take a look at your income and expenses and make some personal recommendations as to how and where you can cut costs. A few years down the road when you are retired, you will be grateful you took this step.
Contact a financial planning service for more information and assistance.
Share29 November 2017
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