Are you interested in increasing retirement savings?
It's really not that hard, there are always little things we don't
even think about, things we spend our monies on and take for granted,
that can be changed so we can increase our retirement savings.
you cut back on expenses before retirement, you actually help yourself
for retirement -- as you are used to living on less! It really does help
in your retirement mindset...
Consider these ideas from the Jan. 2010 issue of Essence magazine...
I liked these because they are relatively simple. Once you think about it, you can probably think of oodles of ways to cut back!
Car Insurance - Calculate what you pay each year for car insurance.
Multiply that number by 5. If that amount is more than the value of your
car, they say to drop comprehensive coverage and collision coverage -
savings hundreds. Interesting!
- Spending "Fast" -
No, It doesn't mean how quickly you can spend, it means how you might
"fast" on your spending itself. In the article, one gal "put her wallet
on ice" every other week, saving thousands each year. Makes sense!!
- Gas - Fill up on Wednesdays, mix high and low octanes, and find cheaper gas at www.gasbuddy.com
- Hair Cuts - stretch out the cut from every six weeks to every eight weeks. Every little bit helps!
- Credit Cards - Pay your cards on time! If you do, the Credit Card Act
of 2009 restricts the credit card company from raising interest rates on
the current balances. This is huge...but so many just don't pay
- Tax Refunds - If you get a $1000
refund back, and if you owe $1500 on the credit card, ask them if
they'll accept the refund and forget the rest. Many will just to get it
paid off (within reason, of course!)
- Quit Smoking
- If you can't do it for your own health, your own life (you certainly
quit when you hear bad medical "news" and then its too late)... happened
to my father and my best buddy. Anyhow, consider your savings alone. If
you are having a hard time making ends meet, see your doctor for
smoking cessation help and save money once you quit. Just figure out how
much you spend each month on cigarettes...
My Own Idea:
Consider a website to earn income to pay off your debt... pay off debt, then increase your own retirement savings plan!