It’s generally a lot more fun to spend money than to save it, but your retirement years won’t be much fun if you’re broke, either! Therefore it’s always better to think ahead to the future. You don’t have to completely deprive yourself now, but find a good balance between spending and saving so that you’re well prepared for a comfortable retirement. One of the best ways to do this is by finding creative little ways you can save cash. You won’t notice the missing money, and you’ll be grateful for your thrifty ways later on.
Always pay your bills on time. If you’re like a lot of people, you’re always forgetting the cable bill or your credit card due dates. Unfortunately, you may be paying out some serious cash due to late fees. Get organized with an old-fashioned calendar or a high-tech phone app, and start saving money simply by paying bills on time.
Get healthy. Going for a walk after dinner is free, and preparing healthy meals can be cheaper than fatty restaurant foods. But the real savings lies in improving your health. When you’re healthy, you miss less work and incur lower medical expenses at the same time. Losing a little weight may even save you money on life insurance premiums! When you reach retirement, you’ll enjoy better health and a lower likelihood of high healthcare costs.
Put that tax refund in the bank! It can be tempting to rush to the nearest big-box store in search of the latest flat-screen TV. But compare that temporary thrill to the money you will make from compounding interest over the years. In one week you won’t even miss the money you set aside in savings, but years from now you’ll be glad you did!
Bundle up! Many utility companies offer more services that you’re aware, and often there are steep (but unadvertised) discounts when you bundle more than one service. Check with your existing phone, cable, and internet providers to see what other services they offer. The money you save on utilities could be placed in savings, and you’ll never even miss it.
Put your credit card to work. You probably think you have to work to pay your credit card bill, but some credit cards will go to work for you. Investigate whether your credit card company offers a cash-back program, and become familiar with the rules. Then use your credit card to make everyday purchases like food, gas, and even utility payments. Just don’t charge more than you would normally spend, and log into your account to pay the bill before interest accrues. Your credit card company will essentially be giving you free money.
Check up on your retirement contributions. You’re allowed to place a certain amount of money into your retirement fund, tax-deferred, each year. But every year the IRS reviews contribution amounts, so they may increase over time. This means you can save more for your retirement without paying taxes on the money. Why give money to the IRS when you can essentially give it to yourself? Check with your financial advisor about contribution limits, and be sure you’re contributing the maximum amount each year.
