Everyone knows that it’s important to save money for retirement, but, unfortunately, most people find that saving is easier said
than done. Obviously, the best way to save is to contribute as much as possible
via your employer’s 401(k) plan or a personal IRA or brokerage account.
However, getting the cash to do that can be difficult, but notice we said
difficult, not impossible.
The trick is to assess where you’re overspending
unnecessarily and to cut out (or at least down) that spending. If you can do
that and engage in a few good investment strategies, you should find that
saving for retirement isn’t quite as hard as you thought.
Strategy #1: Save on Appliances
As mentioned, one way to find cash to invest in retirement
is to find ways to cut down on your expenses. And, one of the easiest ways to
do that is to save on one of your biggest purchases- large appliances. The next
time you’re in the market for a washing machine, dishwasher, or anything in
between, find a good sale even if it means driving out of town, and look for
rebates too. Try to choose an energy efficient model whenever possible to save
money long-term. In fact, even if your appliances are currently in good shape,
look into modern efficiency updates that can help you to save on operating costs.
You can take the money you save all around and invest it in retirement funds!
Strategy #2: Try Traditional Mutual Fund Investing
A traditional mutual fund can be a wonderful and wonderfully
simple way to invest once you have some money saved up. Once you have at least
$2,500 ready to invest, shop around for a good online brokerage with affordable
investment fees and invest away!
Strategy #3: Choose Insurance Plans Wisely
Finally, be aware that one of the things for which Americans
overpay the most is insurance of all kinds. Be careful that you’re only signed
up for the insurance that you truly need; you might want to find a financial
advisor or someone trustworthy who knows insurance to help you decide what’s
really necessary. Then, regularly shop around for the best rates and deals,
which, by the way, change often. As long as you’re protected, it doesn’t really
matter where that protection comes from, so going for the most affordable
option is always wise.
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