6 Strategies to Save More for Retirement

You work hard, and you deserve to enjoy the fruits of your labor now. And yet, it’s important to find that balance between spending and saving. You can’t live your entire life watching the clock and waiting for tomorrow; but you do want to ensure that tomorrow is comfortable.

The key to saving a bit more for retirement is to find creative ways to save money. That way, you won’t miss the money now, but you’ll certainly be grateful for a more comfortable retirement later. Try these six money-saving strategies, and invest your extra cash.

Avoid late fees. Some people spend a surprising amount of money on late fees each month. Download a smart phone app, set up email reminders, or simply use an old-fashioned calendar to keep track of your monthly bills.

Reevaluate your utilities. Many companies don’t advertise this fact, but they often offer bundled packages which cover internet, cable, cell phones, and home phones. Inquire with your current companies about how you can save by bundling your services. You may also want to reevaluate whether you need both cable and internet (you can download movies and TV shows) or if you should streamline your phone services down to one number. Many people no longer need both a cell and home phone.

Stay healthy. Taking care of your health doesn’t just help your body. It helps your budget, too. You’ll go to the doctor less often, have fewer co-pays, and won’t need as much medication and medical procedures. As a bonus, taking care of yourself now will lead to lower medical bills during retirement, and the ability to enjoy your later years to their fullest.

Check out your credit card perks. Credit cards can be a real drain on your wallet, if you use them incorrectly. Pay off your balance each month, so you don’t waste money on interest. Also ask your card company about cash-back or other perks, become familiar with the rules, and use your cards to your advantage!

Make smart decisions with extra cash. Whether it’s a Christmas bonus or a nice tax refund, it’s tempting to blow extra cash on a whim. But ask yourself whether you really need that new TV. Invest at least some of the money, and build a better retirement savings year by year.

Stay on top of your retirement plan. Don’t just set up a retirement account and forget about it. Review it regularly to be sure contribution limits haven’t changed, and make sure you’re saving the maximum tax-advantaged amount. Schedule regular talks with your financial advisor, especially if your circumstances or vision of retirement change.

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