Cut expenses and save more for retirement

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Click on the image above to view the entire infographic from FeedThePig.org.

Earlier this week, we encouraged you to max out your contributions to your IRA or 401(k). For most people, that would require consistently contributing to these retirement accounts throughout the whole year. But what if you haven’t been able to contribute over the last ten months? Or what if you don’t even have a retirement savings account yet?

Don’t worry. Remember: it’s good to save for retirement early in life, but it’s never too late to start saving. Today is always the best day to start. Ask if your employer offers a 401(k) or similar employer-sponsored retirement plan. If not, open an IRA.

Once you have a retirement account, create a budget and cut your expenses to increase the amount you can contribute to your IRA or 401(k). For expense-cutting ideas, check out the above infographic from FeedThePig.org. By making some sacrifices and substitutions, you can save and invest a little more each day and make a big difference in your retirement savings when you retire.

One thought on “Cut expenses and save more for retirement

  1. Some more tips :
    – If you haven’t already gotten rid of your gas guzzler, do it now.
    – Limit your shopping trips, including groceries, to just once or twice a week. Combine them with your going out for lunch days.
    – If you enjoy going to movies, check to see if they have matinees at your multiplex. It’s often cheaper, far less crowded and you may be able to get further discounts on popcorn and sodas. Check their website for coupons.
    – Consider dropping your gym membership and just taking a long, brisk walk, jog or bicycle ride every morning. You’ll probably be in at least as good a shape and you’ll benefit from the fresh air.

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