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.