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4 Tips to Get Started Saving for Retirement

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4 Tips to Get Started Saving for Retirement

We are all at different stages of life. For some people, retirement is just around the corner, and with that comes the worry that they may not be able to afford the lifestyle that they are either used to, or desire. For others, retirement is so far away, it rarely comes up in their mind and when it does, it is quickly put aside.

It shouldn’t matter how old anyone is when it comes to retirement. Retirement should be on everyone’s mind. Yes, the older you get, the closer you get to retirement. However, money put away when you are young ends up being worth a lot more when you are old due to compounding interest.[1] Saving up for a period of time doesn’t have to be hard or complicated, it is more about consistency. So here are five ways that you can consistently save money that can go directly toward your retirement fund:

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Side job

A lot of people will get a small side job where they make a few hundred dollars a month to put directly towards retirement. This will only take about 10 to 20 hours a month depending on how much you get paid, but it can have drastic results when it comes to retiring on time, or even retiring early. If you can start putting away a few hundred dollars every month at the age of 25, you will likely be able to retire at least 10 years early. Isn’t that worth working an extra hour or two a week?

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Change habits

Almost everyone has a few habits that they do almost every day that costs a small amount of money. For some people, it is that cup of coffee in the morning. For others, it is eating out at lunchtime every day. Whatever your habit is, it is now is the time to cut it. Coffee is one of the easiest daily expenses for many people to cut. You can find many cost benefits to cutting your morning coffee purchase and buying your own espresso machine instead. Not only is money saved, but there are other benefits as well.

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Just do it

Some people make enough money that they don’t have to make too many changes in their everyday lifestyle. They just need to start putting away a little bit of money each month. If this is you, then you are in the best predicament. If you are currently making more than you spend each month, a portion of that money should always be going towards retirement. It doesn’t have to be a large portion either, especially if you are young. The key to having enough money to retire with is not putting away large chunks at a time, but rather putting away smaller chunks for a lifetime.[2]

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Buy a house

If you are still renting a house and have the ability to purchase a house, then it might be time to do so.[3] Many people retire early with the income from owning multiple homes. Homes have been proven to go up in value over time and have done so for over a hundred years. Sure, there are tough times when home values drop for a few years, but if you purchase a home and hold onto it for long enough, you will find that you save a significant amount of money that can be used towards retirement. When you pay your rent every month, you are probably paying for someone else to retire early.

The real theme of this article is to do something. It is always the best time now to start saving for retirement. Do what you can, and you will not regret it in the future.

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Reference

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Spencer Mecham

Personal Finance Coach, Digital Marketer

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