The economy is booming, tax reform has been passed and people have more money than any time in the last couple of decades. It’s too easy to forget about the financial pain of yesterday when times are good. But, if you’re looking at retirement some time in the near future, now might be a good time to dust off the retirement plan and make some meaningful moves with that extra money.
A lot of people will spend that extra money to get ahead, improve their lifestyle or get things they’ve been putting off. Some people will just spend it and a few people will use it to help their future. Some of us might not know how to save money or how to pay off debt, without breaking the bank.
When times are good, it’s easy to fall into the credit trap and build up more debt that has to be paid off. But, whether it’s your everyday living expenses, your car or your home, there are ways you can conserve cash and save money for retirement, regardless of how far in the future your retirement is.
The average adult in the United States has several thousands of dollars of credit card debt, a monthly car payment, rent or mortgage payments, and obligations to pay many other expenses. All these expenses can make day-to-day living tough and make it much more difficult to think about saving for the future.
How to save money
Even the small things we do every day and often take for granted can add up quickly when it comes to spending money. No one’s going to take care of us when we get older. By keeping track of what we spend our money on now helps us better assess how to save money. It’s called being thrifty and knowing how to save money for the future.
Thrifty spending habits are learned and make good lessons to pass down to our children to teach them how to save for their future. By setting a good example and paying attention to the money we spend, our children will understand the value of saving for the future and value of a dollar much better.
Fortunately, there are things you can do to save money that may seem small by themselves but when put together, add up to real savings over time. When times are good, being vigilant about spending money can do wonders for your wallet. Following a few tips contained in “Power Saving Money Tips” can mean more money in your wallet at the end of each month.
“Power Saving Money Tips” is a short e-book (just 13 pages) that outlines how just a few simple changes to your lifestyle can add up to hundreds or even thousands of dollars saved each year.
Most people are amazed to see how much they spend per week when they keep track of their day to day spending. If you’re like most people, you stop at your favorite coffee shop every morning and have lunch every day with your co-workers.
Save more money
A couple of tips to save tons of money. Instead of that $4 latte at Starbucks, try brewing coffee at home and bringing it to work in a travel mug. Bring a sandwich, some chips and maybe a yogurt or pudding to work and skip going out for lunch. You’ll probably eat healthier and find that you’re saving forty to fifty bucks a week!
For some people, it’s the splurges that break the bank. Going out to a bar with friends or having a steak dinner can be fun, but it can also be quite expensive.
Another tip; invite some friends over after work and have some food on the grill and a few drinks. You could make it a BYOB event and get everyone to bring in their own beer and other beverages. You’ll have just as much fun with your close friends without spending a fortune on a dinner check, drinks and tips.
The tips in “Power Saving Money Tips” are simple. Get a free copy from my manage debt page and learn how just a few simple changes to your lifestyle can add up to hundreds or even thousands of dollars saved each year. You can take that money and put it into retirement savings, or use it to help downsize other personal debt.
No matter what you do with the extra cash, it feels great to know that you’re becoming debt free and saving cash for something more worthwhile, your future peace of mind.