Financial Planning, Investing, Retirement

Ruthless Money Saving Tips for Retirement

Until retirement comes knocking on your door, you may not realize that you haven’t saved enough money for your retirement years. Retirement can seem like a lifetime away until you reach your 50s, but most people don’t give much thought to household expenses until it’s too late.

If you don’t want to be the neighbor that lives in the rundown apartment across the street, you’re going to need to take charge of your finances and start saving for retirement now. Experts recommend that most retirees accumulate over $1 million, but this cash isn’t going to drop out of thin air. As retirement looms nearer, it’s time to seriously consider cutting back on household expenses so that you can live comfortably in the future.

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Eat In

It costs an average of $10 for every lunch you eat out, adding up to nearly $1000 per year for the average American. When you take the time to make friends with your local grocery store, you can buy real food, not takeout, and avoid high fat, sugary foods that drain your wallet and your health.

Leaving your wallet at home is the perfect excuse for those last minute lunch invitations. A healthy lunch within view of your desk will remind you to remain frugal with the food budget.

Fire Your Utilities

Most of us have multiple utility providers that gouge us with ridiculous fees because they know consumers are addicted to their cable, internet, and cell phone services. Having the ability to stay connected 24/7 can add up to a mega bill by the end of the month. Most people have access to internet at work, and only utilize a fraction of the tech home services they pay for. Strip unused utilities down to the bare bones, including telephone, cable, and internet, and utilize free WiFi services when you can.

Go Away

Does the average family really need two or three vehicles? It may be time to sell one car to reduce transportation expenses and credit card debt. Car pooling, bicycling and taking transit are all proven methods for providing an affordable mode of travel. Cutting back on transit expenses will put more cash in your pocket.

Work Longer, Not Harder

Many commuters may balk at working ten hours a day, four days a week, but one less day of commuting time adds up to a significant savings. Considering the average person spends two to three hours a day commuting, you could potentially save yourself eight to twelve hours a month of driving and car costs.

Once you’ve started saving money, you can consider investing in the stock market or other financial vehicles to make the most of your wealth for retirement.

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