There are many easy to implement ways to increase your retirement savings.
Most people no matter what line of work they are in dream of one day retiring, and having the freedom of being to chose how they spend their day. The challenge that many people often face is that they are not on track with their retirement savings, or they believe that it is too late to begin to save. The truth is that it is never too late to begin to put money towards your future retirement goals.
The good news is that there are also many opportunities to supplement your current income, and put additional money away each month. According to mymoneycounselor.com 67% of Americans admit that they are not on schedule in terms of reaching their retirement goals. If you fall into this statistics here are a few ideas on ways to drive additional monthly income.
Start a business to supplement your retirement savings
Starting a business might sound like a daunting task, and it is in some industries. However, starting a small home based business may be easier than you think. Technology has made the process and costs associated with starting a small business much less daunting than it once was. People are always searching for quality products, and services. A few great home based business ideas are:
- Business Services (Marketing, Accounting, Business Consulting, Computer Repair)
- Cleaning Services
- Writing (Ghost Writing, Book Writing, Resume and Cover Letter Writing)
If you are interested in learning more about some potential businesses ideas and the process for starting a small business their are some great resources available online that address the subject in more detail. Starting a small business is hard work, but it may be the perfect opportunity for you to roll up your sleeves, and stash some additional funds for retirement, and your future goals.
Work a weekend job to save money for retirement
Times are tough, and sometimes the best way to save additional money is to work more hours, or get a second part time job to make ends meet, and have the ability to save. There is nothing to be ashamed of if you have the need to work a few hours during the weekend or on the weekend in another role. Working two jobs can take some time to get use to, and requires strong time management skills. Remember that the the end goal is to put more money into your retirement account, and those extra hours each week will get you one step closer to being able to achieve that goal.
Reduce your monthly expenses to save more for retirement goals
It is amazing how much the average person spends each week on expenses that should be outside the scope of their budget. It is even more amazing that a lot of people do not even have a budget, or an idea of how much they should spend vs save each week. Costs can easily add up very quickly if you are not taking the time each week to access and make adjustments to your spending habits. A few ways that your monthly costs can be reduced are:
- Eating out less (You will save a ton!)
- Joining a rideshare service to save money on gas
- Invest in a prepaid phone plan Vs. being locked into a more expensive contract
- Quit smoking or drinking alcohol
- Spend more time at home
There are a plethora of ways that people can increase the amount of money that can put towards retirement each month. Your strategy may be to increase your monthly income or to reduce the expenses that you carry. You will be thankful that you put in the time to analyze your current situation, and made the necessary adjustments to reach your financial goals. What tactics do you use to save money for retirement? Comment below.