Many of us, when faced with that reality, struggle with how we could possibly save more. Following are some thoughts from Forbes on how you can meaningfully begin saving more today for your retirement.
photo from 401kcalculator.org
1. Increase your 401(k) contribution percentage whenever you get a raise
2. Capture all the employer match
Read Forbes’ other five thoughts here: “The 7 Easiest Ways To Save More For Your Retirement.”
When it comes to money, Americans not only want more; they want to manage it better. A new NerdWallet survey conducted by Harris Poll reveals that most folks aren’t happy with the state of their finances and they’re taking steps to change the situation.
To see how Americans are dealing with this financial balancing act, NerdWallet commissioned a survey by Harris Poll of over 2,000 U.S. adults conducted online Sept. 12-14, 2017. The results show that most Americans have financial regrets and stressors, but they also have goals and are working to accomplish them.
Americans wish they had done some things differently, with 71% expressing regrets when it comes to money management. Millennials (those ages 18-34 in this survey) are more likely than the two other age groups to have such regrets (83%), according to the survey.
But they are looking ahead: 89% of Americans say they have financial goals that they hope to achieve within the next 10 years, and 88% are taking steps right now to manage their money.
Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.
“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”
How long are you planning on living there?
Consider all of the hidden costs associated with both renting and owning.
Are you saving and investing? Or throwing your money away?
Each generation has a different priority when it comes to their finances.
Our nation’s different generations (centennials, millennials, xers, boomers, matures) place five categories in different order of importance. While some focus on building a nest egg, others concentrate on paying down debt, keeping a budget and controlling spending, saving money for emergencies or what-ifs, or saving for something specific.
“Silly question, right? Who doesn’t want some extra cash? The good news is, there are simple things you can do in just 20 minutes to avoid wasting your hard-earned dollars. Jump right in and get started to take advantage of the savings.”
Photo by 401kcalculator.org
1. Ask your credit card company for a reduced interest rate or an annual-fee waiver
2. Cancel a service that isn’t providing value
3. Raise your insurance deductible (if you can cover it)
If you haven’t been successful at sticking to your budget yet, perhaps you just need a refresher on how to best make your budget work.
photo from 401kcalculator.org
Set and stick to your budget — number one on making the budget work!
If you’re constantly overspending, try sticking to an all-cash budget. Handing over crisp bills instead of your credit card hurts far more!
Make your financial priorities top…priority! After each paycheck, set aside how much you know you’ll need for that month, on: rent or mortgage payment, utility bills, grocery budget, and any other monthly expenses.
Check in financially every day or week. It’s difficult to keep spending in check if you don’t keep on how you’re doing — which may make you uncomfortably and unnecessarily stretch those dollars too much at the end of the month.
Living below your means is crucial if you’re to get ahead financially.
Being financially frugal is not just an old-fashioned trend that you can disregard in this life. MSN has a basic list of how and why to be frugal, with the article “6 Rules for Living Frugally”. Their rules?
Really know your money
Live below (not just within) your income
Realize there’s a distinction between spending and investing