Saving for your retirement may seem like a daunting task. You work so hard, day in and day out, and whatever is left after bills and loan repayments may seem meager. You’ll want to take that money to treat yourself!
So why not treat yourself to a relaxing and comfortable retirement? It may SOUND overwhelming, but once you learn to save money, you’ll wonder why you ever thought it impossible! Here are a few ways you can start saving NOW, no matter your income level.
Pennies to Pinch
You may be living paycheck to paycheck, you may have been born with a silver spoon ever so gently placed in your mouth. No matter what your pay, you should know your worth. And you are WORTH a good retirement plan and some relaxing golden years.
There are a few ways to make some extra cash on TOP of your monthly income. Here are a few ways to make money from your very own home:
- You could work a side hustle. Start doing surveys, freelancing here and there. The internet is filled with opportunities to make money from the comfort of your own home. Whether you have a few hours free on the weekend, or dedicate an hour or two every day, you can earn at home.
- Buffalo Exchange! This may not be ALL at home, but it can start in your very own closet. Get a few of those clothing items you haven’t worn in a year or two, pack them up, and take them to your nearest buffalo exchange store. Get cash for your used clothes, so you can start saving!
- Teaching online! That’s right, you can teach your native language online for money. There are tons of websites that offer paid conversationalists to sit, skype, and simply talk to someone trying to learn your native tongue!
Just a few examples of how you can add to your monthly income by doing more, and saving more. That way all the money you earn from your side job can be put towards your retirement. Every penny counts!
This can be a little riskier, but you don’t have to be a millionaire to invest on the market. You can start with as little as five dollars. So instead of buying that latte, you can start an investment portfolio.
You can use an app, do the research yourself, or hire a professional to handle your accounts for you. If you work for a large company that already has a pension plan set aside for you, you can actually look into taking a portion of that pension and investing it as you see fit. It is your money after all! Considering ISAs could be an option. This is a way of investing in shares. It’s easy to manage and provides good value since you will pay a lot less in taxes than if you were investing in a normal investment account.
Looking to the future may also mean starting up a pension plan on your own. Finding the right private pension firm for your needs is easy. A little research, find good rates, and learn about how your money can grow without you having to lift a finger! No matter what you choose, you can invest now!
Budget Friendly Everything
Make a budget. Stick to that budget. If you’re living on a fixed income, or a small paycheck, make sure you know where EVERY dollar is spent. That way you know where you can take a step back, and dial down your unnecessary expenses.
You can also start saving by using coupons! This. Will. Save. You. Money. Couponing can be as easy as downloading an app, or signing up for a cash back website. Whether you save money on groceries, on clothing, or on online purchases with coupons, you’re still SAVING MONEY. It’s the little things that can add up to help you put money aside for your future!
Have to Start Somewhere
No matter your level of income, you can start to put your money aside for retirement, NOW. Whether you cut out the late night pizza runs, or have a billfold filled with coupons, every penny put aside could be a HUGE asset later on in life. Get on track for a carefree retirement by setting up your pension as soon as possible, no matter your pay scale, you know your worth!