Whether you are 20 years old or 60, saving for retirement can sound like an overwhelming feat. If you’re new to investing (or even caring about your personal finances for that matter), the hardest step is simply getting started.
Going from saving zero dollars every month to saving as little as $10 per month can add up over time. Plus, taking baby steps will help ease you into the uncomfortable task.
Once you can commit to taking that first step, the next task you need to accomplish is automating your savings. Telling yourself to put five percent of your paycheck into your savings account is a lot different than actually doing it. But lucky for us, technology has made saving as easy as pushing a button. If you set up your online baking account to automatically set aside a portion of your cash flow every week or month, you are more likely to stay committed to building your nest egg.
After setting up your automatic savings, the final step is to set a goal. Did you know that individuals who put their goals in writing are 87 percent more likely to achieve those goals? So if you want to to save $20,000 in six months, write it down and set mini goals along the way. Goal setting is a great way to hold yourself accountable and keep you motivated.
How To Start Saving For Retirement Today
If you are ready to take your business to the next level, increase your monthly cash flow, and bring yourself closer to the retirement lifestyle of your dreams, consider these unconventional saving tips: