Three Tips to Help You Save Money for Retirement Right Now
I used to feel the same way until the man who was my mentor when I was a stock broker gave me three tips that changed the way I looked at spending and savings. Here are those three tips that will enable you to save money for retirement now:
Tip 1: Java Effect
If you are like me then you probably enjoy a cup of coffee, or two or three, a day. If you buy your coffee form a retail place you are wasting money. Let's say you buy two cups of coffee a day at $3.00 each. At five days a week this comes out to $30.00 a week. You can buy yourself a bag of gourmet coffee at the store and all the sweetener and cream you need for around $10.00 max and save $20.00 a week. That is the equivalent of $1,040 a year that can be saved for your retirement.
Tip 2: Brown Bag Effect
Sometimes nothing gets you through the work day like a nice lunch with your friends, but at $10.00 for a meal you are spending $50.00 a week on eating lunch out. Instead, brown bag it three days a week for around $10.00 max and save that extra $20.00 a week for your retirement. The net result will be another $1,040 towards your retirement per year.
Tip 3: Jingle Effect
Often I pay for things using cash. After speaking with my mentor, he told me to throw all my loose change in a jar instead of spending it. This didn't seem like it would add up, but by the end of the year I had three jars full of change and socked away another $120.00 into my retirement account. You too can duplicate this result.
These three tips only scratch the surface as to the many different ways to save for retirement which include things like haggling, doing it yourself, and carpooling, but I cover these three because I know they work. I have tried and succeeded in putting away a great little nest egg using these three tips and it is my hope that you will too. Happy saving!
Source: MP Dunleavy, 20 ways to save on a shoestring - MSN money, Moneycentral.msn.com
Published by Jimmy Collins - Featured Contributor in Business & Finance
Full time freelance writer. I am a former stock broker and money manager who still loves all aspects of finance as well as sports and fitness. Currently I hold a 4th degree black belt in the Martial Art of T... View profile
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16 Comments
Post a CommentFantastic ideas! I try to pay cash for everything. I figure that if I don't have the money for something then I really don't need it anyway or I will save for it if it is something really good.
Great advice! Thanks.
Great advice! One thing I do is treat savings like a bill. At the beginning of each month I have an automatic transfer to my savings account.
Cool tips- I like how they are simple and really add up over time!
Great ideas. My husband and I collect change in the vase from the flowers he gave me the day we got engaged. It really adds up!
Nicely done, Cheers. :)
Awesome Ideas. I have been trying hard to save but these tips will make it easier. Thanks Jimmy! :)
I cut out my daily trip to Starbucks, now it's a once a week treat. I have always saved my loose change--and what I'm accumulating now will be part of my saving for a trip to Ireland:)
I do these things, and it helps.
I save my loose change all the time. It really does add up.