Seven Creative Ways to Save Money and Invest More Towards Retirement
Saving money can be difficult. After all the bills are paid and you’ve put food on the table, you may only have change left in your pocket for saving or recreation. However, there are several ways in which anyone can find ways to save money and invest for retirement.
Open an IRA Account as Soon as Possible
If you have the money to open an IRA account, do so. As soon as you deposit money, leave it alone. It will continually grow over time, saving you money in the process while you don’t have to do a thing. IRA’s and Roth IRA’s offer their owners some excellent tax advantages, and can be a great way to help your savings multiply
Use a Budget-Tracking App
Of course, you’ll need to create a budget if you plan to save any money at all. Download a budget-tracking app, create a budget, and stick with it as you work through each month. This way you can get an easy look at where your funds are going and where you have room to penny pinch.
Get Hair Cuts for Free
Stop getting periodic hair cuts by going to the salon. Many beauty schools offer free hair cuts by allowing students to train and test on walk-ins. You get the hair-cut for free, and even if they manage to mess it up, you can always go to your stylist and have them fix it up. It could be a great way to try out new styles, and to provide some service to future stylists. If you have a good idea of what you want in a hair cut, there is a good chance that the stylist in training at the beauty school won’t kill your coiffed class.
Save Money on Your Utility Bill By Replacing Your Windows and Doors
You could be spending a lot more than necessary on your utility bill each month due to using up too much heating or cooling power. You can combat this by getting energy efficient doors and windows from companies like Canadian Comfort. This way, you can save up to 30% on your electric bill expenses.
Restrict Your Water Usage
Do whatever you can to cut back on how much water you’re using. Take shorter, cooler showers, shut the kitchen faucet off when scrubbing dishes, and cut down on how much you’re using the dishwasher. You’ll notice a definite change in your water bill and the electric bill. Those small savings add up,and before you know it, you will be stashing away a lot more towards retirement and your future comfort.
Cut Your Cable
With all of the instant streaming services available these days for such cheap costs, there’s really no sense at all anymore in keeping cable television around. That is only if you’re not obsessed with seeing new television episodes as soon as they come out. Most shows can be streamed online if you absolutely have to see them, but you might find more productive ways to spend your time once you cut off your cable. You might pick up a good hobby, or spend more meaningful time with your friends and family. One man in London took his spare time to work on an invention and turned it into a profitable side job, selling $3,280 worth of products on the side before the product launch. What could you do with your spare time? You would be surprised.
Have Dinner Parties Rather Than Eat Out
Lastly, cut back on eating out by having everyone over for dinner parties. Not only is eating out less healthy, it is expensive. If you were to go out for diner two times a week and spend around $30 each time, you will spent over $3000 by the end of the year. That same money could be earning you 8-12% in a growth stock mutual fund in your IRA. If you were to save this instead, you could have over $100,000 saved in 15 years.
Go with the more frugal option, and have dinner parties at your home, where you can cook healthy, affordable food. Instruct that everyone bring a dish so that you aren’t footing the cost for feeding so many people! It might even be more fun to see the variety of dishes that your friends bring over. Some of the best recipes in every family’s cook book come from parties like these with friends.
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Category: Retirement, Saving Money
