If you feel like you can’t find the money to invest for your retirement, maybe you need to look at it from a different perspective.   Instead of trying to find more money to invest maybe you can try tightening up your finances and work with the monies you have.

You may actually be hurting your efforts to save for your retirement by some sloppy habits that you can easily correct.

Change Your Habits To Help Your Retirement

#1 – Become Debt Free

Too much debt sabotages your retirement planning, so clean up your debt.  Debt ties up money that you could be investing into your retirement accounts.   When you carry debt, you pay much more for the item due to the interest; why would you want to pay more?

#2 – Stop Paying The Minimum

If you always pay the minimum amount due on your credit cards, you will damage your credit score.   When you damage your credit score, you will always be charged the highest interest rates.    Pay off your credit cards; do not carry any credit card balances.  Only use your credit cards when you can pay off the entire balance at one time.

#3 – Stop Living Beyond Your Means

This type of spending will eventually catch up with you, it always does.  But whenever it does, people are so surprised because they thought they had everything under control.

If your spending is out of control, start a budget and live within that boundaries of that budget.   If you aren’t going to spend according to the budget, don’t bother putting one together.  But if you are serious about living within your means, a budget will help you scale back.  A budget is like a financial diet.

Are You Helping Or Hurting Your Retirement

Check your credit score.   You may be paying more for goods and services because of your credit score.   If you have a low credit score, you are being charged the highest interest rates.

The financial industry considers a credit score between 350 – 750 a bad credit score.   A good credit score is from 750 – 850.   A perfect credit score is at 850.  Get to know your credit score; order your free credit score once a year from each of the 3 national credit reporting agencies.

#4 – Stop Spending For Everything Else But Your Retirement

Paying for your child’s college education is a great financial gesture; but is that gesture harming your efforts to invest for retirement?   There are other ways for your child to get an education; ways that will not damage your efforts to save for your retirement….they can get college loans.

Never forget that your kids can get loans for college, but you cannot get loans for your retirement.