Your 5 Practical Retirement Resolutions
Now that the campaign glasses have been lifted and lowered in good cheer for the new year it’s time to get down to work. If you expect to celebrate your retirement some day you may want to start getting serious about your retirement resolutions.
Retirement planning takes not only time and money but also resolve on your part. You can only control your time, you cannot stretch it. The two things you can stretch is your effort and you can learn how to stretch your money.
#1 – Functional Spending
Only buy what you really, really need. For example, do you need fancy, pretty smelling soaps or will a basic soap suffice in cleaning you up? That may sound petty, but you only have so much money so spending it wisely is the best way to keep more of it in your pocket. Look around, where else are you wasting your money on nonfunctional items? Can you buy in bulk? This strategy may save money over buying in smaller quantities. Do you stock up on items when they are on sale? If not may be you should.
If you learn rational spending during your working years you will train yourself to be a more practical spender during your retirement years.
#2 – Stop Paying Credit Card Companies
When you carry a credit card balance you are paying your credit card companies too much money. Stop wasting your money, stop paying credit card interest and fees by paying your cards off in full every single month. Credit card companies love you when you carry a balance; how do you think they make their money?
Pay yourself not your credit card companies. Invest all of the credit card interest money into your retirement plan.
#3 – Review, Review And Review Again
Are you sure that you use all of the features that you are paying for with your cable, internet and cell phone services? Review your bills, review your features. Are you bundling? Track the cell phone minutes you use, are you using them all every month? It’s easy to get caught up in day-to-day living and become a robot when paying your bills.
Snap out of that complacency, check out what you are paying for.
#4 – Save Money, Save Calories
Eating out should be a treat, not a necessity. When did that change? Eating lunch out five days a week instead of brown bagging your lunch can gobble up lots of money. And food is not the only culprit, buying soda and bottled water also robs your pocket-book. Are you a frequent visitor to the office vending machine? Those quarters add up to dollars. An added benefit of brown bagging it is that you will also save your health. Restaurant food generally has more calories, salt and sugar content than a brown bag lunch.
#5 – Don’t Leave Home Without It
Carrying auto insurance is the law but the law doesn’t say you have to pay high premiums. Lower your insurance premiums by comparing rates once a year, raising your deductibles, bundling your auto and home insurance with the same company, getting all the discounts.
Yes, you have to make some effort. You have to check your own insurance renewal; have any discounts dropped off, can any be added. Your car is older, can some coverage be dropped. Your kids are no longer on your policy, that should count for something, right?
Gotta Have Time & Money
Time and money are the two components that matter most in regards to your retirement. If both are handled effectively they can help you get to retirement and keep you in retirement. Good luck.