Change This And That
You can find enough money to finance your retirement if you make small changes in your financial habits. You just have to take the time, make the effort and do the research.
#1) Credit Card Fees
Credit card debt can be a waste of retirement investment money. Find money for your retirement plans by not carrying credit card balances. You may surprised to find out how much money you waste on interest payments and late fees.
Even though banks and credit card companies are always offering deals on low-interest rates your best bet is to not rack up your credit card balances. You will sleep better at night knowing you are not wasting retirement investment money on credit card fees.
#2) Your Credit Scores
You will find investment money by improving your credit scores. Banks, mortgage companies, car loan companies and even insurance companies will offer you their lowest rates if you have high credit scores. Invest the money you save into your retirement plans.
You can raise your credit scores if you limit the number of credit cards you have, pay all of your bills on time and never carry a credit card balance. But if you must carry a balance at least keep your credit card balances below the available limits.
Credit card balances that are charged-off and sent to collections can get expensive because these transactions lower your credit score significantly; in some cases by one-hundred points.
#3) Banking Fees
If you get hit with bounced check fees and overdraft charges you are wasting good retirement investment money.
Avoid these fees by having your bank link your checking account to a savings account with a good size balance. If you write a check that your checking account balance cannot cover, the money in your savings account will.
#4) Your Mortgage Payments
You may be able to save money each month on your mortgage payment if you refinance. Interest rates are low right now so refinancing may save you enough money over the life of the loan to make your efforts worth while. There is no harm in getting some estimates. Invest the money you save right into your retirement plans.
#5) Your Insurances
Auto insurance is required by law and carrying homeowners insurance is just common sense. You can save money on both if you change your deductibles and re-shop your insurance every year. Take the money saved and invest it.
Raising Your Deductibles
Ask your insurance agent for a quote on your auto insurance with a $250 and a $500 deductible. You will notice a big difference in insurance premiums. With homeowners try a quote with a deductible of $500 and $1000. You may see a difference in premiums of 25% or more.
Re-Shopping Your Insurance
You should get comparison quotes on your auto, home and umbrella insurance every year. Things change, it does not hurt to see what prices the competition is offering.
Retirement Money Is Available
Money for retirement investing is right within your grasp, if you take the time to find it. You owe it to yourself to adjust your financial habits to find extra money to invest in your financial future.