Your financial future is contingent on the preparations you make now. You cannot “hope for the best” and believe that you will be secure. Saving and investing into your future should start as early as possible in life, and it should continue on as a lifelong commitment.
What Should I Do If I Have Not Started Saving?
If you have not begun to save for your future, regardless of your age, you must make the commitment to yourself to begin now. While it is much easier to get into the habit of saving when you first enter the workforce, in truth, it is never too late to begin.
You can start with your very next paycheck, even if it is just a small amount, and set aside money for your future. There are many options that you can use, and anyone from any economic background can create a stable financial future for themselves.
How Do I Save Money For My Future When Everything Is So Expensive Now?
Rising prices throughout the economy has made it more difficult for people to save. However, it is not impossible. There are several ways that you can generate wealth for yourself that will not require you to deny yourself necessities or even entertainment. The first thing that you must do is commit to the idea that you are going to build a stable financial future for yourself. Once you have made the commitment, you will be able to find ways to make it happen.
The following ideas are simple ways that you can “find” extra money to save for your future.
• Use Coupons. Use coupons for everything, not just groceries. Every time that you save money with coupons, take this amount and place it into your future fund for investing. While this may sound like a silly way to save, it adds up quickly. If you save $20 using a dinner coupon, $20 at the grocery store, $10 on an oil change, you have the potential of saving $50 on one weekend afternoon while you are running errands. As you can see, it will quickly add up.
• Pay Off Debt. Look at your outstanding credit lines. Do you have a high interest credit card? This credit line is costing you more than you may think. On average, a credit card with a 25 percent interest rate and a $1,500 balance could take up to 20 years to pay off if the minimum payments are being made. This is almost as long as a mortgage. Pay off this card and commit the money you would have been paying on it each month to your retirement fund.
• Change Your Programming. Many people simply do not realize how much extra money they spend each month on their cable bills. Do you really watch 500 channels? You can find up to $100 a month to invest by trimming your cable bill to only the channels you really watch. With the ability to stream movies and TV programs on demand, the cost of movie channel subscriptions no longer makes good financial sense.
Saving for your future is possible, if you are willing to make the commitment. It takes a little creativity, especially in harder economic times, but it can be accomplished.
Nisha Sharma is a freelance writer currently helping to represent the charity MHA.