Reduce Housing Expenses
Did you know that housing usually accounts for one-third of the average American’s budget? That’s a huge number. It’s certainly more than we spend on health insurance, food or even clothes combined!
Now think about how much easier it would be to save up money if you cut down some of those expenses. Most of us think of this as some sort of curse. Moving to a cheaper area or even downsizing might feel like you’re going backwards in life, but the truth is you’re doing the exact opposite.
We know, you love your home. It’s hard to think of moving, but it could make or break your retirement savings, so ponder this idea for a while and try to figure out just how much you’d be saving if you downsize.
Instead of looking at this chance as a downgrade, try to think of all the benefits you’ll gain later in life. Now, does that sound so bad?
