Eliminate Unnecessary Expenses
It may come as a surprise, but your budget may be able to cover more for retirement savings than you think. To find out if that’s the case, take the advice of Tom Corley, CFP and author of “Rich Habits: The Daily Success Habits of Wealthy Individuals,” who recommends checking your bank statements for any futile spending.
“You’ll uncover certain expenses for things you are not even using, such as club memberships, subscriptions, automatic charges for services you’ve never used,” he stated.
Some of the first places to look for any unnecessary spending are cable and internet prices as well as the rates of other services. Once you manage to reduce your monthly expenses, transfer the saved amount to your retirement contributions.