Find Room in Your Budget To Save More
Most people who are not veteran savers just assume that whatever they have leftover for the month is how much they’re able to set aside and save. But you can always find more room in your budget, all it takes is being honest with yourself.
This is where you differentiate needs from wants. Once you pinpoint your wants, you can start cutting them down. Eating fast food every day is definitely something you could do without, for example. If you don’t believe us, calculate how much you’re spending on fast food per week, then multiply it by month, then by year, just to see how much you’re actually spending.
The same goes for other guilty pleasures. You have the most control over your discretionary spending, so cutting down on this area in order to prioritize your future is key.
Bonus points if you’re able to stop smoking, for example, in order to save more. You’re getting healthier while also making sure your retirement savings are growing!
