Regularly upgrading your car
Speaking of cars, not only is it smarter and cheaper to purchase a used car but it’s also better for your finances if you stick to your old one for longer, suggests Mark Wilson, founder and president at MILE Wealth Management.
“Extending your car ownership from five years to seven years will free up a lot of cash for retirement savings,” Wilson says. A simple math calculus can show you the benefits. For example, if you have to shell out around 400 dollars a month, on average, for car payments, in two years you have to pay $9,600. This money could very well go towards your retirement fund.
Read also: 11 Ways to Improve Your Finances Before You Retire
