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7 Ways to Save For Retirement on a Tight Budget

Posted by James Hendrickson on Aug 12th, 2014 · 0 Comment

save for retirement, tight budget, saving for the future

How can we save for retirement on a tight budget? Is it really possible? Many people turn to a retirement planning advisor for advice, but it is important to know how to budget while paying into a retirement scheme. These days it can be tough enough just to pay your bills and support your lifestyle. Saving for any purpose – especially one as far into the future as retirement – can seem like more...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

7 Ways to Save For Retirement on a Tight Budget

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