10 Ways To Save An Extra $1 Million For Retirement презентация

1. Get rid of your landline Unless you need it for a fax machine, having a landline has become rather unnecessary By using your mobile phone as your only phone, you could save $40 per month or more towards your retirement

2. Shop around for insurance Shopping around for car insurance is fairly common, but many people don’t bother to shop around for other types, like homeowners Also, check how much your premiums could drop if you increase your deductibles

3. Dine out less If you go out to dinner regularly, cutting back by one meal per month can really add up Choosing to skip a $50 dinner for two every month means $600 extra per year that you could set aside

4. Maybe cable isn’t a necessity A few years ago, this would have been a ridiculous thought, but with services such as Netflix and Hulu, maybe you don’t really need cable anymore You can even get HBO now without buying a cable package Or, if you insist on cable, think about downgrading your package or getting rid of some movie channels

5. Bring your lunch to work Instead of buying your lunch at work, try brown-bagging it instead If going out for lunch at work costs $10 and packing a lunch costs $3, your talking about more than $1,700 in savings throughout a year

6. Avoid bank fees Overdraft or returned-check fees can cost you $30 or more per incident And, try to avoid going to ATMs that aren’t free (Those $2.95 ATM fees really add up over time)

7. Your gourmet coffee habit By switching from a $5 premium coffee drink each day to a $1 cup you brew at home, you’ll save nearly $1,500 per year Or, if you simply brew your own coffee half the time, that’s still $750 per year in savings

8. Quit smoking already! Aside from the obvious health benefits, many people could create a comfortable retirement with just this one step A pack a day at $6.00 per pack is $2,190 that isn’t going into your savings By quitting and investing this much money every year instead, it could grow to more than $325,000 in 30 years! Note: assumes investment returns on par with the S&P 500’s historic average

9. Pay off your credit cards Paying credit card interest is one of the biggest drains on your financial health If you owe $5,000 in credit card debt at 18% interest, it’s costing you $900 per year just for the privilege of owing money

10. Boost your 401(k) contributions Perhaps the easiest way to save more for retirement is to make it automatic by increasing your 401(k) contributions Even if you’ve maxed out the amount your employer is willing to match, you can still decide to contribute more (up to $18,000 per year, or $24,000 if you’re over 50)

Adding it all up Let’s see just how much of a long-term effect this can have For the purposes of this calculation, I’ll make the following assumptions We’ll assume that we’re talking about a 35 year old who wants to retire at 65 We’ll assume we can match the S&P 500’s historical rate of investment returns

A million or more Check out how much money you could potentially save Getting rid of your landline - $40 x 12 months = $480 per year Shop around for insurance - $100 in savings per year One less dinner out per month - $50 x 12 = $600 per year Get rid of cable, replace with Netflix, HBO - $75 in savings x 12 = $900 per year Bring your lunch to work - $7 savings x 250 workdays = $1,750 per year Avoiding 1 ATM fee per week - $3 * 52 = $156 per year Brewing your own coffee ½ of the time = $750 per year Quitting smoking - $2,190 per year Pay off $5,000 in credit card debt at 18% interest - $900 in savings per year Contribute an additional 1% of your salary to your 401(k) - $750 per year (assuming $75,000 salary)

This adds up to a staggering $8,576 per year! If you could boost your retirement savings by this much every year for 30 years, it could grow into a $1.3 million nest egg!

Of course, you don’t need to use all 10 of these tips Just a few of these could mean the difference between struggling to retire on time and creating the retirement of your dreams

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