Tips for saving for retirement

Are you struggling to build up your retirement fund? If so, it may be a good idea to pay attention to your spending habits. In fact, you may be surprised to discover where your money is going. Here are some ways to save for retirement that won’t feel like a sacrifice.

• Rethink small indulgences. Spending three dollars a day on picking up a coffee on your way to work may seem like an affordable treat. However, over a year those coffees cost almost $800; money that could have gone into your retirement fund.

• Establish a budget and stick to it. Knowing how much money you have coming in and out over the course of a month will help you live within your means and allow you to put more aside for retirement. Be sure to make monthly contributions to your retirement fund.

• Put windfalls directly in your retirement fund. Are you expecting a sizeable tax refund from the government? Or perhaps you’re receiving a bonus from work, or maybe an inheritance? Put any unexpected money directly into your retirement fund. Since it wasn’t part of your budget, you won’t even miss it.

• Lower your monthly expenses. This can be as simple as calling your insurance company to renegotiate your rates or removing unnecessary options from your cellphone plan. Instead of adding these savings to your monthly budget, increase the amount you allocate to your retirement fund.

Making small changes may not seem like a big deal, but they can add up over time and make a significant impact when you retire.