Decreasing My Monthly Bills

Although I’m not a spendthrift, I feel as if I never have enough money in my bank account. Because I’m setting aside cash in order to buy a new home, I’m always searching for ways to decrease my monthly expenses. Fortunately, through my research, I’ve found some great, simple tips that provide substantial savings over time. For instance, I turn off my HVAC unit whenever I’m traveling. I also conserve gasoline by running all of my errands for the week on the same day. On this blog, I hope you will discover some easy, painless ways to lower your regular monthly bills. Enjoy!

Been Putting Off Retirement Planning? Try These 3 Last-Minute Tips

Finance & Money Blog

Even though you have probably heard time and time again in your life that it is important to start with retirement planning as early as possible, it can be easy for time to slip away without making arrangements. Luckily, it's never too late to start thinking about your future. These are a few last-minute tips that can help you if you are in the position where you are doing your retirement planning a little later than expected.

1. Take On a Second Job

Even though the idea of working more when nearing retirement rather than less can sound less than appealing, it only makes sense to take the best possible advantage of your final working years, particularly if you aren't properly prepared for retirement. Consider taking on a part-time job or putting in overtime at your job, if possible. Then, take all of the income that you bring in from your second job and put it toward your savings. This can be a great way to "catch up" with some of the savings that you have been skipping.

2. Downsize

If you are nearing retirement age, there is a chance that other changes are going on in your life too, such as if your now-adult children are now moving out of your house. One way to make things easier when you have less in retirement savings is to consider downsizing. For example, now that you don't have to shuttle kids around anymore, consider swapping out your sports utility vehicle for a smaller, more efficient car that will be more affordable to drive and maintain. Selling your home and buying a smaller and more affordable house can also help you lighten up your financial load and prepare for the future.

3. Wait to Draw Social Security

If you have not been saving up adequately, there is a good chance that you will rely heavily on Social Security when you do retire. If you wait a few more years before you retire, you can make a big difference in how much you will receive each month. In fact, you will get the highest amount from Social Security if you wait to retire until you are 70 years old. Working for a few more years can help you ensure that your Social Security payments will be sufficient to get you through.

It can be easy to start panicking if you are reaching the retirement age but do not have enough money saved up. Luckily, following these tips can help you recoup from getting a delayed start with retirement planning. You can also work with a professional retirement plan for advice that is targeted for your situation. To learn more, contact a retirement planning company like Estate & Financial Strategies, Inc.


7 August 2016