You may think that you have enough money to enjoy your life. This may be true now, but what about when you retire, or if an unforeseen emergency comes along?
The truth is that most people do not have enough of the green stuff for either one. Even if you have a good paying job, life is full of surprises and without any notice, an emergency can happen. It can be an illness or a major home repair.
For these reasons, it’s important to have money tucked away for a rainy day. Luckily there are many ways to save money. Listed below are a few ways that you can spend less and save more to enjoy a comfortable lifestyle now and in your retirement.
#1 Going Green
Energy consumes a lot of your monthly home budget. Turning down the thermostat during the winter months and raising the central air during the summer months is a good start. Investing in energy-efficient appliances such as your refrigerator, stove, dishwasher and your washer and dryer can help you to save upwards of a hundred dollars or so a month.
If you want to take it a step further and reduce your electric bill drastically, try investing in solar panels. They are a renewable energy source so they are beneficial to the environment and are low maintenance.
Another good reason to invest in them is that the government offers incentives, giving you savings over time with reduced electric bills and a deduction on your taxes. There are many companies such as Ion Solar that specialize in solar panels and their installation process.
Before signing on with any company it’s a good idea to check out what previous customers say about them, so take a look at ION Solar reviews.
#2 Reducing Your Credit Card Debt
Most people have several credit cards that they use often. If used correctly, credit cards can actually help your credit score and offer savings for various things like airline miles and cash back on purchases.
Another type of credit card is a balance transfer card. These are wonderful if you have good credit and high balances on your current cards. Balance transfer cards offer an introductory period of 6 months up to a year that’s interest-free.
This allows you to transfer your high balances and pay them off over time without any interest added. This can help you pay off your cards faster and save hundreds a month in interest. The money you save you can put in a savings account.
#3 401K Retirement Pension
Many jobs give you the option of putting money into their 401K. Most of them also match your deposits up to a percentage. So if you put 3 percent in each paycheck, they will match your 3 percent, giving you double the deposit.
Left alone for 15, 20 or 30 years with interest added, it can add up to a large sum of money that can help you retain your comfortable lifestyle in your retirement.
The best way to live well now and later is to establish a budget early on. This is something that’s quite easy to do. Simply make a list of your monthly bills and then factor in daily expenses and deduct that combined figure from your total net income.
With the money left over, you can place a portion into things like a savings account, a vacation fund, college education for your children and a weekly allowance. As you pay down your debt and free up more money continue to add more to your savings account. Before you know it, you’ll have a sizeable amount tucked away.
There are many ways to save money that can benefit you now and in your retirement. If you eat out 2 to 3 times a week, cut back to once a week. If you need a new car try getting one off a 2-year lease.
You can take shorter showers and wash dishes or do laundry only when you have a full load. If you perfect a system now you’ll enjoy life today and tomorrow.
So what are you doing to save money and live a more comfortable lifestyle? Share your thoughts and comments below.