Baby Steps – Saving for Retirement
July 9, 2009 by Stephen Kersey
Filed under Finance
Saving for retirement can be a daunting task. For many people, they’ll need millions upon millions of dollars if they want to retire while living at their current means. If you have no retirement savings to your name, going from zero to millions doesn’t seem too possible.
If you are overwhelmed, many experts believe that the secret is to start small. Instead of thinking about millions, go with baby steps at the beginning of your a journey.
A good start is to look at your monthly expenses and find ways to cut corners. For example, you can cook at home rather than go out to eat and you can plant a garden to help cut back on grocery bills.
Once you have trimmed your monthly expenses, put aside every dollar that otherwise would have been spent prior to cutting your expenses. Once you accumulate $1,000, put it into a retirement savings account!
From that point, you can add more and more money per month to your retirement savings account as your monthly budget dictates. Soon you will be well on your way to the millions of dollars that seemed so far away.
Don't be afraid to take baby steps! (Image: Flickr)
