Starting Over your Retirement Savings
July 5, 2009 by Stephen Kersey
Filed under Finance
In these rough economic times, it’s quite common for people to spend money they’ve saved up for retirement just to stay afloat. If the choice is losing your home or dipping into your retirement funds, that’s not a difficult choice for most people.
However, if you’ve found yourself needing to start over your retirement savings, there are definitely a few steps you can take to get the ball rolling in the right direction again:
1. Assess your budget
Before even planning on saving for retirement, you need to put your budget on paper. List all your expenditures and all incoming money you can count on each month.
2. Trim your budget
Now that you have your budget on paper, you can go through your monthly expenditures and figure out areas you can save money. Remember, every penny saved is a penny you can put towards retirement.
3. Figure out how much
Once you have your new budget planned out, you should have a good idea of how much money you can possibly save.
4. Start saving!
This is the most important step. The planning is useless unless you put it into motion. Even if you are saving just a few dollars every month, at least that allows you to start the needed momentum.
Save Your Pennies (Image: Flickr)
