Everyone wants to save money for retirement. The thought of being able to step away from the workforce one day is the only thing getting some people through the week. Unfortunately, life tends to get in the way. It’s one thing when you have a great paying job, where you can meet your needs and still have enough left over to put up a nice little nest egg for retirement. Better yet, just think about having a job that matches your 401k contributions. However, this is not everyone’s experience. In fact, it isn’t most people’s experience. How do you save for retirement when you have a low income now?
Increase Your IncomeThis is something of a cheat, but if you can’t get a higher paying job, there are a wide variety of ways to increase your income even if you aren’t swimming in time. Ipsos I-Say is one of the survey sites used for American political decision making. Make a difference while you make some cash. E-Poll is an entertainment survey site where you can give your feedback on movies to earn gift cards for Amazon, Starbucks, and Walmart. Plus, you can earn some straight up cash. Airbnb helps you turn your extra space into extra money. You get to set the terms. Host guests when it’s convenient for you; don’t when it’s not. Whether you have a room, a floor, or a whole place put it to good use with Hosting with Airbnb.
Keep Debt in CheckBad debt is like an anchor around your neck that will keep you from amassing any sizable amount of money. There will likely be things you have to go into debt for. However, the more of them you have, the more money that will be leaving your account every month. If you have managed to avoid debt so far, you are ahead of the game. If you are in the midst of debt, climbing out is easier said than done. Here are some tips to help you start digging out of that hole.
- Triage: It’s usually not one debt alone that cripples someone, it’s many. Paying them all off at once is frankly unrealistic. You’ll need to focus your attention on the one causing you the most trouble. Important Note! This does not mean you should stop paying the minimum monthly balance on all of your other debts. It means you should choose one to pay over the minimum balance until you’ve paid it down; then you move on to the next. You should probably start with whichever has the highest interest rate as it will cost you the most over time.
- Get Frugal: You might be surprised how much you can save with a few lifestyle changes. If you haven’t tried aggressive couponing yet, you are missing out on potentially hundreds of dollars of savings. Ebates is a great place to find deals and get cash back on the items you were going to buy anyway. No fees, no forms, just savings and money back. You get your cash via check or through PayPal. Get $10 when you sign up today!
- Skip the Takeout: Is it delicious? Of course, it is. Is it worth it? To be blunt – If you’re reading this article, then probably not. To further salt the issue, groceries, in general, have even fallen in price. Conversely, restaurant prices have actually risen more than regular inflation would account for.