We all know that stashing every bit of money possible is one of the smartest ways to plan for a more stable retirement. But, of course, you can’t stash what you don’t have! If you’re short on funds to devote to retirement savings, it could be because you’re losing money to one or more bad habits.
Each of these items seems fairly innocuous on its own, but if you do several of them regularly, you could be wasting hundreds or even thousands of dollars per year.
- ATM fees – between two and four dollars each time you want to access your own money
- Memberships you don’t use – gym memberships, for example, can cost hundreds per year
- Subscriptions to unnecessary services – most people won’t use multiple video streaming services, and you probably don’t need a service plan for your computer
- Magazines – you’re really just paying to read advertisements, which make up about half of these print materials
- Wasted food – up to 40 percent of food in the US is never eaten
- Conveniences – planning ahead, rather than relying upon fast food or convenience store snacks, could save you hundreds per year
- Drinks on the go – hydration is certainly important, but purchasing a refillable water bottle could save you big bucks on drinks
- Power to electronics you rarely use – if you don’t use something daily, unplug it during off times (using power strips for several appliances at once can be convenient)
- Bank fees – plenty of banks and credit unions offer free checking, so there is no need to pay for this service
- Credit card fees – set up email reminders so that you can pay bills on time, and cancel credit cards that charge membership fees
Have you identified a few areas in which you could save money? Once you address those leaks in your budget, call us to schedule an appointment. We can help you identify further ways to improve your spending habits, and then help you put those savings to their best use while planning for the future.
