It doesn’t matter who you are: if you aren’t already retired, you’re closer to it now than ever before at the time of reading this. Here are six frugal hacks that will make for a soft landing whenever you’re ready.
Manage Your Debt
Accruing debt is like digging a hole. The further you dig, the harder it is to climb out. Debt isn’t always bad, but that’s only when you properly manage it. Using credit cards or taking out loans with reckless abandon is just that: reckless. Have a plan for every line of credit you use, pay things off on time, and pay down high-interest debt the moment you can.
Maximize Your Retirement Accounts
Are you taking advantage of the retirement savings opportunities that are available to you? Maybe — but are you doing as much as you should? Take full advantage of 401ks and Roth IRAs. This will likely mean reevaluating your budget and taking a hit in discretionary spending. But considering the tradeoff is living a comfortable, stress-free retirement, we’d say it’s worth every penny.
Create a Detailed Budget (That Accounts for Retirement)
Tracking your expenses is a financial superpower. Suddenly, everything becomes easier to manage and pay for. Not only that, but since you know where your money went, you’ll also know where it’s going — and some of that should be into retirement.
Many younger folks don’t necessarily consider retirement in their budget. But if you want to retire comfortably, it’s never too early to start, even if you’re only putting away a few dollars a month.
Ready to take control of your money? Grab my 46-page Frugal Living Planner for just $10 and start saving smarter today.
Keep Yourself Healthy
This is a weird “hack,” but it’s one worth investing in. Healthcare expenses only go up from here. And one of the only ways to combat that is to improve or maintain your health right now. Preventive care is an enormous money-saver.
So is proper diet and exercise, even if you’re spending more on groceries or exercise equipment right now. The way we see it, you either pay that price now and live healthier longer or pay it later and live a life fraught with health complications — we know which one we’re choosing.
Downsize Your Life
Cutting back on “things” seems like an obvious thing to do when you’re budgeting. But not enough people reevaluate some of the bigger expenses in their lives that they don’t need. This could be anything from an oversized and expensive apartment to a second car.
Neither will do you any favors when it’s time to retire, so consider downsizing early and save more money now for more comfort later.
Embrace Minimalism for Frugal Means
Maybe minimalism isn’t your style.
But is financial freedom?
Minimalism is growing in popularity solely because it’s helping people achieve their financial goals. It’s all about owning less stuff. And since you can’t take it with you, what’s the point of still having a cluttered life as you head into retirement? It’s a life philosophy, yes, but it also involves spending less on physical things. That’s an incredible boon to your bank account when you need it most.
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