Little Steps For Big Gains
The below numbers provide a stark look at the uphill struggle many are facing.
- Nearly half of U.S. families have less than $10,000 saved for retirement
- 55 million Americans have no emergency fund
- 51% have no long-term financial plan
Statistically speaking, if you’re reading this you fit into at least one of these categories. But what can you do? Where do you start? How do you start?
The truth is that any step you take, no matter how small, is beneficial. Start small and be patient.
Make a budget. This is often the toughest part where you have to make some real decisions. Look at the last 3-4 months of spending to see where you can tighten up. Memberships and drive-thru coffees add up. See our previous post 6 Tips To Save Money On Streaming Services for additional tips on bundling some of your streaming services.
Pay bills on time. Set your bills on auto-pay. Late fees and penalties add up fast and harm your credit.
Start saving. A little every month becomes a habit quickly. If your employer offers a 401k with a matching benefit, contribute to the maximum allowed. For every dollar you don’t contribute to the matching limit, you’re throwing away money.
Sell what you don’t use anymore. If you have items that don’t bring you joy they’re just taking up space. Facebook Marketplace, or a good old-fashioned garage sale, provide opportunities to collect a little extra cash for the things that otherwise are serving you no real purpose.
Can’t sell it? Donate. Some donations are tax-deductible. Don’t forget to ask for a receipt and claim it on your tax return.