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It doesn’t matter your age. Everyone can benefit from saving for retirement. There are many different ways to save for retirement. Like budgeting, spending differently, and much more. Forget about what you haven’t done in the past. It’s never too late to save for retirement. Take the first step by following my tips on not to start saving for retirement!
Try out this budgeting exercise. Determine your income and how much you put towards expenses. You’ll have a clear understanding of your financial situation and find areas you can save in.
Start budgeting using the Qube Money app that allows you to make personalized digital budgeting envelopes.
Ask yourself this question. What am I spending my money on? There could be ways to reduce your spending in your everyday routine. An example could be grocery shopping. Instead of buying brand name products, switch it out for knock-off brand products. Most often, these products are produced in the same facility only with different labels. Find cheaper ways to do things in your daily life. We also have free, downloadable budget sheets that can help you. Grab one.
Automate Your Paycheck
Think about automating your paycheck into your bank account. You can access your employees online portal to set an amount or percentage of your paycheck to be automatically put into your savings. That way, you won’t be tempted to spend what you originally wanted to save.
Diversify Your Finances
Find ways to make your money work for you. You can diversify your money in a variety of different ways. Consider putting your money into a 401K, especially if your employer matches a certain percentage. You could open a Roth IRA and even start investing. Check out the course Master The Market 101 for a beginners guide to investing!
Monetize Your Skills
Find ways to earn passive income by monetizing your skills. What are you good at? What do you love doing? Start a side hustle based on your skills and watch your savings increase.
You can watch my full interview on tips for saving for retirement with Mr. Alfred Edmund, of Black Enterprise YouTube.
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