Let’s face it: saving money for retirement is difficult enough when your finances are in good shape. If money is tight, you’re sure to have concerns about saving for the future. But that doesn’t mean you should give up. You still need a strategy for saving. 

Here are three things you can do:

1. Save before you can access the money

Once you have your hands on money that you want to save for retirement, there’s a greater chance that it’ll get spent on something else. Protect against this by moving money from your paycheck directly into a retirement account. This eliminates the potential of spending the money before you have the chance to save it. 

2. Trim your expenses

The money you trim from your monthly budget can be put into a retirement savings account. For example, if you can reduce your cable bill from $200 to $100, that’s an extra $1,200 of savings every year. Over the course of time, this works out to tens of thousands of dollars stocked away in a retirement account. 

3. Find a side gig

If you don’t earn enough money from your primary job to save for retirement, you must find another income source. This is where a side gig comes into play. You don’t need another full-time job. You may not even need a part-time position. Instead, a side gig — such as selling crafts or flipping sports cards — may be all that you need. 

Frequently Asked Questions

As time goes by, you’re sure to have questions about saving for retirement. It’s how you answer these questions that impacts your future. Here are some of the most common questions to address:

• What is the minimum amount of money you must save every month to meet your retirement savings goals?
• How much have you saved for retirement to date?
• At what age do you wish to retire?
• Are there any expenses you can reduce or eliminate to help you accelerate your retirement savings?
• What retirement savings vehicles are you using? Are there others that make more sense for someone in your position?

Saving for retirement is something you must take seriously. If you put this off today, it could come back to haunt you in the future. So, any questions should be addressed as quickly and as accurately as possible.

Are you on track to meet all your retirement savings goals? Is it time to adjust your approach because money is tight?