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Saving for retirement can be a daunting task, especially on a tight budget. Do not let that stop you from planning for your future. It is never too late to start creating a nest egg by making changes to your personal finances for the better. Your golden years are just around the corner, make sure you enjoy them to the fullest. Here are our top 5 money saving tips for your retirement.

1- Eliminate at least one or more reoccurring expenses from your budget

This may sound obviously and might be easier said than done, but there has to be something you can cut. Simply take inventory of all of your reoccurring monthly or yearly payments. Your monthly credit card and bank statements are a good source of information. Most people find charges they don’t even remember authorizing. Figure out anything that is non-essential and start cancelling.

Are you still paying for that Netflix account or cable, but don’t recall the last time you watched a TV show or movie? Cancel it! Are you donating to a charity on a monthly basis, but can barely make ends meet? Cancel it! Take all the money you would have used and redirect it to your savings account every month.

2- Make small lifestyle changes

We’re not saying you should live like a pauper or forego the luxuries you have become accustom to. However, limiting the frequency of certain costs can drastically increase your bank balance. Do you eat out on a regular basis or order takeout every night? Why not prepare yourself at least one meal day, breakfast, lunch or dinner. By doing so, you can easily save hundreds of dollars on your food bills every month.

3- Take advantage of deals

Even with the best intentions, no matter how much you’re committed to saving, life will always find a way to make you spend money. Maybe your house needs a new roof, or you have to take medication regularly. Frequenting promotional offer websites such as SeniorPerk can help you save on most unexpected expenses. You can also find deals on things to help you save even more money, like replacing your old windows with new energy-efficient windows. Before you buy anything, do research and find a deal.

4- Save you raise

Are you making more money than you did a year ago, but you somehow don’t have any extra income? Inflation and the rise in the cost of living aside, you should be able to take that raise and move it into savings without seeing any significant change to your lifestyle. You’ll be able to boost your long-term savings without having to cut back on expenses because this should be money not accounted for in your current budget. That few additional dollars every paycheck can translate into hundreds of dollars into your savings account every year.

5- 401(k)s are your friend

Parking your money in a savings account is better than nothing, but why not let your money do some work too. Contributing to your 401(k) or IRA will make your money grow over time. Once you have enough saved up, you should also find out if your company matches your 401(k) contributions for more savings opportunity. By placing your money in these portfolios, you’ll be less tempted to make a withdrawal, thus saving you more money. This is a great way to protect your money from yourself and you won’t even miss it because it’s not cash.

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