Cut back to save more6 of 8Take a hard look at your current expenses. You may need to skip that annual $10,000 family vacation for a year or two, or put off buying a new car."Sometimes people just have to tighten their belt and give up some short-term amenities to have long-term security," Cramer says.Don't just look at the big-ticket purchases for opportunities to trim your budget. Even savings on everyday expenses can accumulate into significant additions to your retirement fund."Every time I take my wallet out, I'm thinking, 'Where is my opportunity to save in this transaction?'" Kiernan says. "You can find savings for retirement multiple times a day."More On Saving Money:Smart ways to trim big-ticket expensesCreate a news alert for "retirement" Related Articles:Cash out, roll over or leave 401(k) behindDifference between Roth 401(k), IRAPitfalls of automated retirement plansRelated Links:5 tips for 401(k) investingRebalance your portfolioFund your 401(k) or IRA first? advertisement
Take a hard look at your current expenses. You may need to skip that annual $10,000 family vacation for a year or two, or put off buying a new car.
"Sometimes people just have to tighten their belt and give up some short-term amenities to have long-term security," Cramer says.
Don't just look at the big-ticket purchases for opportunities to trim your budget. Even savings on everyday expenses can accumulate into significant additions to your retirement fund.
"Every time I take my wallet out, I'm thinking, 'Where is my opportunity to save in this transaction?'" Kiernan says. "You can find savings for retirement multiple times a day."
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