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Nine Tips on Saving For Retirement

Updated on July 3, 2011
Enjoy your beautiful retirement near nature.
Enjoy your beautiful retirement near nature.

You have lived a life of respect raising your head all your life, then how come you can ever think of living a life being dependent on your children when you grow old. You have always given to your children and never asked for something, so do you want to ask them for financial help when you grow old. It is totally fine that that you have induced manners, responsibilities, and respect in your kids and they will definitely help you when you will grow old but time is not always the same. Circumstances change and can affect anyone, even me, even you, even your children, so don’t think of being dependent on them when you become a grandfather or grandmother. Take your own responsibilities. Start thinking from now and start some savings in your personal life, manage your personal finances in a way that you start creating some scope for retirement savings. Plan your retirement now if you have not done so. Don’t worry it is never late. I will help you out. Below are some tips on start saving for retirement especially for you because being old is not the end of life.

Retire Young - Not Old - An awesome view of fog  over the Indian Lake
Retire Young - Not Old - An awesome view of fog over the Indian Lake
  1. Check your personal finances how much money you have available for retirement savings.
  2. Make a monthly family budget and make some way out for retirement savings.
  3. Cut off your extravagant expenses like a getting an expensive membership at the best golf course or country gym, buying a new car when you already have one, partying with friends without any occasion, etc. think twice before doing this. Have you saved money for your retirement plan and then do the above things. If not, then you can utilize this money to buy some best retirement plans.
  4. If you love drinking and dining in 5 star bars, I don’t want you to stop drinking and eating good food, but instead start drinking at home, as this will save you lots of money for retirement.
  5. Avoid visiting malls on a weekly basis, make it twice weekly if you are so addicted with window shopping, as window shopping turns into real shopping 50% of the times, so less number of mall visits is equal to less shopping, saving you money on shopping.
  6. Save money on petrol, get a CNG kit installed in your car. This will save approximately half of your money you spend on petrol. Also, this will help you go green. You can use this money as saving for retirement.
  7. Save money on electricity bills by switching off power when not required, using CFL lights and bulbs instead of high voltage lightings. This money can fund your retirement.
  8. If your furniture has got old, don’t buy a new one right now, instead go ahead and reupholster your furniture. I did this and was able to save a few hundred dollars last year. Save this money for your old age. Always remember your long-term financial goals.
  9. If you have inherited some extra money from your father or grandfather in the way of an old house, old gold, diamond, or silver jewelry, or anything else, don’t sell it off completely and spend all the money right now. This money will fund your old age in a way that you will love yourself when you will be old.

Besides these, there are several other things you can do to start saving money for retirement and fund your retirement in an easiest way. Changing your behavior, your lifestyle, and your habits will save you money again and again. After all, it is your own future for which you are saving money. Always remember you have no money is simply no money irrespective of your being young or old. Take my advice and you will never regret.

Personal Finance: Saving | Investing | Retirement Planning


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    • soni2006 profile image

      Rajinder Soni 7 years ago from New Delhi, India

      You got it right ocean, as planning for retirement is very important and we must change and modify ourselves according to the current needs keeping in mind our long term goals.

    • oceansnsunsets profile image

      Paula 7 years ago from The Midwest, USA

      Another great financial hub Soni! I liked how you get people to think ahead, about their financial future and talk about how things have changed. We must adjust accordingly, and plan for a safe and enjoyable retirement. That seems a very wise thing to do.