Retirement planning tips for singles.
Whether your retirement goal is to create a start-up, hit the links, or spend time with family and friends, a solid retirement strategy can help ensure that your future goals come true. And we're confident you can do it.
Here are some money-saving tips for singles to help you get off to a smart start toward building the nest egg you’ll need to enjoy retirement:
- Create a budget.
Working within a budget is smart when you’re living on one income. It helps you to see what you’re working with and pinpoint ways to cut expenses, leaving more to put toward your retirement.
- Put away the credit cards.
Another budgeting tip for singles is to take control of your spending by not using credit. The money you save on interest is money you can set aside for your future.
- Start saving earlier.
Maintaining your household budget and saving at the same time can be a challenge when you're living on one income. The earlier you start saving, the better.
- Be creative with cutting expenses.
From cell phones to the Internet, make sure your service providers offer competitive pricing, and if they don’t, make a switch. Consider cooking meals at home more often and having leftovers for lunch the next day. Look for low-cost entertainment options. Whatever you choose, remember that saving just a little extra now can add up to a lot 20 or 30 years down the road.