2008 Year in Review

Saving Dollars from Dimes

Mortgage, credit cards, school pictures… You can feel the pinch in your wallet! And, someone said you should be saving for retirement. Right! You don’t have a dime to spare!

For most young families, retirement seems a lifetime away. Daily life is so busy and expensive; many forget they need to prepare for the future. But it’s saving a little over a long time that will result in a significant retirement nest egg. If you delay saving for retirement, you might not have enough time left to reach your goals, no matter how much money you try to put away.

If you feel like you can’t save for retirement because you don’t have a dime to spare think about how you spend your money. Do you spend small amounts of money daily or weekly without even thinking about it? Spending $4 on one specialty coffee every day adds up to $1460 a year! Eating lunch out every day for $8 adds up to $2920 a year! Saving this money each year for retirement will make a big difference.

To help you build retirement dollars from your spare change, visit University of Illinois Extension’s Plan Well, Retire Well: Your how-to guide website Use the calculator, “What’s it worth to reduce my spending?” to see how much you can save by making a few small changes in your spending habits. The calculator is in the website section, Start Savings. The Plan Well, Retire Well: Your how-to guide website will show you how your savings can grow, some investment strategies and the benefits of tax-deferred retirement plans. Use the interactive tools to help you determine where you are now, estimate how much you need to save and to set goals for your future. Now is the time to begin turning dimes into dollars!

by  Editor, theCity1.com
February 12, 2008