When we envision our golden years, many of us would like to think that we’re going to be financially sound. But a recent report casts doubt on that notion.
Nearly half of Americans have less than $10,000 saved up for retirement, according to a report by GoBankingRates. About 14% reported that their savings were a goose egg — i.e. zero. Nothing.
“If they don’t boost their savings, they’ll likely retire broke because that’s not enough to cover a year’s worth of expenses,” the GoBankingRates report said. Senior citizens on average spent just under $46,000 annually, the report said, citing numbers from the Bureau of Labor Statistics.
Report: 42% of Americans have less than $10,000 in savings
There’s a good chance that if you’re reading this, you may be in one of those groups. Or you may be saying to yourself, “Well, I simply don’t make enough for retirement.” But money expert Clark Howard and Team Clark believe you can save if you prioritize your finances correctly.
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No doubt you’ve come across strategies and methods of saving extra cash, but perhaps they haven’t resonated with you because they’re often missing a key ingredient: Practicality.
Let’s be honest, saving isn’t nearly as fun in the short term as spending. But your future self will thank your current self if you make some sacrifices now. That said, it helps to have saving strategies that are as practical and seamless as possible.
Here are 5 practical & easy ways to save money right now
How to save $2018 in 2018: Transfer a specific amount to a savings account every week — starting with $18 — and watch it grow to $2,018 in 52 weeks. We’re well into 2018 already, but it’s never too late to start saving with this guide.
$5 Money Saving Challenge: Whenever you end up with a $5 bill, don’t put it back in your billfold — stash it away in your piggy bank instead. If you tried to save every $5 bill you came across, you’d be surprised how much cash you could accumulate. Find out more about the $5 Savings Challenge.
Cut those monthly bills: Like it or not, many of us pay what’s called “infinity bills,” things that don’t get “paid off,” like cable, internet and other utilities. While some of these monthly expenses may be necessary, they don’t have to cripple us financially. (This free service will cut your monthly bills for you!)
Switch cell phone providers: Practically, all many of us really need is the ability to talk on the phone and surf the web at will. The thing is, we can do that for as little $15 a month instead of the average $70 that Americans pay every bill cycle. Check out our guide to the best cell phone plans and deals to see how much you can save.
Bring that auto insurance bill down: Car insurance is one of those bills that will siphon untold amounts of money from your wallet if you’re not careful. Allstate, State Farm, Geico and the gang won’t broadcast it, but there are several discounts they offer that may help to bring your bill down. We’ve identified 11 of them here.
Saving real money takes some motivation. If you’re on social media, join our Ditch Your Debt Facebook group for encouragement, support and accountability partners to keep going on your money-saving journey!