6 ways to save money before you retire

By Morgen Henderson

Every year, your retirement gets closer and closer. The time to start saving money is now! Despite all of the daily, weekly, and monthly expenses we incur, there are plenty of ways to save money before you retire — even if it’s little by little.

Don’t procrastinate

Saving money can seem daunting, and it’s natural to want to put off uncomfortable tasks. However, your retirement is imminent. The best thing you can do for yourself is to get a head start. For one, this allows you the most time possible to save as much as you can. It is also a way to get ahead of potential risks you’ll face along the way. Whether you stumble into a bad investment, suffer an unexpected hardship, or face the hurdle of a surprise business expense, allowing yourself some breathing room will maximize the time you have in order to bounce back with grace.

Trim the fat

Take careful account of your personal expenses for things that you either no longer use, or that might not be necessary to your lifestyle. As you comb through your miscellaneous payments, ask yourself: Could this money be better spent going towards my future? Those “tiny” bills for things like gym memberships, subscription services, and sneaky phone apps that you downloaded on a whim could be costing you big time. Instead of spending money (and space) on a business landline, get yourself a Google Voice number and privately manage your business calls from the convenience of your cell phone… for a fraction of the cost.

Better yet, total up what you end up cutting out of your budget. Give these savings back to yourself in a way that will cultivate even more financial gain down the road. Funnel that money back into your retirement savings account. Throw it towards a stock investment. Stash it away for a rainy day. Whatever you decide to do, be mindful and try to put it towards something that draws a long-term return with minimal effort.

Watch wisely

On the contrary, there may be some instances where switching to a subscription service could actually benefit you. Cable TV packages can be costly. Even if you’re on a lower-cost plan paying $50 a month, that totals to $600 a year. This makes a $10-15 streaming service seem like an easy pick. Some streaming services even let you choose the networks and programs a la carte, or offer “Live TV” packages. Gone are the days of waiting through commercials, sifting through hundreds of channel options, and fretting about whether or not you set your DVR.

The little things

Frugality can be as simple as saving just a few dollars a day. Nip impulse spending in the bud by giving yourself a cash “allowance” and try not to stray from what you planned on spending in the first place. Be mindful of the services you pay for that could be cheaper, or free, to do it yourself. Opt for an old-fashioned home-cooked meal, rather than eating out. Pack yourself a lunch. Take advantage of public transportation and rideshare services. Turn your thermostat down a few degrees. Wash your own car. Skip the daily coffee shop latte and pour your brew at home. Still need that quick fix every now and then? Consider carrying a reusable mug with you. Many places offer a discount if you bring your own drinkware. This isn’t to say that you should go so far as to cut your own hair — but there are loads of services we pay for that we don’t necessarily need to. With a dash of effort, and a sprinkle of your own time, you could save yourself a mountain of cash.

Modernize your budget

When it comes to balancing your personal expenses with the ins and outs of running a small business, it can be easy to fall behind if you don’t have a way to keep track of it all. Rather than spending money on a personal accountant, consider a move towards an online budgeting service to help yourself (and your business) stay on track. With an option to plug in your account info, you can rest easy and sit back while your data does the work for you. With every expense, your information will be sorted into different groups so that you can visualize where your money is going. You can even set up transaction alerts and set personalized limits for your own money goals. Running a business is hard! Your budget may seem to be a beautiful mess, but it doesn’t have to be unmanageable.

The final expense

Investing in life or final expense insurance before you retire can help you steadily save money for the later years of your life. The price of funeral insurance (also referred to as burial and final expense insurance) will be lower if you get it earlier, and more expensive the longer you wait. It’s hard to put your own funeral into the forefront of your mind, especially when it feels like you’re lightyears away from the end of your days. While it may feel morbid at first, knocking out the nitty-gritty end-of-life tasks will not only save you money, but will also be a huge relief to both you and your family.

Do these things and plan well, and your future self (who is hopefully benefitting from a well-planned retirement) will thank you.


Morgen Henderson is a writer with a background in business and marketing. She loves writing about business-related topics, but has also branched out into other realms, such as travel, home, and health and wellness. When she’s not typing away at her computer, you can find her exploring new places across the globe—or just the mountains near her home.

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