How to Take the Misery Out of Saving Money For Retirement
From day one we have all been told how important it is to start saving for retirement as soon as we start acquiring money, but we all know how difficult it is to cut back on personal spending to sit there and watch your hard-earned cash sit in your savings account.
The worst part? You can’t touch that money for years or possibly decades. Retirement may sound like an eternity away from the present, and the topic may seem quite boring when you’re currently in prime time of your life with too many costly desires to count, but consider changing your attitude because it can help you same more in the long run and reach a greater retirement, faster. Take the negative connotation associated with saving and leave it behind, because it could be hindering your current quality of life and possibly future quality of life. Take a moment to build an enthusiasm for what is yet to come, especially if you have money saved up!
Let’s get started… first, calculate how much you aim to save fore retirement and then read the following reasons on why you should be getting excited about the golden years.
Are you a person that lives from paycheck to paycheck, or are you just starting out on your own, personal finances can be quite intimidating…especially if you don’t know what you’re doing. Invest in having and regularly contributing to a retirement account, it can help you feel and become financially secure. Even if it is ten dollars here and there, it’s something! And when that rainy day comes, you will have money saved up for that emergency. As time goes on, saving over the years will help ensure that you will have enough money to enjoy your life as an elder. Picture it as a gift to yourself in your later life, it’s empowering to save money.
Maybe all you need to change your mind about retirement is the concept of “financial freedom”. Consider this concept the stage in your life where you have the opportunity to choose when and if you want to work and you have complete control on how you want to spend your money. There’s nothing holding you back, nor someone telling you what to do. That money is yours, and you worked hard for it over the years, you deserve to enjoy it.
Not the biggest fan of your boss? Or maybe there are days where you just want to throw your alarm clock at the wall and all of your employment responsibilities out the window? By saving your money now, you are helping give yourself the chance to make your own rules in retirement. You are the one who has sole control over your time and you can walk away from that dreaded desk for forever.
Another great way to get excited about retirement is by making specific plans, even if they will probably change in the future. Visualizing where you imagine yourself being in retirement can help you get through the day and possibly put a big smile across your face while you make contributions to your retirement fund. Whether you’re lounging in the sun, traveling across the world, playing sports or just having more time to spend with your family and friends, picture your hard work paying off when you finally reach retirement. Investing in a savings tracker might help you feel better about where you are now and it will also help you know how much time and money you need to achieve to reach your retirement goals. Be your own motivator!
Your Money Makes Money
When nothing else works, focus on the numbers. Don’t think of your retirement funds as IRA’s or 401k’s, but as compounding wealth. By saving even a tiny amount of money each year, you’ll watch your savings account accrue interest and in result, that interest will accrue more interest. It’s not rocket science. Oh, and don’t forget about those tax-deferred benefits that you get from participating in saving money.
Even though you may not be completely on board for saving money and planning for retirement right now, it’s important to make sure you are saving money somehow for your glorious post-work life and ultimately preparing for your future.