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Pensions

4 simple tips to save money for your retirement

Modern day life often makes it hard for you to plan for upcoming weeks or months, let alone years into the future. You may lead a busy life, have unforeseen daily expenses or stresses that make thinking about how to save money for your retirement a non-starter. Retirement can seem as if it’s a long way away into the future, however, it’s important to start considering putting small contributions into your pension pot. This will help you plan for a comfortable retirement which won’t have you worrying about how you are going to afford to live. There are many simple ways for you to save money and put into it your pension pot.

  1. Put a small percentage of your monthly wage into a pension fund
    Ongoing expenses and general activities often make up the vast majority of the monthly expenditure. By putting a small percentage of your monthly wages into your saving fund or pension pot each month, the amount you save for your retirement will soon add up. Start saving now and you will also need to place less into your pension fund each month later in your life.
  2. Check your monthly bills
    Your monthly bills are an ongoing expenditure which normally adds up to the majority of your outgoings each year. Monthly bills such as energy, travel and broadband are often the most expensive costs. Many major brands offer you cheaper alternatives, offering you the chance to save money on your bills. This will help you put more money into your pension fund.
  3. Track your daily spending
    For most people though, monthly bills are often the largest expenses, your daily spending can soon add up. Try and use a daily expenditure app to see how much you are spending each day. Over time you’ll be able to discover areas where you can save money to put into your retirement fund.
  4. Cut out a large monthly expense
    One example of an expense that people pay out for on a monthly basis but often don’t use are gym memberships or even expensive TV packages. After reviewing your monthly bills to see where you can save money, look into areas where you can cut costs. If you find you aren’t watching TV as much or don’t go to the gym as often as you’d like, consider cancelling the services to save money for your retirement fund.

Written by Andy Millard


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