We all know saving for retirement is something we should do as soon as we enter the workforce. But some of us have put it off. If kick starting your savings plan is on your list of new year resolutions, best-selling author David Bach has some excellent advice for anyone who needs to make up for lost time.
It’s never too late to save for retirement. Start saving small—like $5 to $10 a day. It adds up fast.
Pay yourself first, faster—as high as 25 percent of your income could go to retirement.
Save an hour or two hours a day of your income and make saving automatic.
Go on a debt diet and reevaluate your spending. Look at where you spend money and be more honest with yourself about whether you need the things you’re buying.
Look at every fixed expense you have and look for a better deal. Threaten to cancel services, like cable, internet, and cell phones—you can save several hundred dollars a month by renegotiating.
Originally published on Howdini