written by Mark Lamb
It may seem difficult to think of saving for retirement while at the same time financially juggling rent, student loan repayments, and other bills. But here are a few steps you can take to save for the future.
Develop a cash flow analysis
Establish your cash inflows and outflows and get a grip on your financial situation. Track the money you have coming in and your expenses going out and be sure to allow for changeable outflows like car repairs. While tracking your cash expenditures, understand what happened to the $100 you withdrew from the ATM a few days ago. Finally, use this analysis to adjust spending as needed.
Don’t leave retirement money on the table
Many employers offer retirement plans and match some or all of your contribution. That match is free money you’re missing out on if you don’t contribute. When you start your retirement savings, challenge yourself to take the greatest advantage of that match.
Make automated retirement contributions
Taking advantage of having your retirement contribution deducted automatically from your paycheck serves two big purposes. One – the contribution starts working for you quicker. Two – (the more practical reason) – you won’t procrastinate or forget.
As your financial situation becomes more complex, you may be interested in seeking the advice of a CPA. Please contact one of our professionals in Springfield, Joplin, or Kansas City www.whitlockco.com/contact/
Read more from AICPA Insights: How to save for retirement when you can barely pay your rent http://ow.ly/wPTT30kg1VX