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80 WAYS TO MAKE YOUR MONEY LAST UNTIL YOU’RE 100

1. Know How Much You Need To Save
The first step toward ensuring that you won’t run out of money in retirement is to determine how much you’ll actually need. You can use internet calculators to estimate how much money you’ll need once you’ve retired and aren’t earning a wage.

2. Meet With a Financial Advisor To Come Up With a Long-Term Plan
If you retire at 65, you can expect to live for another two decades, based on the current average life expectancy. It’s in your best interest to consult with a financial counselor now to plan for those two decades if you want to be prepared.

3. Research Your Savings Options
Not all savings accounts are the same. You should investigate savings accounts, just like anything else in life, to ensure you’re using the greatest one for your needs. You can get the most of your money by choosing one with a high yearly percentage yield.

4. Find a Financial Accountability Partner
Make a financial accountability partner out of a family member, partner, or acquaintance, and check in on your spending, saving, and budgeting on a regular basis. Having to talk to someone about your behavior can help you stay on track.

5. Take Micro-Actions To Improve Your Financial Literacy
It’s simple to enhance your financial literacy in little steps. Consider listening to financial education podcasts while driving to work. Performing small financial tasks throughout the day might help you improve your overall financial literacy.

6. Start Saving as Soon as You Can
Your friend is compound interest. The earlier you begin saving, the better. It’s never too late to start saving, even if you’ve been working for a while. But begin today.

7. Automate Your Savings
You will be less inclined to spend your paycheck if a portion of it is automatically deposited into a savings account. If that money never enters your checking account, you will never miss it or spend it without thinking.

8. Save Any Cash Windfalls
There’s a temptation to “reward yourself” when you get a tax refund, bonus, or other monetary windfall; resist this urge and save it instead; your future self will thank you.

9. Don’t Discount Loose Change
It’s easy to accumulate loose change. When you pay in cash and get change back, save it to cash in later when you have a significant amount. You’ll be astonished at how quickly change may turn into a substantial sum of money.

10. Build an Emergency Fund
It’s not a question of whether or not an emergency will occur; it’s a question of when. When that emergency occurs, you’ll want to be prepared to deal with the financial consequences so that the crisis does not cause you any more harm than it needs to.

11. Keep Your Emergency Fund Separate From Your Checking Account
You’ll want your emergency fund to be conveniently available, but you don’t want it to be mixed in with your ordinary checking account where you pay bills and shop. Until you need it, keep your emergency money separate and untouched.

12. Diversify Your Savings Strategy
Consider investing in high-dividend savings accounts, money market accounts, and certificates to diversify your savings. You’ll have some money that’s easily available and some money that’s locked up but earning larger dividends if you do it this way.

13. Track Your Spending
If you want to fix your spending, you must first understand how you spend. You’ll be able to identify places where you can save money by tracking where your money goes.

14. Spend Less Than You Earn
The formula is simple: spend less than you make. You will always have some money left over if you do this.

15. Create a Monthly Budget and Stick To It
Make sure you understand how much money is coming in and going out. Stick to a budget to ensure that your spending remain within an acceptable range, allowing you to save and invest a percentage of your monthly income.

16. Make Sure Savings Is Part of Your Budget
Make saving a priority, or it will most likely be forgotten. Make a budget for it and include it in your monthly financial plan.

17. Try the 50/30/20 Budget
According to this budgeting rule, you should set aside 50% of your income for fixed expenses like your mortgage and auto payments, 20% for savings objectives, and 30% for variable expenses like fun activities. This rule is worth attempting if you’re having problems budgeting.

18. Use Credit Cards as Little as Possible
If you’re prone to overspending on credit cards, it could be wiser to use your debit card or cash instead so you don’t overpay and end up paying for it later.

19. If You Do Use a Credit Card, Use a Cash-Back Card
The benefits of using a credit card are one of the reasons to do so. And cash back is a fantastic option because it allows you to save money on your purchases. A cash-back card is worthwhile to use if you can utilize it sensibly.

20. Leave Yourself a Financial Love Note
Attach a Post-it to your most-used credit card with a message to ask yourself, “Do I really need this?” before swiping. ”

21. Pay Off Your Credit Card in Full Each Month
Interest costs can eat into your money, so don’t let them roll over to the following month.

22. Differentiate Between ‘Wants’ and ‘Needs’
Everything is not a requirement. You’ll find it easy to save money here and there once you can distinguish between wants and needs.

23. When You Splurge On a ‘Want,’ Put the Same Amount Into Savings
It’s fine to indulge now and then, but put the same amount you spent on the splurge into your savings account each time. If you can’t afford to indulge and save the same amount, you should probably avoid it.

24. Think About Purchases in Terms of Hours Worked
You might be less likely to spend if you think of how much work it took to make that purchase.

25. Live Cheaply
Even while some goods are necessities, such as food, clothing, and a roof over your head, there are still methods to save costs. You can save money on your needs by living frugally and buying secondhand clothing.

26. Go Small on the Big Things
Your car and home might eat up a significant portion of your cash. Consider how much you could save if you bought a used automobile instead of a new one.

27. Leverage ‘Found Money’
When you’re able to save money on some of your previous expenses, turn that money into a smart money move.

28. Shop Around for Insurance
If you’ve been with the same auto or house insurance company for a long time, it’s time to shop around. With a new firm, you could be able to get better rates.

29. Buy Generic
One technique to save money at the supermarket is to choose generic items over name-brand items. Name-brand isn’t always the greatest, so if you can discover a generic item that you enjoy, you’ll save a lot of money in the long run.

30. Use Coupons
Search coupon sites for online promo codes before paying full price for anything.

31. Sign Up for Email Offers
Many stores will give you a discount or a gift just for signing up for their emails, and they will keep sending you discounts and special offers throughout the year.

32. Always Shop For the Holidays After the Holiday
Following the holiday, holiday decorations are always on sale. Rather than paying full price for this item just before the event, plan ahead for the next year.

33. Shop Using Retailer Apps
Many retailers offer discounts through their apps that can help you save on your next purchase.

34. Take Advantage of New Customer Specials
Many businesses that provide personal care and wellness services, such as hair salons and chiropractors, will offer new clients a discount to entice them to try them out.

35. Don’t Make Impulse Purchases
Before you check out, double-check your shopping cart, whether you’re shopping online or at a store. Examine the stuff and discard everything you don’t require.

36. Remove Online Payment Information
Because online shopping has made it even easier to buy products, you should be cautious about what information you keep online. Otherwise, you’ll have to add it before you buy.

37. Avoid Shipping Fees
Many businesses offer free shipping all year, while others allow customers to “purchase online, pick up in store.” To avoid paying shipping fees, purchase at online merchants that provide these benefits.

38. Take Advantage of Tax-Free Shopping Days
During the back-to-school season, several states offer tax-free shopping days, which is a perfect time to stock up on apparel for the whole family.

39. Shop With Discounted Gift Cards
When you buy gift cards for the stores where you shop the most, you’ll instantly save money on your next purchase.

40. Don’t Use Out-of-Network ATMs
Out-of-network ATM costs are tiny at first, but they mount up over time. Going the extra mile to visit your own bank is always preferable.

41. Avoid Other Banking Fees

Unnecessary bank fees can be incurred by not keeping an account minimum balance or by bouncing a check. Keep track of your account balances to minimize these fees, which can add up quickly if they occur frequently.

42. Have a ‘No Spend Day’ Once a Week

Planning ahead of time might make it simple to set up one day a week where you don’t spend any money.

43.Make Better Use of Your Free Time

It may appear that you do not have time to earn additional income or save money, but you may be able to do so.

 

44. Have Multiple Income Streams

It’s a good idea to have numerous revenue streams because you can fall back on them if one starts to fail.

45. Turn Hobbies Into a Side Gig

Consider converting your pastime into a side gig if you’re seeking for ways to supplement your income and improve your savings. What better way to gain money than to turn something you enjoy into a profitable business?

46. Start a Business

Starting a business is difficult and expensive, but if it succeeds, it can provide you with significant passive income. You may sit back and enjoy the money your firm brings in when you’re older if you own at least part of it.

47. Have Some Type of Guaranteed Income for Life

If you don’t want to establish a business, think about other ways to earn money for the rest of your life. Renting a spare room, your bike, or your car; real estate crowdfunding; and purchasing an ATM or billboard are all examples of passive income possibilities.

48. Sell Stuff You Don’t Need

Spring cleaning once a year may both refresh your home and fatten your wallet. Use this time to rummage through your closets and drawers and resell any clothes, electronics, or other stuff you no longer use online or at a consignment shop.

49. Pay Off High Interest Debts ASAP

For many people, high-interest debt is crippling. Even if you invest your money elsewhere, the interest you pay on your debt might easily overwhelm the money you earn. Make it a priority to pay off high-interest debt as soon as possible.

50. Find a Job That Offers Subsidized Healthcare in Retirement

Healthcare is costly, and the prices can rise as you become older. If you can find a job that would support your healthcare plan in retirement, you can save a lot of money.

51. Put Money in a Health Savings Account

Although not everyone will be able to find a job that provides healthcare in retirement, there are other steps you can take now to aid with healthcare costs later on, such as starting a health savings account. An HSA can assist you in putting money aside now for future medical bills.

52. Take Advantage Of Employee Benefits

Employers may provide benefits such as gym memberships or transportation reimbursement. If you already pay for something similar, take advantage of it.

53. Contribute To Retirement Savings Program as Soon as Possible

Because of compound interest, contributing to the Retirement Savings Program as soon as possible is a wise idea. Many employers will deduct your payment from your paycheck automatically, so you won’t even notice the difference.

54. Take Advantage of Employer Matching Contributions

Employer matching contributions should always be taken advantage of. It’s essentially free cash.

55. Aim To Contribute 10% of Your Salary to Retirement Funds

It’s difficult to know how much you should preserve. Setting a goal of 10% is a fantastic place to start.

56. Increase Your Contributions Yearly

Even if you only raise your contributions by 1% each year, your savings will grow and you will have a more comfortable retirement.

57. Regularly Rebalance Your PERA To Make Sure It Matches Your Risk Tolerance

As you become older or the economy changes, your risk changes as well. This is why it’s critical to tailor your portfolio to your risk tolerance. You’ll probably want to play it cautious as you move closer to retirement.

58. Practice Cost Averaging

Cost averaging is the practice of buying a specific investment on a regular basis, regardless of market conditions. If you can invest the money on a  regular basis, this investing approach might be worth considering.

59. Choose Low-Fee Investments for Your Retirement Accounts

You won’t lose money to these other fees if you choose funds with low expenditure ratios. More of your money invested will actually go into the investments.

60. Ask For What You Deserve at Work

Set up a meeting with your manager to discuss a possible salary raise if you haven’t gotten a raise in a while and believe you deserve one. If you don’t, you could be trapped at the same salary for years, putting a strain on your budget. “No” is the worst thing that could happen.

61. Invest Your Raise Instead of Spending It

If you obtain a raise at work, don’t immediately spend it or factor it into your budget. Put that extra money into your 401(k) or a Roth IRA; it’s a better idea to save and invest it rather than enhance your level of living.

62. Invest In Stocks

The stock market can move up and down, and while you can lose money by investing wisely, you can also make substantial returns. If you stay in the market long enough, you can weather the storm and emerge victorious.

63. Invest In Annuities

Guaranteed income is possible with annuities. A longevity annuity is a payment stream that starts when a person reaches a specific old age, such as 85. The payments will then continue till the person passes away. This guaranteed income can be obtained at a reasonable cost if you purchase your annuity early enough in life.

64. Invest In Asset Classes That Are Adjusted for Inflation

Inflation means that when you retire, items will be more expensive. That implies you’ll need to plan ahead with your savings. Consider holding some inflation-adjusted assets, such as real estate, tangible assets, or Treasury Inflation Protected Securities (TIPS).

65. Invest In a Rental Property

Rental properties provide you with a consistent source of revenue. And, as time passes, the property’s worth will almost certainly rise, assisting you in dealing with inflation.

66. Invest In Alternative Assets

If you want to make your money last, you might investigate alternative investments like leveraged loans, collateralized loan obligations, or asset-backed securities.

67. Invest In ‘Safe’ Accounts Too

Consider putting part of your investing money in safer places like CDs or government bonds. That way, even if the market falls, you will still have some money increasing.

68. Overall, Take a Balanced Approach to Investing

If you’re thinking about investing, you’ve probably heard that a well-balanced portfolio is essential. Do it. Rather than trying to get rich immediately by making dangerous investments, keep things in check so you can win in the long run.

69. Don’t Withdraw Your Money When the Market Is Down

You don’t want to react to market developments too rapidly. When the market falls, strive to stay the course, especially if your investments are likely to recover.

70. Live Off the Dividends of Your Investments

Dividend-paying stocks are a smart investment. If you’re lucky, you won’t have to dip into your savings as much if you can cover most of your expenses with dividends.

71. If You Don’t Have Much Discretionary Income, Start With Micro-Investing

Although not everyone can afford to invest in real estate or high-priced equities, that doesn’t imply you shouldn’t. There are numerous investment applications to consider, such as Acorns or Stash. Some will let you invest your excess cash, which can soon build up.

72. Invest In Your Physical and Mental Health

Your physical and mental wellbeing are extremely important. And if you invest in both today, you will save money in the future. As you get older, healthcare might become prohibitively expensive, so it’s best to start healthy.

73. Have a Plan for Long-Term Care

Long-term care may prove to be more costly than you anticipate. It’s crucial to start planning ahead of time so you have enough time to save money.

74. Don’t Dip Into Your Retirement Savings Early

The longer you can wait on your investments and benefit from compound interest, the better. Don’t contribute to your child’s education expenses early because they have alternative possibilities. They can always take out a loan for school, but not for retirement.

75. Extend the Usefulness of Your Employer-Provided Pension Plan

Although pensions aren’t very common, if you do get one from your work, it can make sense to put off taking it if the payments increase as time goes on. If you have other sources of money, it might be a good idea to let that revenue stream expand.

76. Avoid Retiring Too Soon

If you want your money to last until you’re 100, you may need to delay retirement. The longer you wait, the more money you can earn to put into your savings and retirement accounts. Even if you only work part-time, this will help you stretch your money further.

77. Plan For Downsizing

Downsizing, whether it’s downsizing your home or getting rid of a second automobile, may save and make you a lot of money in the long term. Plus, after you’re retired, you won’t need all that extra things.

78. Delay Claiming Social Security To Maximize Benefits

Your monthly benefit will be greater for each year you delay claiming Social Security after reaching full retirement age and until age 70. Waiting to take Social Security can be beneficial in the long run if you continue to work or have other sources of income.

79. Have a Withdrawal Strategy

You should plan for retirement in the same way that you plan for retirement. It’s critical to have a withdrawal strategy since you want to withdraw the proper quantity of money from the right place at the right time to avoid incurring unnecessary fees or other problems. A financial planner can assist you in determining how to manage your withdrawals.

80. Turn Longevity Into an Asset

If you live longer, you have more opportunities to save and invest. Make the most of it. Save sooner and invest for a longer period of time. Consider working longer hours or establishing a side hustle as you get older to boost your income. Make the most of these extra years.

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