We all know we should sock away any extra dollars we get to our retirement fund, either through a 401(k), IRA, stock portfolio, or simple savings. However, beyond that, how else can you get creative with saving for retirement goals? Here are five inventive ways to go about it.
- Check out the mid-week discounts. You may already clip coupons and stretch your dollar at the store, but there are ways you can time your purchases to maximize your spending potential. Mid-week is the best time to make many purchases. This is when stores will launch new sales as well as honor the ones from the previous week, as it’s a transition day. Tuesday is also the perfect time to book flights at a cheaper cost.
- Go green. You can save the environment AND save money for retirement when you opt for green solutions. Take advantage of tax breaks when you install solar panels and energy-efficient appliances. Use less water to save on energy bills, invest in new windows to decrease energy waste, and use ride sharing networks like Uber to reduce your carbon footprint.
- Try Meatless Monday. Let’s face it: meat costs a lot. From steak to chicken to beef, these prime cuts of meat can really add up on your weekly grocery bills. You can get healthier by cutting out red meat on Mondays plus you can save more money. Instead of deli meats for lunch, go with a salad. Instead of a hamburger casserole for dinner, stick with pasta and eggplant or a veggie stir fry. Use local produce whenever possible to support local farmers.
- Use technology to your advantage. Apps like Paribus can scan your email for receipts, detect price drops in the products you’ve recently bought and then give you money back. Look for store apps, electronic coupons and store cards to get even more discounts when shopping. Keep track of your savings and drop them into your retirement account. Every little bit helps!
- Rent out your home. By using services like Airbnb, you can rent out your home or just one room to a stranger who’s traveling in your area. This saves them money from staying at a fancy, expensive hotel, plus it gives you a chance to make a few extra bucks. You can set your availability and have the final say in approving who stays in your home. You can get upwards of $150 and more depending on where you live and what the local attractions are. It’s possible to rake in thousands a week if you live near a popular event or festival destination.
Got some extra cash to invest? This is an effective way to save for retirement. After all, it’s best to let your money work for you. Just be careful to whom you entrust your hard-earned money, and keep the name of a qualified stock fraud attorney handy in the event you are taken advantage of.