Saving money does not come naturally to everyone. It is a skill that needs to be practiced and learned for most. Stretching a dollar comes along with being conscientious, focused and willing to do some extra work at the sake of convenience. The reward can be great in the end. The extra bucks that you rack up over the years can allow you to fund your IRA in a big way.
Having an individual retirement account, or an IRA, is an essential part of any working person’s financial portfolio. The need to be safe and sound in your golden years is part of anyone’s thoughts. Starting to build an IRA very soon after you start your working life is vital to being able to take care of yourself and loved ones in your retirement.
Some of the best ways to shave money off your monthly spending bill is to learn more about food shopping, cooking and home DIY repair. Once you gain some skills in those areas, you can really start to keep the eating out and home maintenance parts of your budget under control. That will allow you to transfer more money to your savings and your IRA.
Cooking And Shopping Skills
When you were a college student, you probably subsisted on ramen noodles, like many others ensconced in dorm life. That won’t cut it when you are a working adult. Luckily you can enjoy lots of nutritious meals at a pretty steep discount, if you take the time to learn how to cook.
Making your own pasta sauce is a great, economical way to get tastier spaghetti and add to your savings, and your IRA, in the process. Buying canned tomatoes, adding oil, garlic, onions and salt and simmering can result in a much more transcendent taste than the typical jarred sauce that you can get in the supermarket. Plus you can use it on pasta, eggs, homemade French bread pizza…anything that you can think of.
Always look for the deals at your local supermarket, make sure you get the discount card and keep clipping coupons. The savings will add up quicker than you think. Broaden your food horizons and develop new skills so that you can put more cash in your bank account.
Youtube is one of the best DIY instructors around. Provided that you are looking to do simple things like paint, fix trim, moulding and baseboard and home maintenance chores. Stay away from the big electrical and plumbing projects, especially if you are a true beginner. It is less expensive in the long run to hire the right professional for the job that will do it right the first time.
But, take painting for example. With some patience and some practice, you can become quite good at touching up your house inside and out. Look to videos to help with your technique for suggesting money-saving equipment. And avoiding unnecessary, expensive tools.
No matter what you you learn how to save some dough, plow it back into your IRA so that you can take advantage of that sweet, sweet compound interest.