When it comes to retirement planning, we’ve all heard that it’s never too late to start.
We all know we should be saving more money, but the majority of us are already strained and struggling. So, how are we supposed to make a bigger contribution in the future? It’s time to go outside the box and consider some innovative financial well-being strategies to assist you to achieve your financial objectives.
Make the Most out of Your Money
Turn Cash Gifts into Retirement Savings
So, on your birthday, someone gave you some money. You weren’t expecting it, therefore you don’t know what to do with it. You might buy yourself a present or a treat, or you could make it a gift that keeps on giving. Invest it in the stock market or put it into your retirement savings account.
Make Use of Tax Returns
Why not use that additional money toward your retirement planning if you’re a lucky American who gets a tax refund? If you placed your tax refund into an IRA or 401(k), you may be eligible for tax advantages that will increase your refund in the future. As a result, you’ll have more money set up for retirement.
Credit Card Rewards
Credit cards have both positive and negative aspects. They’re awful if you’re living over your means and racking up credit card debt. They’re good if you’re living within your means and can pay off your credit cards each month. Are you maximizing the benefits if you fall into the latter category?
Some cards provide you points that may be used for travel or merchandise, as well as cash-back cards. Rather than using those points to go on an inexpensive vacation, cash them in and put it towards your retirement savings. One of the credit card financial well-being recommendations that will assist your money go the distance is to choose to use those points to boost your net worth. Do some research and learn more about credit cards while you’re at it. You might be able to save more money on them than you realize.
Generate Extra Income
Start a Side-Hustle
If you have a little more time on your hands, convert it into money with a side hustle. We are fortunate to be living in the era of the gig economy, where picking up an extra small bit of labor is simple. You may drive for a ride-sharing company, stroll someone’s dog, or babysit.
Consider yourself an entrepreneur who is forging your route; your future self will be grateful.
Whatever you do, attempt to put as much of that money as possible (after costs) into retirement savings. Consider this: if you could max out an IRA with just a few hundred dollars every month, you may have a sizable nest egg by the time you reach retirement age.
Turn Craft into Cash
For a while, Turn Craft into Cash Hobbies seemed to go away. Knitting became a frowned-upon pastime reserved for the elderly. Joinery and woodturning were no longer required thanks to IKEA. Instead of making things, we began to use our hands to hold our phones.
Hobbies, on the other hand, are alive and well again; crafting isn’t extinct! People yearn for the faults and complexity of hand-crafted goods in a world when everything is manufactured and appears the same.
Handmade is back in business, and it’s better than ever! So go to a craft store and buy some knitting needles or carving knives and teach yourself a new skill. Why not join the throngs of people who are buying and selling on platforms like Etsy?
Not only will your mind appreciate the time you spent being creative, but you can put the money into your retirement account. You might find that you desire to retire early so that you can devote more time to your new creative interest.
Seek Financial Guidance
It’s advisable to consult an expert for retirement planning and financial advice. If you want to save money, you may follow some accounts on Instagram that provide trustworthy financial planning advice or join a Facebook group where people share financial advice.
You could hire the financial services of a reputable financial advisor for a more thorough, client-centered approach. Investing incompetent counsel is just as beneficial to your retirement planning as saving for it.
You have to spend money to make money sometimes.