5 ways to boost your retirement savings

Posted at 12:17 PM, Jan 25, 2017
and last updated 2017-01-25 12:54:58-05

On average, men have $115,000 in retirement savings while women average about $34,000, according to a Harris Poll survey that also revealed only 72 percent of the women they surveyed were saving for retirement versus 80 percent of men.

Leanne Jacobs, author of “Beautiful Money,” offered advice for ways to save money:

1. Savings start at home.

When you consider an income goal, pay close attention to superfluous spending i.e. $5 lattes (adds up to $25-$35 with tip a week and up to $135 a month). $15 lunches (make dinner and eat leftovers). Grocery shopping and couponing may seem like a daunting task; however, consider the cash flow you’ll bring in per month and then over the years.

2. Sleep wealthy.

Start automating your savings today by opening an automated no-fee savings account and automatically deposit to this account weekly. Even if you’re starting with $10-$20 per week, this account will grow and blossom over time and you won’t miss the extra money you’re directing to this account.

3. Commit to cash flow.

As important as reducing debt is, we often neglect to put the same energy into creating more cash flow. Make a vow to yourself
to get creative and generate an extra $50-$200 each month. Find a partner to do this cash flow challenge with. You will amaze yourself! It can be a solo effort, i.e. selling clothes/belongings on the internet, or using online freelance sources to do small/odd jobs.

4. Digital detox.

Cut down on subscription boxes or consider canceling a steaming source i.e. Netflix, Hulu (see if you miss it after a month and mindfully calculate the savings you will accumulate after 3, 6, 9 and 12 months). Think about it, each subscription box and streaming source costs up to $10 each. If you have a beauty, beer and pet subscription box and two streaming sources, that’s up to $50 a month that can be placed in a savings account OR cutting down debt.

5. Wellness swell.

Manicures, hair appointments, cosmetics, massages and trendy workout classes are fun and all center around wellness, which is great for emotional, mental and spiritual balance; however, they eat away at your checking and savings account. Learn how to do your own manicures, host dance parties and workout classes with friends at a park, in your home or convention center with free access to the building. Wellness doesn’t have to cost a fortune and you can get really creative to still stay beauty and healthy while watching your dollars.