Posts Tagged ‘401k account’

Are you a late saver? Try these 4 tips to rev up your retirement fund

Posted October 10, 2008 by Bernz

1) Sum it all up.

Calculate your spending for all of your major monthly expenses. The easiest way to do this is through online banking. Just go through the past 3 months of your online statements and total expenses for food, medications, mortgage and housing expenses, transportation, and credit card payments. Estimate how much “walking around money” you can get by on and then cut that amount 25%.

If you don’t bank online consider doing so—even if you use a credit union—this way you have a quick and easy way to track and calculate spending.

2) Create additional income sources.

If you already work full-time, find out if over-time pay is an option. Also think about what skills in your current job you can use to start an online business. Jobs like virtual assistants, editing, and tutoring have very little overhead and are easy to start up.

Perhaps you have a hobby that can bring in additional earnings. Are there books, tools, or vintage clothing that you can sell online through eBay, Amazon, or other online auctions? You could also make anywhere from $50 to $200 just by participating in focus groups. Find these opportunities on Craigslist or a keyword search “focus group companies”.

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