Can you enjoy a comfortable retirement?
It depends on how much you save - and how much you spend.
The more you can reduce your spending, the more money you can save for retirement through your retirement plans, like an IRA and 401(k).
Over many years, even relatively small amounts diverted from spending to saving and investing could add up substantially.
How can you reduce your spending?
For starters, consider using an online budgeting tool, which can show where you’re spending money and provide you with ideas on where you can cut back.
Also, take advantage of your employee benefits package, which might offer discounts on products and services.
And if you’re enrolled in a high deductible health plan, you might be able to contribute to a health savings account or a flexible spending account, either of which could lower your out-of-pocket health care costs.
Finally, consider shopping around for less expensive life, homeowners, and auto insurance.
And compare credit cards to find one that provides a lower interest rate with balance transfer offers and a better rewards program.
Reducing your spending can provide positive feelings - and an opportunity to boost your savings for what could be a long and active retirement.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
