Maybe you landed a pretty decent job. You are young, energetic and ready to take on the world. You contemplate and realize for how long will you be this way? With the current condition of the economy, even if you are hardworking, you might still end up losing a job. With such situations, how could you even think about retirement? Can someone even make a decision to retire; everybody will reach that point when they have to settle with what they have saved when they were much younger. So, if you are deciding on retirement planning, how do you do it while still addressing your current needs?

Assess your budget

It all starts with proper assessment and allocation of money. Lay it down on your excel file and start calculating how much you spend on groceries, gas, electricity, phone bills, internet and more. Once you have everything organized, you can see the dynamics of how money flows into your household.

Take $10 off whatever you can remove.

Do you need that extra pack of chicken? It might be advantageous to bring lunch instead of buy one from an overpriced cafe. It might be helpful to limit your overpriced coffee consumption. It might be advantageous to spend a day not using your computer.

Have a buy nothing month

This is a great way to save money that can be placed on your retirement fund. You might be thinking of buying a new dress but you have one that you have not worn yet. You might be thinking of buying a new pair of shoes where you practically have tons of lightly used ones. You could instantly save hundreds of dollars and you can divide that money to your emergency fund and retirement fund.

Sell things you don’t need

Yeah, you love your stuff, but at the end of the day, when push comes to shove, it might be the most relieving and cleansing experience to just see the money flow while your items get a new lease with a new owner. The money can again be divided into different priorities but of course, do not leave the retirement fund lacking.