Bellmore Group Management Services, Tokyo Japan How to save for retirement on a tight budget

Bellmore Group Management Services, Tokyo Japan: How to save for
retirement on a tight budget
To the average American, saving money is a mythical topic. In a recent CareerBuilder report, 78% percent of full-time
workers said they live paycheck to paycheck, up from 75% in 2016.
Retirement savings can seem unnecessary when you're barely getting by. That said, you and your spouse will need about
$1 million to live comfortably during your golden years, and waiting for a financial windfall isn't the best use of your time.
Take these steps to prioritize savings with the resources you have.
Trim your spending
It's not easy or fun, but cutting unnecessary spending is the most effective way to take control of your finances. The good
news: According to a study by Hloom, 8 out of 10 Americans admit to wasting money, so there's a decent chance that
you're not as broke as you feel. Start small by eliminating things that aren't overly painful, and work your way up to
making significant cuts across the board. An efficient budget will help you form better savings habits.
Change your spending perspective
The opportunity to save money is vast if you know where to look. For example, suppose you have a $5,000 credit card
balance with a 22% interest rate. If your credit score is decent, your bank may be willing to lower the rate, which will help
you repay the debt more quickly. This is just one example of how a frugal mindset can change your lifestyle, and you'll be
surprised by how easy it is to negotiate savings. For instance, while you probably wouldn't think to haggle at big box stores
like Home Depot, most are willing to price match their competitors. The same goes for internet and phone providers,
office supply stores, baby stores, and even online retailers like Amazon. Prioritize savings by finding discounts in every
corner of your budget.
Find a side gig
The idea of working after work probably sounds awful, but there are plenty of ways to earn extra income without feeling
burnt out. If you're a homeowner, consider renting out a room on the weekends via Airbnb or another rental site. If you're
artistic, use your talents to sell goods through Etsy. Or, if your day job skills are in high demand, consider selling yourself
as a part-time consultant who commands a high fee. There are 44 million people working side gigs in the U.S. alone, and
even modest savings can add up. For example, at a 7% return, investing $500 a month will yield nearly $592,000 in 30
years. Take stock of your passions and financial goals to find the perfect fit.
Control your debt
One of the biggest roadblocks to retirement savings is lingering debt. Whether you're paying off student loans, credit
cards, an auto loan, or a mortgage, controlling your cash means making deliberate choices. For example, paying off credit
balances with variable, high interest is usually the best choice. That said, it might not make sense to make accelerated