Rest Easy: Saving for Retirement, Part One
1 like63 views
This document outlines five steps for saving for retirement: 1) Determine your goals, as saving for education differs from saving for vacations. 2) Calculate your bills by subtracting them from your take-home pay. 3) Write down steps to achieve your goal and estimate completion time. 4) Keep a detailed spending list to combat overspending and see patterns. 5) Hold yourself accountable with rewards for success and acknowledge that failure does not mean abandoning your goal.
Rest Easy: Saving for Retirement, Part One
- 1. Rest Easy: Saving for Retirement, Part One B Y S Y L V E S T E R K N O X
- 2. Step One: Determine Your Goals Saving up for education is different than saving up for a vacation. The process will differ slightly, so it is crucial to acknowledge these differences and plan according to your goals.
- 3. Step Two: Calculate Your Bills Create a budget worksheet to add up your bills, then subtract them from your take-home pay. The money you have left goes toward everything else.
- 4. Step Three: Make a Game Plan Write down the steps you want to take to achieve your goal.You should, no matter your goal, estimate how long it will take you to complete. This will give you a good idea of how close you are to accomplishment.
- 5. Step Four: Reevaluate Your Expenses Keep a detailed list of each transaction you initiate, as well as your reasoning. Visually seeing why you bought an item can help you combat overspending, jog your memory for unusual purchases, and show you spending patterns to eliminate.
- 6. Step Five: Hold Yourself Accountable As with any goal, there needs to be a reward for success and a punishment for failure, but you should keep in mind that failure is not the end of your goal.
- 7. Thanks for Watching! For more information, please visit SylvesterKnox.net