Creative Ways to Save for Retirement

We’ve all heard that when it comes to retirement planning, it’s never too late to get started. <br> <br>We know that we should be putting more money aside, but most of us are already stretched and struggling right now. So how on earth are we possibly meant to contribute more ...

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We’ve all heard that when it comes to retirement planning, it’s never too late to get started. We know that we should be putting more money aside, but most of us are already stretched and struggling right now. So how on earth are we possibly meant to contribute more for the future? It’s time to think outside the box and look at some creative financial well-being tips to help you reach your nest egg goals.

Make the Most out of Your Money

Turn Cash Gifts into Retirement Savings

So someone gave you some cash for your birthday. You weren’t expecting it, so you haven’t got a plan for how to spend it. You could go out and buy yourself a gift or treat, or you could turn it into a gift that keeps on giving. Pop it into your retirement savings funds, or invest it in the stock market. 

Make Use of Tax Returns

If you’re a lucky American who receives tax refunds, why not use that extra cash for your retirement planning? If you put your tax refund into an IRA or 401(k), you could also score tax breaks to make your refund even bigger in the future. Which means more savings for your retirement.

Credit Card Rewards

Credit cards can be good and bad. If you’re living above your means and accumulating credit card debt, they’re bad. If you’re living below your means and are able to pay off your credit accounts each month, they’re good. If you fall into the latter category, are you making the most of the rewards?

You can get cards that give you points to be redeemed for travel or goods, or there are cash-back ones. Instead of redeeming those points to go on a cheap holiday, opt to take the cash instead and use it to boost your retirement fund.

Choosing to use those rewards to improve your net worth is one of many credit card financial well-being tips that will help your money go the distance. So while you’re at it, do some research and learn a bit more about credit cards. You could be saving more money on them than you think.

Generate Extra Income

Start a Side-Hustle

If you’ve got a dash of extra time up your sleeve, turn that time into cash with a side-hustle. We are lucky to be living in the days of a gig economy, where you can easily pick up an extra little bit of work. You could drive for a ride share service, walk someone's dog or babysit some kids.

Think of yourself as an entrepreneur, paving your own path - your future self will thank you.

Whatever you do, try to commit the entire amount of that money (after expenses) to retirement savings. Think about it - if you could max out an IRA with just a few hundred bucks a month, you could have substantial wealth saved up by the time you’re a senior.

Turn Craft into Cash

Hobbies seemed to sort of dying out there for a bit. Knitting became something uncool that only the elderly did. IKEA eradicated the need for joinery and woodturning. We started using our hands to hold our phones, rather than for creating things.

But hobbies are alive and well again, crafting isn’t dead! In a world where everything is manufactured and looks the same, people are longing for the imperfections and intricacies of hand-crafted goods.

Handmade is back in business, baby! So pick up some knitting needles or carving knives from a craft shop and teach yourself a new skill. Loads of people are buying and selling on platforms like Etsy, why not get in on the action too?

Not only will your mind thank you for the time spent being creative, but you can use the profit to contribute to your retirement account. You might actually find that you want to retire early, so you can spend more of your time on your new craft obsession.

Seek Financial Guidance

For retirement planning and financial well-being tips, it’s best to ask an expert. If you’re looking to take the free route, you could follow some accounts on Instagram that offer reliable financial planning advice or join a group on Facebook where people share financial guidance with each other.

For a more comprehensive, client-centered approach you could hire the financial services of a reliable financial advisor. Spending money on the advice of a professional is just as much of investment towards your retirement planning.

Sometimes you’ve got to spend money to make money. 

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