Adjusting Your Budget for Retirement Savings
I made a decision a few weeks ago that caused me to make an alteration to the way I live every day. I started investing into my 401K.Now, for most people that live check-to-check, this might seem impossible. In fact, until recently, I thought it was. However, I also think that relying on a regular 40-hour per week job for the rest of my life is impossible, too. So, I started looking into ways to adjust my budget to accommodate saving for my future.
It might not seem like a big deal, but considering how early I have to be at work, I don't have time to eat breakfast before work. This has caused me to "go out and grab a bite" almost every day. THIS is the change I made. I decided to buy a box of cereal and some milk to keep at work. If I'd been spending $5 per day (which I hadn't) for 20 days each month, that's $100. However, I can take $15 and buy cereal, milk, oatmeal, sugar, and butter FOR THE MONTH. That'll save me $85! A portion of that will be invested. Sounds easy, right? Well, it's not. It's going to require a lot of discipline, but discipline is necessary to accomplish goals.
For anyone else that has had to make life adjustments to save, what are some of the expenses on which you've chosen to scale back?