If you’re not good at saving, try making it as easy on yourself as possible.
To save more for retirement you can simply increase your salary deferrals by 1% or 2%. It doesn’t seem like much, but it can add up over time. Saving $100 per month into your retirement plan for 30 years could potentially grow to $100,000. You likely won’t miss that 1% or 2% that you’re not receiving each month and, if you do, I bet you can find a way to live without it.
To save outside of a retirement plan for goals such as a new car or new home, you can set up automatic transfers from your bank account each time you’re paid. Another option to keep yourself from spending money that you want to save is to have your employer direct deposit it into a savings account that you don’t touch.
Out of sight out of mind.
