Rebuilding your nest egg
September 25, 2013 § Leave a comment
The market was volatile. You had an emergency. Whatever the reason, your retirement savings aren’t what you’d hoped they’d be. Here are four steps you can take to get back on track.
Track your budget – where is your money going? How is what you’re spending now helping you or your family have a future? Where’s it all going? If hardship or a life change has changed your nest egg, we need to hunker down and take control of our pennies so our dollars will take care of us. Don’t have a budget? Get thee to the library or search online for sample and get a handle on your spending.
Cut back – every little bit helps. If you cut out one expensive drink per day – and for convenience, many of us willingly forgo money – that could be cut for our future benefit. You need to think about what really are needs and wants so you can have a beautiful future.
Work longer – When you’re in your twenties or thirties, you have a dream about your future. And maybe you did the savings required to make that dream a reality. More often than not, our dream had no real-life traction, no actual saving that accompanied our plan to live at the beach at age 50. Here you are and you need to have reality be a partner in the future. So, put in a few extra years. Adjust your mindset so that you see this decision as empowering, it’s YOUR call, so that you can keep your health and the future benefits of that great decision.
Get help – perhaps there are vehicles that can help you in your savings or ideas that a professional can suggest that you may not think of on your own. See someone. It’;s usually not a cost to have a short discussion with an advisor. See if they can add a new view to your ideas. It may be worth your time.