An individual in his 50s wants to boost his retirement savings $6,000 each year, with the option for pre-tax retirement increase.
First, break down the goal. An additional $6,000 per year becomes $500 per month.
Next, figure out how you’re going to work that into the budget. Will you be able to make it happen by foregoing some little luxuries, or will you need to do something more drastic, like downsize or get rid of an extra vehicle?
If you can’t find room in the budget to save what you need to, can you make up the difference by increasing your income? Perhaps a part-time job, some freelancing, or something else?
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