9 Tips to Retire With Wealth If You Make Under $50,000
5) Automatically Skim Savings from Paychecks
Another way to save lots of money over time is to take incremental amounts from each paycheck. Set those aside in a retirement savings account and watch the money grow. This is one of the simplest and easiest strategies to implement. Just have your bank automatically sweep a portion of each paycheck into a savings account. That way you don’t even see the money in your checking account, and aren’t tempted to spend it. Even if you only skim off $100 a month – or even $10 a month – it adds up quickly. That’s especially true if you skim it into a tax-free retirement account or ROTH account. Next thing you know you’ll have all this extra money saved, just in time for a great retirement.