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Financial Tricks That Will Help You After Your Retirement

Planning for retirement can be tricky. All you need be is to spend your money wisely and keep circulating it in the form of investments.
posted on 3rd December 2018
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We work all life to make our future secure. Each penny that we save today will be a wealth for tomorrow. However, planning for retirement can be tricky. All you need be is to spend your money wisely and keep circulating it in the form of investments.



Basically, you don’t need to have a jackpot or win a lottery or even inherit a massive wealth. You just need to be careful while handling your money and start saving it from a young age. This can even lead a life little less luxurious than your affordability and start using the money for fruitful investments.

Put your money on Auto Saving Mode

Saving money should be an essential part of your life no matter how much you earn. This practice should not be seen as the target but as a habit. Any time when you earn a certain amount you should have a habit of paying a portion of it to yourself in the sense that you should move out a certain amount on your name and forget that amount or restrict your access to it. That is why it is mandated to automate your earnings in smart savings mode so that the money does not get disappeared for useless reasons. You can set up a standing instruction to the bank to deduct money automatically at a certain date. A simple tip to save money is by estimating your monthly expenses and moving that much amount to some other savings account from where you can meet your day to day expenses. Another tip of saving money is to collect all the leftover the change that is returned after the purchase of a piggy bank or jar. At the end, these extra savings can go into your IRA.

Another benefit of saving money is that you are always ready for situations that occur suddenly when you require money the most; it is those emergencies which often come to life without prior information.

Take control of your Debts

First of all, if you are not having any debts at this point in time then try to maintain the same situation as much as you can. However, in the majority of the cases, people are unable to avoid debts from coming into their life. So when you have debts in your life you should think about debt reduction plans.

Debts are also of different types; if it is in the form of mortgages or student loans then they can be well incorporated in the financial plan, however, if it is in the form of credit cards, personal loans or auto loans which charges high-interest rates should be ended as soon as possible. Otherwise, that becomes a vicious circle and is never end to it.

Few tips that help to avoid debts:

  • Pay the full amount of your credit card bills on time
  • Give yourself some time to think before going for large purchases
  • Keep your basic living expenses half of your total household income
  • Use cash instead of credit card to make discretionary purchases

Evade investing in future raises and Bonuses

There is a very thin demarcation in living in the moment or saving for the future. There is no harm in enjoying the perks of life but at the same time, it is important to move a hefty chunk of your earning towards your savings. All it takes is a little discipline to make this habit into a practical.

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Martin Smith

Martin Smith has hands-on experience as a consultant. He currently works at Wenso IT Solutions & Services: Top Software & Mobile App Development Company based on London. I am a fan of technology and also writes informative technology blogs like java development, .net development, php development, software testing, e-commerce development, android and IOS app development and big data services..

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