MINNEAPOLIS, Minnesota — We’ll, it’s that scary time of year.
Halloween, Oct. 31, 2019, has many of us thinking more about treats than tricks. But, what if we use the theme to help put money back into your pockets?
Financial experts say try "tricking" yourself into saving for the future. Now, that's a real treat. In fact, there are many money-saving tricks to help you lower your stress when it comes to keeping track of your finances.
“Research shows many of us do not understand how important it is to save for our short-term and long-term financial goals. The benefits of paying yourself first are huge. You’re going to be ready for an emergency or reach your financial goals sooner, like buying a home,” said local financial professional Nick Foulks with Great Waters Financial.
A recent survey shows more than half of Americans have less than $1,000 in their savings account, and 39% have no savings at all. Speaking about retirement, Foulks said, “Ultimately, I recommend saving 10-15% of your salary in your 401(k). The trick is to set up automatic increases to your savings either annually or with each raise. That’s a good opportunity to increase your savings rate before you get used to having the extra money in each paycheck.”
“Also, waiting to claim Social Security is one of the best things you can do to boost your income in retirement," Foulks says.
Foulks shares five great money-saving tips. And, they're not the usual steps like cutting your cable service or taking a bag lunch to work. Try them if you dare!
Trick yourself into saving:
Trick #1: Pay yourself first
Trick #2: Take the 401(k) match
Trick #3: Delay Social Security
Trick #4: Estimate your tax liability
Trick #5: Convert to a Roth