The first costs to cut in preparation for retirement are the biggest: your debt, your housing, and your car.
If you choose to take on more debt, live in a house that stretches your budget, or drive a car you can’t afford, you could be compromising your ability to save — and retire when you want.
Even when it’s hard to picture your life in the future, you’ll be glad you started making changes in your spending and saving years before you had to.
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In a culture that prides itself on instant gratification, saving for retirement can feel like the opposite of living your best life in the here and now.
However, it’s important to keep in mind that your future self will thank you when you do save, even when it’s hard for you to picture your life decades in the future, says Sophia Bera, a certified financial planner at Gen Y Planning.
“Retirement should be one of your top financial priorities, along with paying off high interest rate debt and building up emergency savings,” she says. “These are the three key elements of creating a solid financial foundation. Without this foundation, it’s difficult …read more
Source:: Businessinsider – Finance