6 Tricks to Save for Retirement While in Debt

Most financial pundits recommend investing at least 10% of your salary to save for retirement. That’s easy to do when you don’t have to pay back student loans, buy groceries, and still find a to pay the electric bill. Investing 10% might seem impossible, but it’s easier to achieve than you think.

It might not feel like a money tree is growing in your backyard, but you will be surprised at how you can find money where you least expect it. Seriously, it’s possible to immediately improve your financial footing and invest 10% for retirement at the same time.

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Take control of your finances RIGHT NOW!

Being a millennial you have the choice to start being smart about your money and create a plan to lead a better life, or you be like millions of Americans who live paycheck to paycheck until retirement.

I don’t know about you but I would much rather go with the first option.  But, how do we get there?

It is not easy in today’s world.  We are continuously presented with the latest and greatest products that will make us feel better about ourselves if we buy.  From clothes to electronics to cars, etc…all of these products only provide a small stint of happiness but never a lasting effect.  What if we passed on these so-called needs and decided to start an emergency fund? pay off our debt? or even invest?

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Why you should start bringing your breakfast and lunch to work

Yes, we all know that bringing your own breakfast and lunch to work is better financially (and for your health) than getting Dunking Donuts for breakfast and Subway for lunch.  If that is the case then why do so many people stroll into work with a Starbucks coffee & breakfast sandwich, and at lunch buy a sandwich, chips, cookie & a diet coke?

It took me 2.5 years of going out for breakfast and lunch to realize that it wasn’t smart for my finances.  How much money was I wasting for a lousy breakfast sandwich and a sandwich that contains god-knows-what.  It was time to make a change…

I started by bringing my breakfast and lunch 1 day a week for the first couple weeks.  Then it went to 2 days a week until it was 3 days a week, and now I am bringing my lunch at least 4 days a week!

Not only is it healthier but my finances are looking a lot better.  Just how much better you ask? If I bring my own breakfast and lunch 4 days a week for one year then I will have over $2,500 ready to pay down debt or invest.

Here’s my breakdown:

Eating out for breakfast and lunch:

  • Dunkin Donuts breakfast combo (breakfast sandwich & coffee) = $5.99
  • Subway lunch combo (Sandwich, side, drink) = $10.50

Eating out total: $16.49

Bringing my own breakfast:

  • 2 eggs = $0.67
  • 1 greek yogurt = $1.00
  • 1 protein bar = $1.00
  • Total = $2.67

Bringing my own lunch:

  • Peanut butter & banana sandwich = $0.77 (breakdown below)
    • Bread = $0.33
    • Banana = $0.19
    • Peanut Butter = $0.25
  • Chips or a side of fruit = $0.43
  • Water = free
  • Total = $1.20

Breakfast & lunch total: $3.87

Daily savings: $12.62

Yearly savings (assuming 4 days a week and 52 weeks in a year): $2,624.96

That is over $2,600 in yearly savings and that includes a pretty expensive bring your own breakfast!  Imagine what you could do with an extra $2,624.96 in the bank.

So, let’s start being proactive, healthier, and financially smarter by going to the grocery store & preparing our own meals for the week.

What hacks do you recommend with regards to breakfast and lunch at the workplace?

So I’m saving $2,700 for a new mountain bike…

So I’m trying to save about $2,700 by the end of the year.

The thing is, that $2,700 is going to be for a mountain bike and not necessarily anything to improve our financial situation.

So this is the one I’m looking at. Let’s throw some link authority Trek’s way.

Trek Top Fuel 8

Pretty nice, huh?

And if you’re not familiar with bikes, know that you could easily spend upwards of $10,000 on a top of the line mountain bike if you wanted all the bells and whistles. So $2,700 isn’t too out there.

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How to Afford Relocating to Another State for a Job

The following is a guest post from Dominique over at MoneyGoody.com where he writes about money and budgeting from the perspective of a millennial living in the city. Dominique had to relocate from the East Coast to Chicago for a job and wanted to share his experience affording such an expensive journey. I’m glad he did, because he offers some great tips in here. Read on! 

Earlier this year I made a major life change. I was offered an amazing job working for a successful tech startup. The gig came with tons of perks like free lunch, all the snacks you could want, unlimited vacation, a beautiful office downtown and so much more. But there was one downside. I had to move over 700 miles away to Chicago. Oh yea, and I had to cover all the costs of the move myself.

A lot of you are probably thinking the same thing I was when I first received the offer. How in the world am I going to afford this?

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How to Stay Motivated When Saving Money

Saving money can be hard.

There’s always something trying to pull your money away from you and there are always unexpected, random expenses that come up that get in the way.

Car repairs, spontaneous eating out, medical expenses, home repair…you name it. All are forks in the road, but there are easy ways to keep you on the right track. Or at least avoid the potholes in the road that are ready to derail you.

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