An easy way to save money! Next time you get your yearly raise, pay yourself first! Figure out how much that raise will increase your paycheck and adjust your 401K accordingly. You will substantially increase your retirement savings and not even notice. At the very least give as much as your company matches!
Doing this year over year is a very good thing. If you cant do your entire raise, think about half!
Disclaimer: I am not a finance professional nor do I purport to be one, I am just an observant and frugal housewife sharing things I have learned over my lifetime.
5 comments:
My company, because of the economy, has stopped matching 401(k)'s for this year. I'd love to increase mine, but half my checks (bi weekly) have to go to child support. Blah...
Great tip Cheryl. I need a raise.
Here in NZ we also have a government superannuation plan (similar to a 401k) where you get $1000 from the government annually just for being in the plan, plus you save your own dough and get company match as well. Babycakes is even signed up...she still gets her $1000 per annum from the government without earning or depositing a dime. Cool, eh? Never too early to start saving, right???
yeah. we love our 401k/403b accounts. i never even remember it's getting taken out. so easy!
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