Consider these four tips
Reduce consumption
Check your spending over the past year. Perhaps your credit card company will allow you to view your spending online categorized by type, such as travel, groceries, or entertainment. Next, think about what purchases made you feel less happy. Perhaps you regularly pay for services that you rarely or never use. Consider what expenses you can cut with little or no pain.
Get more money. You can easily compare stores using the internet. In some cases, you can save a lot of money with just a few clicks within minutes. AARP’s 99 Great Ways to Save Money gives you some ideas on how to get more for your money.
I got a great idea from consumer advocate Clark Howard. I personally find great joy in making major purchases.
create a flexible budget
You never know when the market will plummet or you will incur huge medical bills. So even if you’re currently living within your means, consider creating a budget that includes both discretionary and non-discretionary spending. For example, utilities and taxes are discretionary, while travel may be at least partially discretionary. This way, you’ve already created a contingency plan for what to cut back on.
Consider a part-time job
I like to slowly move into retirement. It’s difficult to go from working a full week for decades to fully retiring. If you do something you like and work part-time, not only will you earn money, but you will also spend less time spending money.
Invest your nest egg wisely
Investing is relatively easy. Keep diversification high and expenses low. With a Total Stock Index Fund, you can own virtually every publicly traded company on the planet for less than 0.07% annual fee. Next, dig out some of your safe money and invest it in insured CDs or high-quality bonds or bond funds. You can accomplish this by using just three funds.
- US Stock Comprehensive Index Fund
- Comprehensive international stock index fund
- total bond fund