As you may have seen in my latest post, my hubby and I are expecting our first child in August and as exciting as this is some realities have hit home. We have been busy little bees preparing to earn an income that will surpass my current weekly income by the time I finish up work in late July so that we can still live comfortably without me having to freak out about rushing back to work. I know so many Mother's that wish they had that luxury of staying home to raise their kids. Anyway, this got me thinking about retirement at any age and writer, Morgan Darrow, has kindly shared with us a post below on living for the now without compromising the future...
When thinking about retirement, it’s easy to get in a catch-22 circle loop of thinking. You want to save money now so that you can be comfortable and free during retirement. But you also want to live in the moment. There have been studies about working longer leading to longer lives, but if you work out the math, if you work 10 years longer than the average, you gain one year of life. I think I’d rather focus on living to the fullest during those ten years. Of course, if you love your job, you might get the best of both worlds.
Regardless, retirement does take planning if you don’t want to end up stressing about finances your whole life. Below are some ways that you can make the most of the “now” while establishing the necessary means for a sustainable retirement.
Making healthy choices is the foundation for a long, fulfilling life. When your body feels good, you feel good. Also, getting in the habit of treating your body well can help prevent health problems later in life, which in turn can decrease medical bills. Who says being happy can’t save you money? Here are some actionable tips on living healthy AND saving money.
* Grow your own food- even if you start small with a few herbs or just one vegetable, growing your own produce allows you to control what’s in your food, is usually a lot cheaper than purchasing from others, and gardening is known to have several health benefits.
* Do things yourself- instead of calling the repairman for every little problem, look for internet tutorials for fixing basic plumbing, electrical, and other appliance issues. Change your oil. Cook your own food. You’ll save money on labor and you’ll be ever expanding your skill-set and keeping your mind active.
* Exercise- Go for a walk, run, jog, or swim. Exercising outside increases the benefits of your workout and saves you gym fees. * Don’t go it alone. Businesses like Isagenix allow you to dedicate your life to clean, healthy, living, and improve your wealth as well. They can give you the resources you need to help make your goal of healthy living profitable.
* Get (and stay) out of debt- Debt weighs on your shoulders and can add a lot of unneeded stress into your life. Do your best to pay off outstanding debt as quickly as possible and only use credit for emergencies or when absolutely necessary.
* Be a minimalist- the less possessions you have to tie you down, the free-er you are to focus on the important things in life. Don’t buy things you don’t need. Sell things you don’t use. This will make the things you do purchase more important. * Know your situation- Don’t leave your retirement up to fate. Try Suncorp’s superannuation calculator to see how much you’ll need to save in order to have the retirement you want. From there, you can adjust your savings strategies and spending habits accordingly.
Money is nowhere near the most important thing in life, but it is necessary, and sound financial habits allow you to avoid stressing over the bills. Spending small amounts of time planning out your financial strategies can allow you to focus on the important things, like planning your world travels.
Article by Morgan Darrow