Baby boomers are a term commonly given to people born during the impressive years of the economy. They are basically the people who have grown up in rising affluence and a solid belief that the future is going to get better in time. Ironically, this is not the case today as baby boomers are approaching the retirement age.
Baby boomers today are in a quandary. There are in an age where retirement is imminent but with savings that do not permit retirement. With their age increasing year by year, baby boomers are finding it harder and harder to finally retire and live the lives they’re supposed to have at an advanced age.
What Can Be Done?
It’s never too late to start saving for the better. Baby boomers approaching retirement, or even those still decades from it can start saving NOW. Considering how much people spend on luxurious coffee, cakes and movies on a weekly basis – setting aside a few dollars every day should not be hard.
Tips on How to Save $7 Per day
For those who think that saving $7 is just too hard – it might be easier than you think. Following are some tips on how to get this done:
- Skip the fancy coffee. Try getting a more modest cup of coffee in Starbucks – or perhaps buy a coffee maker to completely cut the cost. This investment can save individuals as much as $20 in a day, depending on how much they crave caffeine.
- Schedule trips to favorite shops on a weekly or monthly basis. Most people tend to buy small trinkets, gizmos and gadgets that accumulate in price just for the sheer fun of it. By avoiding these retailers altogether, people can stop unnecessary shopping expeditions.
- If you find something you want, use the 48 hour rule. This states that individuals should wait for at least 48-hours before buying anything that isn’t absolutely necessary. More often than not, the craving to purchase the item disappears.
- Downsize hobbies. Some pastimes can be expensive but this is something individuals can still live without. For example, those who are enrolled in expensive gym memberships (that often go unused or under-used) can try achieving or maintaining fitness by just walking, swimming, biking or running.
- Re-evaluate your car insurance. All companies are not the same, so you may be able to save a few dollars here.
Seven dollars is actually a very unrecognized number. Most people have no qualms forking over this amount or more for a movie, a cup of coffee, a fancy lunch or an expensive hobby. But what if that $7 instead goes to a personal savings account to be accumulated for a year? Imagine –that’s $49 in a week, $210 in a month and $6,300 in a year! Your $7 measly dollars each day can be a modest nest egg in a few years!
Saving for retirement is something that should be done as EARLY AS TODAY. So start now, even new high school graduates need to think about life after their 70th birthday because there is no telling how the future will go. Many baby boomers were greeted by the promise of a thriving life only to be surprised by a poor economy that seems to grow worse every day. Start SAVING and GUARANTEE a good future for you and your family NOW.