Catching Up as We See Retirement on the Horizon

Know that it is never too late to start saving for retirement. While we may feel we are financially behind, the simple act of increasing our savings can be coupled with other lifestyle changes that can help us move the needle faster.

Three lifestyle changes that will improve your financial situation:

1) Consolidating all our financial data into one book or binder. At a certain age, the younger the better, we must be able to answer any and every question about our financiers. How much do we have? Where are the assets allocated? What are the account links and passwords. Unless we are able to see exactly what we have and know where it is, it will be difficult to face the reality of were we are. Only then can we take specific action before we’re in a race against the clock.

2) Eliminate things that we don’t need or want. Much easier said than done, this was quite a a process for us that lasted a few years and continues. If you can’t park your car in the garage, you’ve got a lot of work to do. It will take emotional growth to climb that hill, but your financial freedom depends on it. You can’t plan for a healthy retirement if you have too much stuff. And if you have too much, your spending too much. I challenge you, the sense of peace you’ll receive from a clean uncluttered garage, closet, bedroom or shed will out last any purchase you make. And when you see the comfort of the space you’ve created, you’ll be slow to buy more and clutter it again.

3) Combine the organization of finances and the de-cluttering of the home and focus on the areas that need attention. More in the 401K? Selling that old car you really don’t want to restore? Realizing that that board game from 1972 is not a collectors item and you are lose nothing by throwing it in the trash. Lifestyles put us in this situation, lifestyle changes will get us out.

Break it down: It will take time, perhaps a few months, but you have to get all your financial facts, figures and data in one binder or book. Focus on removing clutter from your life, begin this journey now, it will last the rest of your life. Combine these efforts and build wealth by controlling spending and increasing your saving. It’s not too late, it can be done.

Increase the peace.

External resources:

This is a great article on buying too much by Alana Semuels: https://www.theatlantic.com/technology/archive/2018/08/online-shopping-and-accumulation-of-junk/567985/