Not all of us have a high wage and the ability to make investments for retirement. Yet, it’s still essential to plan for the future by investing towards it now.
Modest Money shared some great ways to save on a low income so that you can have a better retirement.
- Get a job with super benefits so that your employer is contributing to your retirement in addition to your wage.
- Maximise tax break income by investing for retirement. Tax exemptions mean that you can save money on taxes as well as putting more away for the future.
- Spread your risk when investing so that you won’t lose everything that you have saved.
- Keep your expenses as low as possible so that you can save more for the future. If you are living from pay cheque to pay cheque then you will find it hard to save for retirement.
- Use direct debit to transfer your savings as soon as the cash arrives in your account. You will then never see the cash in your balance and be tempted to spend it.
