By June 14, 2017 Read More →

Spend Today or Save for Tomorrow

Spend Today or Save for Tomorrow
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Many of us are caught between two extremes – we either feel we have to live it up while we’re young or we have to save every penny to secure a happy and comfortable retirement.

To help you balance these two money management habits, use this calculator to compare an amount you spend today to what it would be worth at retirement if you saved it instead.

Here are several ways you can strike a successful balance between these habits:

Understand Your Cash Flow
If you want more money to save for the future or to spend now, you have to understand your current spending patterns and habits to get there. Check in on your spending weekly; that takes far less time than a monthly review, and it’s easier to catch places you may have spent more than you planned.

See Also: Cash Flow Calculator

Automate Your Savings
If you get paid by direct deposit, it’s easy to direct funds into multiple accounts such as emergency savings and retirement savings. If you can save that money automatically before it reaches your bank account, you’re far more likely to continue saving those funds in the future and even to increase your contributions over time.

See Also: Smarter Spending

Use this calculator to compare an amount you spend today to what it would be worth at retirement if you saved it instead.

Spend Today or Save for Tomorrow Calculator

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