Build Your 401(k) Without Breaking the Bank

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When you’re already on a budget, saving for a 401(k) account can seem daunting, even impossible. However, saving for retirement is a
top financial choice. It’s never too late to start, but the earlier you get going the better. Use these tips to help you save more:
Automatic draft — Have money deducted from your paycheck before you receive it. There’s a greater chance you won’t
miss the money if you never get it in your bank account. Check your 401(k) plan for options. Start small— If cutting your budget by
hundreds of dollars each month sounds too challenging, think less, such as $25. After a couple of months, go up
to $30 or even $50. Continue to increase the amount until you have reached your limit. Small amounts count. Track spending — You may think
you can’t save any extra money. Track your spending for at least 1 month to see if you have any purchases you can live without. Try
replacing a coffee out with coffee from home 1 day a week. If that seems easy, increase the number of days for a month. You could
save hundreds of dollars each month. Are there overlapping memberships you can live without? Put that monthly fee into your 401(k) instead.

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