15 Painless Strategies for Growing Your Nest Egg

It's important to save a decent chunk of money for retirement to ensure that you're able to pay your bills. And the good news is that building a nest egg won't necessarily involve a ton of sacrifice. Here are some easy ways to boost your savings.

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Mapping out your monthly expenses will help you prioritize your savings. If you don't have a budget already, set one up using a spreadsheet or app. It's an easy way to stay organized and take control of your spending.

ALSO READ: Should You Rethink Your Budget in 2022?

You may need to slash a few bills to make more room for IRA or 401(k) contributions. But you don't necessarily need to go to the extreme of downsizing or getting rid of a car. Cutting back on smaller expenses like cable or the gym might go a long way.

Mortgage rates are up right now, but that doesn't mean you can't lower your home loan's interest rate. And if you're able to snag a lower borrowing rate, it could free up money to contribute to your IRA or 401(k).

ALSO READ: Should You Refinance Your Mortgage in 2022?

Carrying a balance on your credit cards? The sooner you pay it off, the more money you'll stop spending on interest. That's money that can fund your retirement plan.

Today's labor market is loaded with opportunities to pick up a side gig and boost your income. And since your earnings from a side hustle won't be earmarked for existing bills, you should be able to contribute that money to your retirement account should you so choose.

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Most tax filers get a refund every year. If that's money you don't need for essential bills, put it directly into your IRA or use it to boost your 401(k) plan contributions.

Many people get raises year after year. Save all of yours, and you'll seamlessly grow your long-term savings. Of course, this year, many people have to use their raise to cover rising living costs in light of inflation. But if you're able to bank your raise even some years, it'll go a long way.

Most companies that offer 401(k) plans match worker contributions to some degree. Snagging your full match could leave you with a lot of extra money for retirement.

Once you turn 50, you're eligible to boost your IRA or 401(k) plan contribution rate. Right now, catch-ups can be made for up to $1,000 a year for the former and $6,500 for the latter.

The more years you give your IRA or 401(k) to grow, the more money you stand to retire with. The simple act of starting to save for retirement when you get your first job could put you in a strong position to end your career with a lot of wealth.

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Investing in stocks is a great way to grow your nest egg. Bonds may be less volatile, but they don't tend to deliver returns that are as high. If you're uneasy about buying individual stocks, you can always choose index funds, which let you invest in bunches of companies instead.

ALSO READ: How to Invest in Index Funds

Putting money into different retirement plans could leave you with a large sum down the line. If you max out your IRA, see if you're eligible for a health savings account, or HSA, which can double as a retirement savings plan once you get older. You may even be able to contribute to both an IRA and 401(k) at the same time.

Holding a diverse mix of investments could lead to stronger returns in your IRA or 401(k). Index funds are a great diversification tool, but you can also diversify by owning stocks across a wide range of market segments.

The great thing about getting paid dividends is that you can reinvest that money automatically to grow your savings. There are numerous stocks with a strong history of paying dividends, and you can also look at real estate investment trusts, or REITs, which commonly pay dividends that are higher than average.

ALSO READ: 3 Top REIT Sectors to Follow in 2022

Working a couple of extra years will give your savings more time to grow -- even if you don't add to your nest egg during that time. If you don't want to keep working full-time, see if it's possible to scale down to part-time. Either way, working could make it so you don't have to tap your nest egg right away, thereby letting it gain a bit more value.

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You may have lofty goals for retirement, like traveling or moving to a buzzing city. Or, you may want to enjoy a simpler lifestyle without financial concerns. The more money you sock away for your senior years, the more likely you'll be to enjoy that time to the fullest, and these steps could be your ticket to doing just that.

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