15 Ways to Grow a $0 Nest Egg to $1 Million

Once you retire, you can't expect to live comfortably on Social Security alone. Rather, you'll need savings of your own to supplement those benefits. And if you're starting out with nothing in that regard, you're in good company. But fear not -- these moves could help you grow a nonexistent nest egg into a sizable one over time.

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Sticking to a budget will help you better manage your earnings. And that alone could make it easier to carve out room for long-term savings. You can set up a budget using a spreadsheet, or check out the different apps that make budgeting seamless.

Eliminating small expenses could go a long way toward building your nest egg over time. Think about the things you spend on today that you wouldn't feel terrible about giving up, then start putting that money toward your IRA or 401(k) instead.

Keeping a major expense like housing low could free up more money for your nest egg. That could mean buying a $500,000 home even though you can afford one that costs $700,000.

The longer you carry credit card debt, the more money you'll waste on interest charges. Instead, work on eliminating that debt so the money you spend on interest can go into your retirement plan instead.

ALSO READ: 3 Mistakes to Avoid While Paying Off Credit Card Debt

Cars are one of those assets that tend to lose value over time rather than gain value. And if you're willing to drive a no-frills vehicle, the money you're not spending on a higher-end model could really work wonders for your nest egg.

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Setting up automatic contributions to your retirement plan could help you stay on track. With a 401(k), your contributions are automatic from the start. But you may need to specifically set up automatic funding in your IRA to make that happen.

You may get your hands on extra money during the year, whether it's a tax refund or a bonus. It pays to stick that money into your retirement savings for an added boost.

ALSO READ: Should You Invest Your Tax Refund in Crypto?

You may get a raise year after year at your job. If you push yourself to save that extra money, it could really fuel your savings plan's growth.

Many companies offer matching dollars for 401(k) contributions. It pays to put in enough money from your paychecks to claim those matching incentives in full.

Some companies require you to stay on board for a period of time before your 401(k) matching dollars are really yours to keep. Pay attention to your employer's vesting schedule and try to avoid jumping ship until you're fully vested.

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Keeping your retirement savings in cash could really slow down your progress. Instead, aim to invest aggressively so you can grow your money into a much larger sum. If you have an IRA, you might consider assembling a mix of stocks. And if you have a 401(k), index funds could be a good bet.

ALSO READ: How to Invest in Index Funds

It's important to branch out with your investments to protect yourself from losses and support solid growth in your IRA or 401(k). Make sure you're not too heavily invested in a single market segment, even if that segment has been performing well.

Once you turn 50, you can pump more money into your IRA or 401(k). For the former, you can put in an extra $1,000 a year. For the latter, your catch-up is worth $6,500.

If your savings efforts got off to a slow start, extending your career could help your nest egg grow nicely. Putting in a few extra years in the labor force could make it so your savings enjoy a few more years of growth before you start dipping in.

Working a side job could be your ticket to amassing a lot of wealth in your IRA or 401(k). Since that extra income won't be earmarked for bills, you can use all of it to build on your savings efforts.

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Chances are your goal is to retire with enough money to do all of the things you've always dreamed of. And if you play your cards right, you could wind up with a $1 million nest egg -- even if you don't have any savings at this very moment.

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