9 Simple Ways to Save More for Retirement Each Month

Retirement may seem like a far-off milestone if you're in your 20s, 30s, 40s, or even 50s. But the sooner you get in the habit of funding an IRA or 401(k) plan, the more opportunity you'll give yourself to build a solid nest egg for the future. And if you're eager to up your savings game, these tactics will help you eke out more money for your senior years.

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Sticking to a budget can help you keep your spending in check. That, in turn, can make it easier to carve out money for long-term savings. To set up a budget, list your various expenses so you can get a sense of what your bills cost you. Then, make sure there's enough money left over to fund a retirement plan consistently. If there isn't, reassess your spending and start making changes.

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There are certain bills that probably eat up a lot of your money, like transportation and housing. If you're able to cut back on one major expense, you might put yourself in a position to really amp up your savings. That could mean getting rid of a car if you can get around without one, moving to a smaller apartment, or keeping your larger apartment but getting a roommate to split it with.

It's not just large expenses that can make a difference in terms of your savings. Smaller expenses can really add up. Look through your budget to identify those tiny but consistent charges that limit your savings potential, like your morning coffees or the extra streaming services you pay for but don't necessarily watch all that often. Cutting back on one or two of those could be your ticket to eking out more savings.

Credit card debt can cost you money in interest charges -- money that could instead be pumped into your retirement plan. Avoid charging more on a credit card than you can afford to pay off by the time your bill comes due. That way, you'll steer clear of interest and avoid throwing your money away.

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If you're willing to put in the time, you could earn enough extra cash with a second gig to meaningfully boost your long-term savings rate. These days, there are dozens of side hustle options you can choose from, so figure out what works best for your schedule.

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Putting your savings on autopilot could help you increase your contributions. How? When you automate your savings, you send money into your retirement plan before you get a chance to spend it, and that alone is an effective means of boosting your contribution rate. You can sign up to have more money allocated to your 401(k) plan through your payroll department, or find an IRA with an automatic savings feature.

Unplanned expenses can thwart your savings efforts. To avoid them, follow a few ground rules. Don't shop out of boredom, don't store your credit card details on your phone or laptop, and don't buy things unless you've thought about it for a full 24 hours before going through with a purchase.

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Some people dine out or order in meals three, four, or five nights a week. But it's much less expensive to cook your own food, so if you're able to cut back on restaurants and takeout, you could easily carve out more money for savings.

If you own a home, it may be your greatest monthly expense. But if you refinance your mortgage, you might lower your monthly housing payments substantially. The money you free up can then go directly into your IRA or 401(k).

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There's really no such thing as saving too much money for retirement, so even if you're already in the habit of setting funds aside, it never hurts to aim to do better. Follow these tips, and you may be amazed at how much your savings balance is able to grow.

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