More Than Half of Americans Say They Don't Make Enough to Save for Retirement. Here Are 7 Tips to Help Make Your Dollars Count

How to save for retirement on a tight budget.

According to a recent Transamerica survey, more than half of Americans (51%) say they do not have enough money to save for retirement. As a result, 4 out of 10 Americans say they will continue working until age 70 or older and 57% state that even if they retire, they still plan on working. Close to 8 out 10 Americans believe working through old age will be the only way to make ends meet.

With the costs of rent, food, and utilities on the rise, it can be hard to find extra cash to put away for retirement. So how do you make sure you're making your dollars count? Here are seven tips that can help you start saving more today.

1. Make a budget and track your spending

Even though people don't like the "B" word (budgeting!), it is the most important step in saving. It helps you understand where your money is going each month. Luckily, there are budgeting apps to make it easier. Budgeting apps can import your transactions, then with a few clicks you can categorize them and end up with a detailed budget that includes all of your expenses and sources of income. Review this budget regularly so you can adjust when necessary. Regularly tracking your spending also helps ensure that you're staying within your means and not overspending.

2. Cut back on small expenses

Sometimes the smallest expenses can add up quickly if left unchecked. Cut down on frivolous expenses, like eating out or ordering takeout, and buying clothes or other items you don't need. You can use apps to help you with spending insights and to find deals. For example, Amazon's Alexa app can help you save money while shopping. If you can't cut back, look for cheaper alternatives. When shopping online, you can use browser extensions and other tools to help you save money. These small changes may seem insignificant at first glance, but they can really add up over time.

3. Take advantage of employer match programs

If offered by your employer, sign up for an employer match program where it will match a portion of the money you put away into savings each month -- often as much as 50%. That's free money just waiting for you, so don't leave it on the table!

4. Invest in low-cost index funds

Index funds are mutual funds that track a specific set of stocks or bonds in an index such as the S&P 500 or Dow Jones Industrial Average (DJIA). They typically have lower fees than other types of investments, too. This means more money stays in your pocket, rather than going toward fund management fees.

5. Put extra income toward retirement savings

If you receive unexpected additional income, such as tax refunds or bonus checks from work, consider putting it directly into your retirement account rather than spending it right away on something else -- even if it's just $100. This could help jumpstart your retirement savings and give you peace of mind knowing there's something waiting for you down the road.

6. Automate contributions to a retirement account

Set up automatic contributions from each paycheck into a 401(k) plan or IRA account so that money is taken out before it has time to get spent elsewhere -- this makes it easier to stay disciplined about saving. Automating contributions also ensures you won't miss any deadlines and if the funds go straight to your account, you won't be tempted to spend it.

7. Look for side hustles to boost income

Look for creative ways to boost income. While there are various opportunities available, the key is becoming an expert at finding the right ones that match your skill set, interests, and availability. You might try freelance writing, developing websites, or teaching classes online or through institutions locally. Perhaps you'd be great at tutoring students in subjects you excel in, taking surveys, or marketing products and services on platforms. The point is, there are so many options that can help you earn more now and well into your retirement season.

Saving for retirement doesn't need to be an impossible task -- even if money is tight right now. Start small by understanding where every dollar goes each month and cutting back on unnecessary expenses, taking advantage of employer match programs, and more. With these simple tips, anyone can start building a nest egg for a happy retirement -- no matter your current financial situation.