{"id":10976,"date":"2016-10-14T06:33:25","date_gmt":"2016-10-14T13:33:25","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=10976"},"modified":"2016-12-20T13:41:45","modified_gmt":"2016-12-20T21:41:45","slug":"save-killing-one-big-debt","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/save-killing-one-big-debt\/","title":{"rendered":"Save More By Killing One Big Debt"},"content":{"rendered":"

Everyone knows the feeling: Rushing toward the end of the month and hoping the bills get paid.<\/p>\n

Unless you’re financially independent, it’s a normal pattern even at high income levels. Most Americans aren’t sure how they would pay<\/a> for a major health crisis or home repair, and being a high income earner isn’t any better.<\/p>\n

That’s because we tend to spend more as we make more. New job, bigger house. Get a raise, lease a new car.<\/p>\n

\"save<\/p>\n

Meanwhile, all of the normal cost-of-living stuff \u2014 food, electricity, clothing \u2014 quietly rises in price due to inflation. We’ve enjoyed very low inflation for some time, but there’s no guarantee that will continue.<\/p>\n

You know you need to save more, but how? Start by listing every one of your monthly bills, including outstanding debts.<\/p>\n

That includes automotive payments, house payments, credit cards, utilities, educational costs (such as school tuition) and everyday spending on food and entertainment.<\/p>\n

Now add in your estimated taxes for the year, on your income, your property and investments.<\/p>\n

Numbers in hand, there are a few ways to start to save more for your retirement<\/a>, but let’s start on what cannot be avoided.<\/p>\n

You will pay income taxes. The best\u00a0way to lower that bill is to lower your taxable income by saving more into a tax-deferred retirement plan, such as an IRA or 401(k).<\/p>\n

You can’t really avoid eating. Not going out to the movies or spending on entertainment is something you can cut back on, but it’s usually not\u00a0sustainable.<\/p>\n

That leaves revolving debt, such as credit cards, and things like home and car payments.<\/p>\n

Let’s assume for the moment you decide to focus on credit cards first. Good plan. Cut back on eating out and entertainment for a while and get your credit card debt\u00a0out of the way as fast as you can. High interest debt is a killer<\/a>.<\/p>\n

Right-size and save more<\/h2>\n

If that works out, go ahead and restore your food and fun budget but reconsider how to kill one big debt in your budget and convert that money into savings.<\/p>\n

If you have a car payment, how big is it? Is it two payments? Is it a lease? The typical luxury car lease is easily $500 a month, not counting insurance, repairs and gas.<\/p>\n

Consider downsizing one car at a time, and banking the difference into your retirement account. If you have only one car, ditch the lease and buy a used car for cash. Aim to be debt-free on your vehicle.<\/p>\n

Now look at your home. Chances are, you don’t want to move. But if a move happens because of a relocation or downsizing, make sure to “right size” your real estate commitment and bank the difference.<\/p>\n

You can put yourself on track to save more and a better retirement, just by making a few key decisions and then sticking to a plan<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Everyone knows the feeling: Rushing toward the end of the month and hoping the bills get paid. Unless you’re financially independent, it’s a normal pattern even at high income levels. … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":10978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[],"yoast_head":"\nSave More By Killing One Big Debt | MarketRiders<\/title>\n<meta name=\"description\" content=\"There are a few ways to start to save more for your retirement, but let's start on what cannot be avoided. 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