One of the common complaints people tell me is that they don’t have enough time to save what they need for retirement. I hear what you’re saying, but what if you could jump-start (or add to) your retirement fund over the weekend? Here are three ideas to add some cash to that nest egg.
1. Reduce Your Bills
One way to add more to your retirement on a permanent basis is to cut your monthly bills and apply the extra money to your retirement. What can you reduce in your budget? Spend part of the weekend deciding what you can cut. Here are a few suggestions:
- Bundle cable, cell phone and Internet.
- Get rid of cable and use streaming services instead.
- Cut the home phone line.
- Take a closer look at bills for any hidden fees.
- Switch to a competitor that charges less.
- Review homeowners’ and auto insurance policies. Bundle them to save money.
- Cancel memberships and subscriptions you don’t use (gym, country club, magazines, etc.).
- Cut back on dry cleaning.
If you’re not using a monthly budget, get on one now! I guarantee you’ll spend more money if you don’t have a designated use for it.
2. Ask for Overtime
If you’re paid by the hour, ask to work longer days or on some weekends. If you’re paid a salary, ask your boss if you can do some extra projects on the side as a contract worker. If neither of these options will work, consider freelancing. You can stay in your field of expertise or make some money from that hobby you’ve been tinkering with for years. Or, if you want something altogether different, take a few shifts as a delivery driver or at the local grocery store.
Working a second job over the holidays is a great option. All kinds of businesses—from florists to hardware stores—are looking for seasonal workers. Depending on the type of job, you might even rack up some serious tips! Taking a second job is tiring. I get it. But if you can push through, you can put away a chunk of cash to boost your retirement fund.
3. Offer to be a Sitter
An easy way to make money over the weekend is by sitting for people who are going out of town or who want a night out. Of course, there’s the well-known dog-sitting or house-sitting gig, but there are other options. Even as an adult, you can offer to babysit for the evening or even overnight. I have three boys, so I know how much babysitters charge! You can make good money.
One option you may have not thought about is staying with an elderly person. Many senior adults move in with their children because they can no longer live alone. Those adult children need a break from their caregiving roles, and you could offer to sit with their loved ones for a few hours.
Time to Invest the Money
Once you’ve got your cash in hand, get with a financial professional to discuss how to invest your money. Make sure you talk with someone with the heart of a teacher, who will walk you through the process and answer your questions. Check in with them every few months to discuss your portfolio.
Now, get to work and jump-start that retirement fund!