Change: It's more than just pocket money
Have you ever saved your change? You know, you get home at the end of the day, empty your pockets and throw whatever coins you find in a jar.
Then, after a year or so, you take that change to the bank and what seemed like next to nothing -- pennies, nickels, barely any quarters -- has somehow miraculously turned into real cash, and almost always more than you were expecting.
That's because little things truly do add up over time. Those pennies and nickels, seemingly worthless, can turn into enough cash to pay for a date night. You don't feel like you're saving, but you are. And believe it or not, you're likely to feel the same way about other small tweaks to your financial habits. That's what this column is about: The little things you can do that make a big difference over time.
• Bump up your retirement contribution. You hear this advice all the time: Save 10 to 15 percent of your salary. That number can seem like an impossible dream, even when you factor in matching dollars from your employer (which, for the record, definitely count). But here's how you get there: Increase your contribution by just 1 percent. On a $40,000 salary, that's only an extra $400 a year, $34 a month. You'll adjust, I promise, and once you do, bump it up another 1 percent. Continue to increase it on a regular basis -- and add even more when you get a raise or bonus -- and you'll be on track in no time, with little to no pain.
Cash back: On that $40,000 salary, a 1 percent increase will net you an extra $83,786 after 30 years, assuming annual salary increases of 5 percent, no employer contribution and 8 percent returns. 2 percent and you'll net an extra $167,572. And the difference between saving, say, 6 percent and the full 15 percent? $749,053.
• Lower your expense ratios. Employer-sponsored retirement plans are notorious for being more expensive, in general. But there are ways to cut costs, says Diana Palmer, a certified financial planner in Ohio. "Sit down and take a look inside your retirement plan. Most plans have electronically traded funds (ETFs) or index options in addition to actively managed funds. Actively managed funds can be two to three times as expensive as index funds." Passive funds like index or ETFs also generally perform as well as actively managed funds, so you're likely not sacrificing much return.
Cash back: Palmer says that shaving just half a percent off your expenses inside your retirement fund could yield you a balance that is 13 percent larger after 30 years.
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