If you’re an adult in the workforce, you probably have big dreams for your retirement—sandy beaches, ocean cruises, days on the golf green, the whole lot. However, there’s still one major elephant in the room: debt. About 80 percent of Americans are weighed down with it, making dreams of huge nest eggs seem less and less possible. Still, that doesn’t mean that your dreams—or savings—are in vain. These steps for stopping debt from ruining your retirement will get you on your way to well-deserved years of relaxation.

  • Eliminate expendables from your life. It’s easy to forget that little expenses can snowball. However, if you owe money, your interests would be better served focusing on channeling expendable spending into debt reduction. Many American families know the drill when it comes to this advice—cutting out restaurants, movies, and gym fees—so this step can seem especially impossible for them. Still, even if you have already cut out several big expenses, you should record all your spending for the month. You may be missing something.
  • Add in some part-time. Another effective way for stopping debt from ruining your retirement is adding in a part-time job. You could work a couple shifts a week as a waiter, customer service professional, or driver. You could also play to your strengths. If you’re good with math, considering tutoring. If you’re handy around the house, you could help friends and family with maintenance jobs. Adding another stream of income into your life will help you pay off the money you owe even faster.
  • Prioritize payments. If you’re in debt, it’s likely that you’re dealing with it from multiple angles such as student loans, a mortgage, and credit card bills. While you may not be able to pay everything off at once, make a priority list of which payments are most important. Car and credit card payments should be toward the top of this list due to high interest, so make sure not to let them spiral out of control. This will help you minimize the damage on your credit score—and your retirement fund.
  • Keep your eye out for loyalty programs. You might not be able to cut money from cell phone bills, grocery costs, or maintenance services, but there’s still a way to minimize the costs. Do your research—see if there are any possible savings through loyalty programs. Additionally, take advantage of price matching. This can even work for cable and phone bills! Just call your service representative up and tell him or her that you want to switch to a different company with a lower cost. Often, he or she will offer to match the price, shaving expenses off of an already tight budget.
  • Invest, invest, invest. As you’re paying off expenses, you most likely don’t have stacks of money at your disposal. However, if you gradually invest a small sum of money, you can watch as it builds. Then, as you chip away at your debt, you can continue to add in more investment capital a little at a time. Remember: slow and steady wins the race.

If you’re in debt, you’re among the majority of Americans. Take your fate into your own hands and try out these steps for stopping debt from ruining your retirement.

Looking for more ways to cushion your nest egg? Call the experts at Ty J. Young Inc. at 877-912-1919 to learn more about how to grow your money with your savings protected. For more helpful financial advice, continue to follow our Retirement You Earned Blog.

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