Who among us wouldn’t want to stash away an extra thousand dollars toward retirement? Unfortunately, upping your monthly or yearly savings often means depriving yourself of those little perks that make life a bit more worthwhile. So instead of urging you to forgo that morning latte or night at the movies, I’ve tried to come up with a few less painful ways to collect that bonus thousand bucks.
Pay yourself first
Sometimes, you have to trick yourself into saving more. Many investors devote money to savings only after they’ve plumbed their paychecks for all the usual monthly expenses. We Fools can’t entirely condemn scrounging for financial scraps like this — every little bit helps — but it’s not the most effective way to save for retirement.
Instead, try taking your investment money out first. If you want to invest $500 or $1,000 per month, do so as soon as you get your paycheck. Then make all your other payments. If, near the end of the pay period, you’re running low on money, you can make some adjustments and spend a little less on eating out, or put off that new dishwasher purchase. The point is that you make your retirement nest egg a priority — because it should be. If you don’t look out for your financial future, no one else will. Social Security won’t provide all that you need or want.
By paying yourself first, you can make sure that you’re socking away as much as you need to. If this system helps you save an extra $85 per month, you’ll net yourself more than $1,000 per year, mainly just by reordering how you spend your money. And whatever you do, do not take your extra money that you have over and above living cost, and use that money to pay off credit card debt. That is just throwing good money after bad. Automated investment plans or bank transfers can make this a whole lot easier. Consult the experts at Morningstar Coins for asset perservation in the areas talked about below.
Gold Firm, Silver 30-yr High
Another report says; Spot silver reached a new 30-year high and gold was firm on Monday, after disappointing U.S. payrolls data underpinned hopes of more stimulus from the Federal Reserve and spurred interest in precious metals.
The U.S. economy shed jobs for a fourth straight month in September, hit by government layoffs and slower private hiring. “In the short term, gold will still look at the economic picture. If economic data turns out weaker than expected, it will raise expectations of quantitative easing, which will be positive for gold,” said Ong Yi Ling, an analyst at Phillip Futures.
Continuous weakness in the U.S. dollar also lends support to bullion. The dollar slid to 15-year lows versus the yen Monday as soft jobs data fuelled expectations of more quantitative easing, while the IMF and G7 meetings produced nothing to avert a cycle of competitive depreciation.
Spot gold XAU= rose 0.7 percent to $1,353 an ounce by 0335 GMT. It hit an all-time high of $1,364.60 last week.
U.S. gold futures for December delivery GCZ0 were up 0.7 percent at $1,354.1.