It seems we are working harder and harder just to get by while the household bills get more elevated each and everyday. We have all been programmed to save for the future, invest a portion of your income in 401k, IRA Roth and what not, in an ideal economy that is what we should do. When times get tough and jobs get scarce maybe we should rethink how we are investing our hard earned money. Not that we shouldn’t save for retirement and the future but sometimes it is too difficult to cover daily expenses and do so at the same time.
When we take a look at our household budgets and see just where we can trim and where we can’t sometimes it is just impossible to keep up with the rising bills. That is when we look into what other options can be available to us if a second job is not applicable. One way to generate more money is to obviously curb ones spending. Another would be to rethink how much you are investing for the future and if you are having trouble living in the present. Some may say invest now while the stocks are low which again is great if you can afford to get by while doing so but if you are having problems then it should be avoided until the boat gets going again. Just think that $200- $600 a month can be put to better use in order to not go into debt by using those nasty credit cards but that’s information for another article. In addition you could always opt to adjust your IRS withholding tax which can pour more into your pockets if needed to meet you monthly expenses. Why have it in Uncle Sam’s account when it can be either in your savings or to help you live each month.
While it is always a good idea to have a retirement account, it can’t be done at the expense of today. We all need to be able to live on what we make and that seems to be getting more difficult. Hopefully we are all learning from the state of the current economy and trying to live within our means. There is something to be said for the way our grandparents lived, there were no retirement accounts, they lived within their means and saved what they could for the future and worked hard and lived what some might call a simpler life.