By Tori Goodrich

It’s no secret that Americans, on the whole, are behind on retirement savings. While it’s one thing to be in your 20s or 30s with no nest egg, by the time you reach your 40s it’s a serious situation. Though the average American aged 44 to 49 has a little over $81,000 put away for the future, there are plenty of 40-somethings with no savings at all.

Don’t panic

Easy for me to say but you are where you are. How do you move forward? Create a budget. If you have one, take another look at it.  Take a HARD look at where your money goes on a monthly, weekly and daily basis. I know you have heard me say this a million times, but be a grown up and take a look at your reality. Then commit to saving a reasonable amount each month or pay period and stick to it. Pay yourself first.

Free up more cash for savings

If you haven’t been saving for retirement, chances are it’s because your paychecks get maxed out month after month by living expenses. But I promise, as you see where your money actually goes on incidentals, you can make small changes that add up to big amounts very quickly.

Of course, you might look at your budget and decide that there’s absolutely no way to cut corners. So, let’s think outside the box and find a way to generate more income.

You know all that extra “stuff” in your house, well, it can easily become someone else’s treasure. Here’s the BUT; whatever you sell, agree to put that directly into that retirement account.  Especially if you are given cash, don’t put it in your wallet. It’s too easy to spend.

Think about your passion

My suggestion is to create income from any number of things you feel passionate about.  If you love animals, consider pet sitting.   If you love garage sales or wandering cleanout sales, do your research and find out what things are valuable or collectable.  You would be shocked to see what a Ferbi sells for on EBay.

The key, however, is to start making changes as soon as possible so you have a savings/retirement account that will work for you.

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Tori Goodrich is a life, business and professional; What Should I Do Now coach. She is also the co-owner of Gener8tional Connections helping companies work through the great divide. Visit her on the web at www.victoriagoodrich.com, or reach her via email at tgoodrich@vista.today.

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