Costa provides the following practical advice to help you live for today and save for tomorrow:
- Show me the money - Look for hidden sources of contribution funds. If you have debt, take advantage of lower interest rates to reduce your overall borrowing costs and free up some of your monthly cash flow. For example, you can do this by consolidating higher interest credit card balances into a loan or home equity line with a lower interest rate.
- Automate your savings habit - Get into the good savings habit of paying yourself first by setting up an automatic contribution plan to coincide with your payroll deposit. The funds will come off the top and are often not missed.
- Start thinking about your retirement income plan - If you are within a few years of retirement, switch your focus to establishing your retirement income plan. Translate your vision for the lifestyle you want in your retirement into financial requirements and work with an advisor to learn about your new sources of retirement income and how these will fund your new lifestyle.