Try This Trick for Retirement Savings

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When you're reading the Money Minute, you’re probably really freakin’ motivated to get your retirement act together. But when you get to the end of the article and close your computer, do you keep that motivation going? It’s one thing to be all gung-ho about your retirement when you’re on the road to financial freedom and I’m waving a flashing neon “SAVE FOR RETIREMENT NOW” road sign; but it’s another to keep focus when I’m in your rearview. So how do you keep that motivation going?

I solve this motivation problem by considering my retirement contributions as specific acts of kindness for my future self. The key for me here is being specific. Whenever I’m tempted to skip a month of my retirement contributions, I’ll say to myself, for example: this contribution is for my old lady self to buy herself beach chairs, a picnic lunch and a bathing suit to have herself a proper beach day—plus, an Uber to get to the beach and back.

I’ve found that if I assign my retirement contributions to specific spending allowances for my future self, even if that assignment is just in my head, I’m much more likely to do it.

If I get a little bonus cash thrown my way and I’m contemplating whether buying myself something nice now or later—sure, I’ll give myself a small indulgence now, but I’ll put most of it towards retirement. And I’ll say to myself (sometimes even out-loud, because I’m that weirdo): “You know what, old lady Nicole, take yourself out to dinner.” Or, “Hey future self, you buy yourself something pretty, girl.”

The future is always uncertain, but I can be certain that my 70-year-old self will say back “Thank you, past Nicole!” and take a little extra sip of that bubbly to thank me for the work I’m doing now.

xo,

Do you want to get rid of debt, lock in that raise, plan for your best retired life, find unclaimed money and generally cruise along the road to financial freedom? Here are more ways to get it together and get it all:

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