It’s never too early to start saving for retirement. However, whether you’re just starting out in your career or already have funds stashed away, making additional contributions can be a strain on your budget. If you don’t have enough saved up, your retirement dreams might be out of reach, forcing you to live on a tighter budget. Here are a few simple tips to help you make the most of your retirement savings—without putting undue strain on your checking account.

How to Save for Retirement Without Draining Your Checking Account 

1. Save Often

Though it’s ideal for most people to put at least 15% of their annual income into a retirement account, it’s not always feasible. After all, unexpected expenses can pop up at any time, leaving you counting pennies a bit more closely. Instead of focusing on putting away a specific amount, especially when just starting to save for retirement, put away whatever’s reasonable. Every little bit helps. As your career progresses and the budget opens up a bit, you’ll be able to increase that amount.

2. Get Rid of Debt

Making monthly payments on loans can take a major toll on your ability to save in the future. Rather than continuing to make the minimum monthly payments and putting more away for retirement, concentrate your efforts on paying down those debts. The sooner they’re paid off, the more money you’ll have each month to contribute both to the checking account and retirement savings.

3. Open a Retirement Account

If you don’t have an existing retirement savings account, it’s important to start one as soon as possible. Many people are eligible for a 401(k) plan through their employer and can have a portion of their paycheck automatically deposited into the retirement account. If an employer does not offer a plan or you want to further maximize your savings, open an IRA. These accounts allow contributions of up to $5,500 annually, which can be deducted from your taxes each year.

Looking for help maximizing your retirement savings or need advice on how to get started? Contact the team at Putnam 1st Mercantile Bank in Cookeville, TN. Their experienced personal bankers will help you set up a savings strategy that fits every stage of life—without draining your checking account. Start saving for retirement immediately with help from your local bank. Learn more about their services online, and call (931) 528-6372 to schedule an appointment today.