Help, I'm Only 40 Years from Retirement!

Many of us put off saving for the future until it’s too late. Suddenly one day you realize that all of the money you spent on dinners out, cups of coffee, and concert tickets could have gone towards buying your first home, paying off student loan debt or even retirement savings. Sure, the idea isn’t glamorous, but it’s practical and needed for your long term financial stability. Setting aside money for the future can be difficult, especially when you take into account all of your day-to-day expenses. It’s important though that you begin saving for your future as soon as possible

Are you a renter? Consider living at home
Living at home may have it drawbacks, but it also has many advantages. For one, you can easily do your laundry, and maybe have dinner made for you once in a while. Most importantly though, you’ll be able to save money. Some people don’t have the luxury of living at home after high school or college, but those that do can begin saving quickly. Even if you pay your parents a monthly rent, it’s likely that you will be able to put away some money on a weekly basis for your first house or condo. Before you know it, you will have the money needed for a down payment. For first-time home buyer tips, visit

Cut back on small expenses
Sometimes the biggest way to save is by cutting back on small expenses. For example, do you ever go to Starbucks? If you go there a few times a week, you may spend $10 to $20 weekly. For the sake of argument, we’ll be conservative and say $10. Over the course of the year that means you will spend $520 at Starbucks. This can also apply to lunches, drinks at a bar and Uber rides. Cutting back here and there can save you thousands of dollars annually.

Pay down your student loan
Don’t defer payments; instead start paying down your student debt immediately. Analysts estimate that current borrowers owe an average of nearly $29,000 in student debt. This may sound like a lot, but it isn’t insurmountable. Faithfully make your monthly payments, and before you know it you will see your balance decrease over time. It’s important to put money away into savings, even as you’re paying down your student debt.

Save for retirement
If you are lucky enough to have a 401(k) plan through work, be sure to make the maximum contributions possible, especially if your employer offers a matching program. It’s also important to start contributing as early as possible, as retirement savings snowball over time. If you don’t have an employer-sponsored retirement plan, you can always save for retirement by opening an IRA. An individual retirement account (IRA) is an account that allows you to save money for your future. There are two types; Traditional IRAs and Roth IRAs. You can learn more about these by visiting

It’s important to start saving today, because beginning the process now will help you better prepare for the future. If you would like to learn more about purchasing a home, saving for your future, or opening an IRA, call Community Bank at 708.660.1000, or visit our homepage at

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