1. Save a portion of your paycheck

Put a certain amount of each paycheck into your savings account, and gradually increase this amount over time. The longer you have to save, the more dividends you can earn. Check out Launch CU’s current dividend rates.

2. Shop around for better auto, homeowner, and health insurance rates

Even though some insurance companies offer discounts to long-term policy holders, it doesn’t mean that you are saving as much money as you could be. Conduct an annual review of your insurance expenses and compare prices to ensure you get the best bang for your buck.

3. Don’t turn down a 401(k) match from your employer

Think of this as free money from your employer. A 401(k) is a great way to prepare for retirement and once it’s set up, you don’t even need to think about it.

4. Consider investing in an IRA or Roth IRA

Launch CU offers both types of IRAs to help members save money for life after retirement.

5. Learn to stick to a budget

Setting a monthly budget can make tracking your monthly expenses easier, and you can ensure you’re not overspending.

6. Consider putting your tax refund into your savings account

As hard as it may be to not use your tax refund to buy yourself some new merchandise, your tax refund can provide you with a great opportunity to boost your retirement savings.

7. Pay off your credit card debt as soon as possible

Paying off this debt will increase your credit score and allow you to put those monthly payments toward your retirement account. Check out our 10 Tips to Help You Get Out of Debt.

8. Make a list before you go to the store, and stick to it

We are all guilty of going into a store for one thing and coming out with $100 in merchandise. Make a list before you go to the store and stick to this list to avoid overspending on unnecessary items.

9. Make a weekly meal plan

Making a meal plan helps to avoid spending money on eating out as well as overspending at the grocery store.

10. Bring your own lunch to work

Just like with meal planning, bringing your own lunch to work can help you avoid overspending at restaurants and fast food.

11. If you are married or in a committed relationship, figure out your retirement goals as a couple

This discussion should include what age each of you would like to retire at, the lifestyle that each of you desires after retirement, as well as where you wish to live after you retire.

12. Stray away from making early retirement account withdrawals

If you decide to withdraw from your account before the age of 59.5, you are subject to a 10% penalty fee, in addition to tax on the income. To avoid fees and taxes, leave your retirement account alone.

13. Take inflation into account

The price of goods and services today will not be the same in 20 years. When you think about how much you will need to retire, take inflation into consideration.