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Sure, you’ve been a hard worker your entire life. You’ve scrimped and saved and kept to a strict budget for decades, and now you are a little scared to spend that hard-earned money sitting in your retirement account. While you know you need to watch what you spend on a day-to-day basis when you are in your golden years, you may be more frugal than you need to be. Here are a few ways you can save more money now to enjoy more spending freedom when you are retired.


Come up with a budget for retirement


Knowing how much money you will need in the future will help shift your mind out of survival mode. Track your expenses carefully for at least three months or so to determine what exactly you will need when you retire. You’ll gain insight into how much cash you will need to keep living the lifestyle you enjoy when you hit retirement age. Budgeting your money will also help you learn where you are spending unnecessary cash and how you can cut back.


Make sure your taxes are paid sooner than later


Remember, you’ll be paying taxes on the money you take from your investment funds when you retire. Many retirees do not realize how much this can be! You’ll want to keep an eye out for ways you can lower the amount of taxes you’re going to be responsible for when you do get into your retirement funds. Check out tax-free income accounts, such as health savings accounts and Roth IRAs.


Don’t worry if you are a bit selfish


Many parents are eager to foot the bill when it comes to children, grandchildren, and even close friends. Sure, these are extravagant gestures, but it is important to save for yourself first and foremost. Dipping into your retirement savings to pay for an all-inclusive cruise for ten of your closest family members can put a huge dent in the money you will need for later. Your family will be happy you are looking at your future, so don’t worry that they will be upset if you can’t throw money around right now. They will also be happy years from now when they do not have to support you financially!