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Although Orman admitted to being concerned about those results, she wasnt surprised.
Part of the problem is that not enough people prioritizeretirement savings.
Are you doing everything you’ve got the option to to save more for retirement?
Eliminate Non-Essential Purchases for Three Months
Orman breaks down expenses into needs and wants.
The first group includes essential items such as housing, groceries, utilities and gas.
The second group includes everything else.
Orman recommends committing to only need purchases for three months.
This can have a dual benefit.
First, the money you save can be put toward retirement savings.
Orman uses the example of a car.
Instead, buy a cheaper car and put the savings toward your retirement fund.
If you cant afford to buy your kids everything, theres no reason to feel guilty about it.
This is not punishment for your kids, Orman wrote.
Set expectations [and] explain your goals (financial security in retirement).
Every $10, $20, $50 matters.
The goal is to make modest shifts that move you in the right direction, Orman noted.
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