Retirement planning, unfortunately, is something that most don’t think about until the time is almost near. While some might have a retirement account through their employers, the effort to increase their savings for the future often takes a back seat. For obvious reasons, of course. Trying to sustain enough income to cover your day to day expenses is tough, often making it difficult to find areas to save more.
 

Though money may be tight, there are ways to cut back now which can help you to find more money to invest in your financial future. Here are a few suggestions:
 

1. Bundle your home entertainment services – If you’re paying separate bills for your phone, the Internet, and television services, you could be watching money go down the drain. To save on these services, look for packages or services you can bundle with DIRECTV which would allow you to have your phone, Internet, and television services for one monthly rate.
 

2. Ditch the data plan on your cell phone – If you have Internet at home, you really don’t need an unlimited data plan. There are also a lot of businesses that allow their customers to use free Wi-Fi. To save money you can either lower your data plan or cut it all together and use your free options.
 

3. Make sure your home is efficient – Utility costs can be several hundred dollars per month. This number is higher when the home is less efficient. Consider having an energy audit to find out if you’re letting money blow out the window. Some affordable ways to make your home more efficient would be to add weather stripping to doors, plastic to windows, and insulation in the attic.
 

4. Use coupons when shopping for groceries – The cost of food is another household expense that can be reduced. Start looking at coupons as money. Clip coupons and compare them to sales in your local grocery stores to get the best savings. Some stores offer double and triple coupon promotions allowing you to save even more on your grocery bill each month.
 

5. Cook at home instead of going out – The average person spends about $2,000 a year on dining out. Imagine how that would look in your retirement account in 10 years? While you don’t have to stop eating out altogether, try to minimize the number of times you do by cooking at home. Use online recipes and cooking shows to get creative with your meals.
 

6. Refinance your mortgage or renegotiate your rent – Homeowners have the opportunity to refinance their mortgage which can lower the interest rate for increased monthly savings. Though renters don’t have this opportunity, they can talk with their landlord about lowering the rent. Perhaps you’ll be responsible for all repairs less than $200 in exchange for $50 off the monthly rent. This would give you an annual savings of $600.
 

7. Shop second-hand clothes – You need clothes on your back but they don’t have to be expensive. Instead of heading to the mall, perhaps start shopping a thrift stores. You can find some clothing in really good condition for half of what it would cost you at a retail store.
 

8. Bundle your insurance – Bundling, as described above can provide customers with additional savings. There are insurance companies that sell car, life, and homeowners insurance. Shop around to see which company will offer you the best bundle rate for all of your policies.
 

Each of these methods of saving on household expenses may seem small individually, but they add up in the end. When you multiply that by however many years you have until retirement, you will be saving thousands of dollars towards something that benefits your future. By placing these funds into an interest-bearing account or investing in stock each year, you can multiply your savings even further.