Pennies Today, Dollars Tomorrow

An extra $100 a month
Take a person who saves just $100 more a month, which amounts to $1,200 more a year. If you put an extra $1,200 in your kindergartner’s college fund every year, it would turn into $22,318 by the time he/she heads to college. That assumes a pretty conservative 5% growth rate.

So, where are you going to come up with an extra $100 a month? Here are a few tips on finding cash without drastically changing your lifestyle.

• Contribute an extra 1% of your salary to your 401(k) or other pre-tax savings plan. Because the money is withdrawn before taxes, you’ll “lose” less than 1% from your take-home pay. You likely won’t notice the difference, but your retirement fund will fatten up faster.

• Review your credit card bills and cancel anything you don’t use. (Gym membership? Magazines you don’t read?)

• Look at your car insurance. It probably renews automatically, so giving it a once-over can be a great way to find savings. Ask for a lower rate, increase your deductible, or switch to a competitor with a better deal.

Don’t Miss the Company Match!
Did you know the company matches the contributions you make to your 401(k) plan? Upon eligibility, Wittenbach will match a contribution of $0.20 for each $1.00 you contribute, up to 6%. That’s free money! To learn more about your 401(k) benefits, click here.