Ask An Expert

How do I save more for today and for retirement? 

Joann North

Answered By

Michael R. Acosta, CFP®, ChFC®, CSLP®

Owner and Financial Planner at Genesis Wealth Planning, LLC

Michael.Acosta@cplanning.com

Question:

How do I save more for today and for retirement? 

Answer

One way to save more is to establish the habit of paying yourself first before you do anything else with your earned income.  It is also imperative to have a strong awareness of what your monthly inflows are compared to your monthly outflows.  If you’re net cash flow positive, then there is an opportunity cost to put these dollars to a higher and better use for your financial future or financial goals.