text: Financial freedom is hard to achieve when you are closer to turning 40, but it is more manageable and achievable if you start now. For instance, according to the average wage in America, a person should have saved at least $180k by the age of 40, and only then can they consider themselves financially successful. Financial advisors suggest keeping three times your salary for your retirement savings. Here are some crucial money moves that will help you build an empire by the time you retire:
  Have an emergency fund
  Miguel Á. Padriñán/ Pexels | Start by tracking your spending
  A fully loaded emergency fund is a good and effective backup to protect you in a state of crisis or losing your job. These savings should be enough to cover at least three to six months of your essential bills and cover unplanned bills that your insurance or paycheck cannot hide. Emergency funds can also prevent you from relying on your credit card and going into debt because of unexpected costs.
  Refinance your mortgage
  According to statistics, nearly 15 million people save approximately $250 per month by refinancing their mortgages. At this rate, you can save over $45k by refinancing your 30-year mortgage and pay off your debts sooner than planned.
  Automate your retirement money
  Crypto Crow/ Pexels | Now is the time you make your money work for you
  Stocking money in an IRA or 401(k) plan provides you with the opportunity to invest a small sum of your money and grow it into more considerable sums over time. You can also automate your retirement money by signing up to have money automatically deducted from your paycheck and transferred into your retirement account.
  Get rid of credit card debts
  The longer you keep your credit card debts pending, the more interest you have to pay. Pending your bills can cost you your entire savings for your children’s education and goals; instead, all your money would be monopolized by debts. Hence financial advisors suggest clearing off debts and paying bills as soon as possible. Maintaining a regular credit report is equally vital since these reports determine how much you will pay to borrow money for significant expenses such as mortgages. To keep a good credit report, you should review these reports at least once a year and check for any errors or misprints before paying off your credit card balance.
  Find ways to cut off extra expenses.
  Pixabay/ Pexels | Once you find your money leaks, start plugging them
  If your expenses are high, saving money for the future is a challenge. To solve this issue, you can cut off unnecessary and unessential spending, including things you can easily live without. To save more money, you can cancel unnecessary subscriptions such as Hulu, Disney+, or Amazon Prime that renew automatically. You can also commit yourself to eating out once a month and opt for community events that are free or provide low-cost foods and occasions. You should also remove your bank details or log out of your bank account on your phone and laptop to avoid being tempted by online shopping pages.
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