Retirement is on the mind of every worker, even those who are relatively new to the workforce. Rising student debt combined with Social Security’s doubtful future have millennials worried about retirement, though they still have a long time to save up for it. This concern is compounded by the worry that current generations will live longer than previous generations, meaning that they will have to spend more money overall, especially for health care. Regardless of the point you have reached in your career, most people would appreciate the opportunity to retire as early as possible. Here are some general tips to think about and apply to your life in order to expedite the retirement process!

Increase Saving

This is not a sexy suggestion, but it makes the most sense and is the cornerstone of any retirement plan. Nothing is earned without sacrifice, and if you want to live a financially stable life in the future, you have to cut some corners in your present day life. This is especially relevant for retirement saving because longevity plays a vital role. Obviously the amount you put into your savings accounts is important, but there’s an annual limit and the amount grows over the years, so the earlier you start the better--- exponentially so!

Though this might be a bit extreme for some people, popular blogger Mr. Money Moustache claims you can cut your expenses in half, meaning you can put away up to 50% of your income into savings! Seeing as he retired at the age of 30, he might be onto something. But don’t worry, you don’t have to jump to 50% right away. The first step is to think critically about your expenses and cut out the ones that are wasteful and unnecessary. This is going to require some soul searching that might be painful at first, but stick it through because it’s an extremely important part of your financial plan.

Increase Income

Obviously saving becomes easier the more money you have. The easiest route to go would be to ask for a raise at your current job; know your worth and don’t be scared of negotiating. However, if that isn’t a currently viable option, consider making some side money. This can also be a good way to dabble in hobbies or other possible career options before making a full-time jump. Websites like Upwork make it easy to find people hiring freelancers and you have the added bonus of working your own hours in the comfort of your own home. You can do everything from marketing to graphic design to writing for companies and individuals. Think about what your special skills are, or skills you want to improve upon and then test the waters by taking on a few jobs.

Limit Lifestyle Inflation

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Okay, so now that you’re making more money, time to buy those designer shoes you’ve been eyeing, right? Wrong. Finally, you can order appetizers at a restaurant and splurge at happy hours! No. All of your added income should go directly into saving for retirement, otherwise you’re hustling only to have it go to waste. Before you start making more money on the side or before you get a raise, make sure you accurately track your spending and set budgets for yourself. Lifestyle inflation can subtly creep up on you so if you’re not being consciously vigilant, you might not realize it until it’s too late. If you’re not into excel sheets, try a mobile app like Mint. It takes the guesswork out of budgeting and helps you automatically keep track of your spending. You can also automate the saving process by having a set amount be transferring to your savings account on a monthly basis. Think of the new money you’re raking in as untouchable, and make sure it gets into a retirement savings account as soon as possible.

Perhaps you were looking for some easy ways or shortcuts to retire early, but this isn’t a Nigerian scam, this is reality. Educate yourself and then work relentlessly to stay on top of your finances and your financial goals. Self-discipline and long term planning is vital to this process, and are skills that you should be seeking to develop along with your financial portfolio. The unique steps you take are based on your preferences and the lifestyle you want for yourself now and in the future, but these three tips are the foundation for a successful and early retirement.

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