When it comes to your retirement fund, you don’t want to take any chances. Given the incredibly uncertain state of the world right now, knowing that you are moving steadily towards your saving goals is crucial. A lot of us have had to dip into our rainy-day fund over the last year or so, so we’ve put together a list of tiny changes that can help you save money.

Get Started Right Now

One of the biggest mistakes that many people make with their retirement fund is that they leave it until far too late to start saving. No matter how much you are putting into your fund each month, the earlier you start, the better off you will be.

It sounds simple, but this is one of the main reasons that so many people start to panic when they get to the age where their future is something to consider seriously.

Find Out What Your Employer’s Pension Scheme Is

When you are just starting at a new job, it won’t necessarily occur to you to pay too much attention to what your new employer’s pension scheme offers. However, many companies offer generous retirement savings options (such as matching contributions) that you should definitely take advantage of.

Consider Your Stock Portfolio

Investing in stocks and bonds is a classic way to add a little extra to your retirement savings, but if you want to get closer to your goal quicker, then you might need to re-evaluate your strategy.

Taking a chance on some stocks could give you a real boost, but we would always recommend doing plenty of research ahead of time and diversifying your portfolio rather than putting all your eggs in one basket.

Talk to a Financial Advisor

We are all occasionally guilty of thinking that we can do everything ourselves, but if you are finding it hard to meet your savings goal, then talking to an expert could be just what you need. Yes, a financial advisor is an additional expense, but they can help you manage your savings and talk you through ideas to make those savings work harder. Many banks in the UAE like ADCB offer good wealth management programs that can help you reach your saving goals.

Make A Budget

Even if you decide to skip talking to a financial advisor, it is still a very sensible idea to create a detailed budget. Knowing exactly where your money is going each day, week and month will help you to identify areas where you can cut down (maybe it’s time to bring your coffee and lunch to work rather than buying it on the way, for example). You will know how long it will take you to pay off existing debts and plan accordingly.

Having a detailed budget laid out can also help you get into better saving habits. If you can spot that unnecessary expense (like paying for a streaming service you no longer use), why not channel that amount directly into your savings account?