University of Illinois Extension provides practical, research-based information and programs to help individuals, families, farms, businesses and communities. Our mission is to help you put knowledge to work.

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Plan Well, Retire Well: Your how-to guide

Financial Tips

Is your money going down the drain? In a typical home, water leaks account for nearly 13% of indoor water use. Fix those leaks, and save money in the long run. If your water bill typically costs $35 a month, you could save over $100 in two years.

Keeping your financial papers organized can help you save money. Every day as you receive bills 1) open them, 2) check their accuracy, 3) throw out fillers, and 4) file bills in a To Be Paid file. Then, set aside time once or twice a month to pay all bills in the file.

Let your money work for you! Saving just $20/month for two years adds up fast. At 5% interest you’ll be over $500 richer!

Money decisions affect everyone in your household. Plans to save money or cut debt will be accepted better when everyone has input. Try to have regular family meetings to discuss money issues. Encourage everyone to speak freely at the meetings, and be prepared to compromise.

Save money on your insurance costs. Pay your premium annually or allow automatic deduction from your checking account to save finance charges. Usually the less bookkeeping a company has to do, the lower your premium will be.