Scrambling to finish your taxes this weekend? Take a few extra minutes to put some extra money into your Individual Retirement Arrangement (IRA) for the 2012 tax year. If you don't have an IRA, print out the forms, fill them out and put them in the mail. If you do have an IRA, but you don't have the cash to contribute, sketch out a plan to increase your contributions for 2013.
Three ways you can find money for your IRA include:
- Start by saving 1% in your IRA. Increase by 1% each month until your budget is screaming for help.
- Allocate any mid-year pay raises due to time-in-service directly to your IRA.
- Quit one bad habit and save that money. Soda, dip, beer, cigars, wine, McDonalds - most of us have something that is expensive and bad for us.
Stop reading and go do it!