5 Tips and Habits to a Shorter Retirement
By Jack Freedman on September 11, 2025
By Jack Freedman, CFP®, NSSA®
Bickling Financial Services (BFS) understands how difficult it can be to try and plan for your future. When there is no immediate gratification, it can leave you wondering whether it was the right thing to do: even I would love to take the money I earn and go buy a new set of golf clubs or fly to an island somewhere. What’s even harder to do is to not grab a coffee/snack on my way into work or order dinner most nights. However, I will go over a few tips and tricks that can lead to the consistency that results in having more money for you to do what you really want.
Not Tracking the Small Stuff
Small expenses can cause big problems. Although not a concern at the time, habits like going out for coffee rather than making it at home, taking an Uber rather than driving, buying an extra drink out at dinner, or stopping at a more expensive gas station all cause the monthly credit card bill to increase. According to a New York Times article written by Lisa Rabasca Roepe, the average consumer spends $118 per month on food delivery and $78 per month at coffee shops. By reviewing your spending from the previous month, each month, can remind you of the opportunities to save money. Setting a goal for yourself to fix one spending habit at a time adds up quickly.
Carrying a Balance
Paying the minimum on a credit card, student loan, or auto loan can sometimes barely cover the interest that accrues. Debtors like your credit card company set the minimums low on purpose, so they end up collecting more in interest and fees over time! With Apple Pay, its even more convenient than ever to quickly and conveniently charge something to your card or even add to existing debt. Coming up with a plan with a financial planner to pay off debt can be a structured way of moving towards financial freedom and avoid the traps of today’s world. Avoid this sort of bad debt as much as you can.
Failing to Plan for Emergencies
Emergencies come in all shapes and sizes. Whether it’s losing a job and then no longer having your income to cover expenses, or planning to have a child which would bring additional costs, or falling ill suddenly and having extra expenses. No one knows what life can bring, so having an emergency fund is very important. Many say to have 3-6 months worth of expenses in a high yield savings account, but this can be overwhelming. Start small! Set a goal to save the money to live one month without a job, then move on to 2 months and so on. You’ll want to be ready when an emergency may present itself!
Increasing Your Spending
As our wealth grows, we tend to spend more money, thinking that we have more than we do. As we start to save and invest once leaving school, we may get a nicer apartment/housing amenities or buy nicer clothes. Then, we get more comfortable with our savings and as new raises come along, we decide we can afford a larger car payment or a nicer apartment. Then, as we have a big 401(k) and more in our savings, we decide a house is a good decision. As we go through the stages of life, costs typically increase with the amount of money we make. Ideally, as you make more you can create the of saving and investing more rather than spending more. Of course, it is nice to treat yourself while achieving a milestone but keeping your goals in sight is even more important. That’s where regular meetings with your financial planner can help in building the life that you have always dreamed of.
Spending Windfalls
The experience of tax season is either one that you enjoy or that you despise. As folks approach the 2026 tax season, they are preparing for a refund or to pay taxes to the federal government. More importantly, the potential windfall from a refund is something you want to plan for. Deciding what you will do with a bonus, an inheritance, or a tax refund can be imperative to your financial plan. Taking this seemingly “free money” and going on a trip or a casino is a quick way to being in the same position you were in before the windfall, rather than taking a piece or all of it and advancing your financial situation.
Please contact Bickling Financial Services at 781-862-9792 or visit www.bickling.com. We are here to address your concerns, answer your inquiries and advise on next steps.
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