If you are young you probably do not think very often about getting old and probably think even less about matters like retirement. But, regardless of your age, it is important to consider saving for your golden years and the sooner you can get started the better off you will be when they come along.

One of the best and easiest ways to save money for your retirement is to take advantage of your tax-deferred 401(k) or IRAs, but there are some pitfalls with them that you need to know about. The most common is that when you retire, these savings are then exposed to the taxes that they were once sheltered from. It is important then to take care in how you save, not just in the amount.

You might believe you’ve saved enough to buy that condo on the beach for your retirement, but Uncle Sam could gobble it up if you haven’t done the right thing to avoid this problem. You may have crammed your IRA with stock funds from those giant companies, but when you retire and the taxman gets at it, it will be taxed as high as 35%. If what you are saving is extremely tax efficient, then you are not saving much by keeping it in a tax-deferred account.

You are legally allowed to make withdrawals from your IRA between the ages of 50 ½ and 70 ½, so what you should do is make regular withdrawals and place them into a tax-sheltered option such as a Roth IRA. Tax-sheltered annuity trusts are another option if your income is too much to qualify for the Roth IRA.

While saving in a bank account is better than nothing, it is certainly not the best way to invest your money. Banks don’t give very good interest rates, especially on smaller amounts, so you need to be a bit more aggressive in the way you invest. Learning about stocks, bonds and annuities is an investment in your future.

There are many online helps and calculators for retirement plans and savings. They will help you estimate how much you will need to save for your retirement, among other things. While these are helpful, the rules for retirement savings are many and complicated, so it is wise to get advice from a professional.  Even if you have learned lots about investing, a professional is trained in all those finer points that you may have missed out on due to other work pressures.

 
 

One of the best ways to save money on buying a car is to buy a used one. That doesn’t mean you should buy something that is a clapped out old rust-bucket. This will only cost you more in the long run for repairs. But if you buy a used car that is in good condition, then you’ll be ahead by at least half the new purchase price plus the interest you would have paid on the loan.

Another way to save on buying a car is to buy it at the end of the month, but never wait until then to show up. Salesmen have a monthly quota to sell and if they haven’t filled it they’ll be desperate to do so - to the point that you may not be able to resist their sales ploys. After all, they are trained to sell - you’re not trained to resist.  While the end of the month is a good time to buy, you should be smart and show up mid-month, take away all the details, get your own financing and then go back towards the end of the month.

Once you have that car home, you’ll need to look after it. Keeping it under cover will extend its life both inside and outside. Rust will soon appear in a car that’s kept on the street and the high temperatures inside will fade and wear out the dash and seats. Always have regular tune-ups done as these will increase the life of the engine and save on costly repairs. It’s not hard to learn how to check the air filter; it should be done every month. Clean it by blowing out the junk with an air hose or replace it altogether. A clean air filter will save on the cost of fuel consumption by up to 10%.

Steel-belted radial tires will also save about the same on fuel consumption. Find out what the inflation pressure should be and check it regularly. Under-inflated tires can cost you another 6% in fuel consumption. Making sure your tires are properly balanced will increase their life by preventing unnecessary tread wear.

Keep your car hydrated with the fluids it needs. Battery, radiator, clutch, automatic transmission and brake fluids all need to be checked. To save money running your car, always buy the correct gas and other fluids for it. If the engine was built to run on regular gas then use it, not something else.

The way you drive is also important for fuel economy. If you start off by stamping on the accelerator you will use much more gas than easing smoothly into your preferred speed. Driving with one foot on the brake will tend to wear out those brake pads faster then needed, while holding your foot down on the clutch - e.g. at the traffic lights - in a manual car, will cause it to wear out quickly.