A newer version of your browser is available. Older versions may limit your ability to access some of this site's functionality. Citizens Bank recommends upgrading your browser.

Learn More

Download the newest version of Microsoft Internet Explorer

Clear Search

4 Ways to Find More Money to Invest in Your Future

  • 1. Cut back on impulse purchases
  • 2. Redirect cash-back rewards
  • 3. Save spare change
  • 4. Take on a side gig

By Stephen Sellner | Citizens Bank Staff

Looking to make some changes in the new year? Resolutions like losing weight and getting more sleep can positively impact your future, but so could another one: investing more.

That’s right — this could be the year when you prioritize your financial future. Contributing more today to your retirement and/or brokerage accounts could jumpstart your plan for retirement.

Still, there may not be extra money lying around to invest. If that were the case, you’d probably have done so by now. It’s a chore to find money that’s not already spoken for by your mortgage, insurance, children, and life’s other expenses.

But maybe it’s not as difficult as you think. How could you find extra money to put toward your future?

1. Cut back on impulse purchases

Let’s say you’re perusing online when an ad for $100 shoes catches your eye. Instead of dropping those into your shopping cart, show some restraint and, instead, put that $100 into one of your accounts.

Tempted to go shopping? Take the money you would’ve spent and put it towards something better — your future.

The thinking is simple: You were about to spend that money anyway on something that — in most cases — is a want, not a need. Put that money to work to help you catch up on your future goals. Once you feel your financial future is in better shape, you can go back to shopping.

2. Redirect cash-back rewards

Credit card companies are coming out with more attractive cash-back offerings. With that in mind, take those cash-back rewards and divert them to your retirement or brokerage account.

Again, these funds might seem trivial, but it’s income you’re not likely to miss. And over time, if invested properly, these cash-back rewards can make a difference.

3. Save spare change

Did you know you could fit 850 pennies in a piggy bank? Set aside a special piggy bank or just an empty jar to put all your spare dollars and coins into over the course of months. Then, when full, go to the bank and deposit that money accordingly.

4. Take on a side gig

By working a part-time job on the side, you might be able to direct some of that income to your 401(k), IRA, 403(b), brokerage account, or any account you’re using to save.

You don’t have to make a killing to make a big difference for your future. Investing $150 per month over 20 years’ time could yield more than $73,000*.

* This example assumes an annual rate of return of 7% and is for illustrative purposes only. It does not represent the performance of any investment or group of investments.

What to remember

As you can tell, none of these funding sources are glamorous or complicated. But inserting one or more of these subtle changes into your routine could make a monumental difference over time. Every little bit counts, and all those little bits could compound over time.

More information

Getting your retirement plan back on track can take some professional help. Learn how a 10-minute Citizens Retirement Checkup® can help you pave out a clear path to your future.

Not seeing what you're looking for?

#Json=Label_Lookup|Brand=citizensbank|ApplyToParentElement=|TargetElementType=|TargetElementId=|Key=Personalize your experience.#

May We Suggest

New to Citizens Bank? Here are some of our most requested products and most popular areas of interest.