Retirement may be  far away from some of us, but that is actually great news. It only means that we have all the time in the world to save up for a comfortable retirement lifestyle. But how does one envision and plan ahead for retirement? More to the point: How can one save a million for retirement? We can’t exactly assure that you’ll get a million (that, of course, is highly dependent on your discipline and acumen), but here are some tips that you can do to live comfortably after retirement.

It’s the cliché but really, start now

There’s no better time to save but now. The last thing you want to to do in pursuing this lifelong goal is to delay starting it.

Think through your investments

Aiming for a million sounds far-fetched when you think about your current income. It’s vital that you invest your money to different outlets for you to earn a passive income. Let’s say investing in the Philippine stock market for example.

Just do it

Stop saying to people that you’ll start saving and start on actually doing it. If you’re at a loss on how to start saving, then here’s a good money challenge by the Kuripot Pinay.

Be a smart spender

There’s no need to be extremely frugal to save heaps of cash. It’s all about spending your money wisely. Think of every transaction you do as an investment, which means that there’s nothing wrong with purchasing expensive items—as long as they will be really useful to you (be honest with this).

Find an accountability partner

Find someone who’ll remind you from time to time if you’re right on track—and when you’re off the path. Sometimes self-evaluation isn’t enough, therefore it’s important to have that one person to help you out.

 Settle your debts

Incurring debts is inevitable, but you have to settle them as soon as possible if your goal is to save for your retirement. Don’t delay it too long or else you might find yourself using your saved million to pay off years of debt.

Lay it out by the numbers

Familiarize yourself with excel sheets because you’ll need to use it to create year-by-year projections that will allow you to track your progress, whereas this method also doubles as a constant reminder of your long term goal.

Never ever touch it

Remember that your retirement savings is different from your emergency savings. Therefore it’s of utmost importance that you never touch this fund at all—unless you’re hit by a life and death situation that demands more from your emergency savings

Got other tips to save up for a million for retirement? Enlighten us below!