In our last post, we touched on the Weight Watchers model to retirement savings and how to take full advantage of this through your employer. In short, this model is meant to empower participants, automate savings, and add some excitement to the savings process.
But what are you going to do if your employer does not participate in the Weight Watchers concept, managed by the Savings Exchange? Although participating through your employer makes the process a bit easier, implementing the Weight Watchers model is also something you can do on your own.
Here are three tips to follow if you want to implement this program on your own:
- Setup an automated system in which money is taken from each paycheck and deposited directly into an IRA or other savings vehicle. If you cannot have a predetermined amount deposited into a retirement account from each paycheck, you can do this yourself after receiving the funds.
- Set goals. One of the biggest advantages of this concept is that goals are set at the start of the program. In addition to setting goals, and making sure you follow through with them, you can also make sure you track your monthly progress and reward yourself for reaching milestones.
- Setup a group of your own. Do you know of any family or friends who are interested in saving for retirement in a fun, effective way? If so, ask them to join you. The ability to lean on others throughout the savings process should not be underestimated. In addition, having a group will help motivate you towards your goal, and celebrate your milestones.
You don’t have to miss out just because your employer is not participating in this concept sponsored by the Savings Exchange. Instead, setup and manage your own program by following the three tips above.