How to Save for Retirement on a Single Income

Saving for retirement for you and your spouse is like climbing a hill in three ways:

1. You can’t achieve your goal without taking the first step.
2. It’s a gradual progress.
3. It’s easier with a contributing partner.

But when your partner can’t contribute, saving enough money for two people instead of just one on a single income is like climbing a mountain; it takes a lot of strategic planning and hard work. If you’re saving for retirement on just one income — either for yourself or also for your spouse — here are some steps you can take to lighten the load and help you build your savings faster:

1. Set a specific retirement savings goal.

Setting your goal to “save money” is noble, but not specific enough. The more details you apply to your goal, such as the amount of money you need and a time frame, the more you can plan for milestones and stay motivated. A better goal to set, for example, would be “save $4,800 a year.” You can break it down into monthly numbers (“save $400 a month”), making it clear and reachable.

You can determine if you’re saving enough money for retirement by using CNN Money’s calculator. Just enter your current age, your retirement age, the amount of money you have saved so far, your current income and your savings rate.

2. Cut back on certain expenditures before retirement.

Reducing superfluous spending is one of the biggest ways you can set more money aside for your retirement nest egg. Set a budget for yourself, and start practicing discipline. The sooner you can establish frugal habits, the faster you’ll be able to reach your retirement goals.

If you’re saving for two retirements, make sure your partner understands the budget goals and isn’t draining the single-income account. Here are some ways you can reduce your spending:

• Start carpooling to work or taking public transit.
• Get on a strict meal plan and grocery budget to avoid impulse shopping and wasted food.
• Learn new skills such as sewing and handiwork so you don’t have to spend money on new clothes or household repair services.
• Cut your cell phone bill in half (or more) by switching to a cheaper plan.
• Use Netflix or Hulu instead of expensive cable TV.
• Invite people over instead of going out for drinks or a movie.
• Bring your lunch to work instead of eating out every day.

3. Get rid of any existing debt.

By the time you’re ready to retire, maybe your student loans and mortgage will be paid off. But, maybe you’ll have to deal with other forms of debt, such as credit card and car loan debt.

The interest you accrue over time is money you’re giving up that could have gone into your retirement savings account. So, the faster you pay off your debt, the less money you’ll waste on interest. See if you can consolidate your credit card debt or refinance your car loan to reduce interest and help you get out of debt.

Related: 9 Ways to Deal With Debt in Retirement

4. Put your money in retirement accounts.

When it comes to investing for your retirement, you have options. Roth IRAs, traditional IRAs and 401(k)s, for example, can help you save up enough money for retirement.

As you start setting money aside for retirement, consider your needs and time frame. If you are saving for two people, you might want to go with whichever option will bring you the highest yield. If you’re limited on time, going with a short-term solution might be the best route to take.

5. Find side work to boost your income.

You might have a skill that you could turn into extra income. Freelancing, consulting, babysitting or doing odd jobs can bring in a few hundred dollars a month, which might contribute significantly to your retirement budget. If your spouse picks up some work as well, that could relieve some of the pressure that’s been placed on you to save for retirement.

6. Rethink your taxes.

If you are moving from two incomes to one, you might want to adjust your tax withholding on your W-4. The IRS website features a withholding calculator that can help you determine your federal income tax withholding. Also, try to meet with a tax professional and make sure you are deducting everything you can on your taxes.

As you work toward retirement for just yourself or for you and your spouse, remember that your retirement fund can go a long way. Simplifying your life, cutting back on spending and finding additional ways to earn money now are smart ways to save.

This article originally appeared on GOBankingRates.com: How to Save for Retirement on a Single Income

This article by Tess Frame first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.