3 Everyday Habits That Could Be Sabotaging Your Retirement Savings

Building retirement savings takes hard work and commitment. But it's also a matter of making smart financial decisions day in and out.

Sometimes, even seemingly harmless habits can get in the way of building a retirement nest egg. Here are three habits that may be preventing you from contributing to your retirement account steadily -- and setting yourself up for a secure future.

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1. Only saving leftover money

A lot of people aim to cover their bills during the month and save their leftover money. The problem with this approach is that retirement savings become an afterthought. And if there's not much or any money left at the end of the month, it means your savings may not get funded.

A better approach? Change the order. Put money into your retirement savings at the start of the month, and then tackle your remaining bills.

With a 401(k) plan, this is done automatically. Contributions are deducted from your paychecks so the amount that hits your checking account each month represents money you're free to spend.

If you have an IRA, set up automatic contribution so that each time you're paid, a portion of your paycheck goes into your retirement savings off the bat. That way, you take away the option to spend it that money on other things.

2. Ignoring small expenses

Whether it's a $5 latte here or a $15 takeout order there, many of us spend money on small, one-off expenses. Individually, these extra costs may not seem like a big deal. Collectively, they could end up getting in the way of your retirement savings goals.

There's nothing wrong with spending money on extras. But don't just make these purchases on a whim -- budget for them. Allocate $100 of your paycheck for one-off splurges and perhaps cut back in a different spending category to ensure that you're able to keep steadily funding your retirement savings.

3. Not paying your credit cards in full

Credit cards give you the leeway to pay just your minimums each month. You may be someone who takes advantage of that option and carries small balances from time to time -- or maybe somewhat frequently.

The problem is that any credit card balance you don't pay in full costs you money in interest automatically (unless you have a 0% introductory rate, which may be the exception). The more interest you pay, the less money you'll have available for retirement savings.

A better idea is to track your credit card spending during the month and aim to only charge expenses your paycheck can cover by the time your bills are due. You may be surprised at the amount of money you're able to save by not owing interest all the time.

Retirement savings are often shaped by everyday habits. The good news is that small changes on your part could help you supercharge your savings and set yourself up for a secure retirement. To that end, aim to put money into savings first, track and budget for small expenses, and pay your credit cards in full every month you're able to.

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