6. Pay Off High-Interest Debt

High-interest debt, such as credit card debt, can significantly hinder your ability to save for retirement. Aim to pay off these debts as soon as possible to reduce your financial burden and free up more money for savings. Consider strategies like the debt snowball or debt avalanche methods to pay off your debts more efficiently.

7. Build an Emergency Fund

An emergency fund is a safety net that can cover unexpected expenses or financial hardships. Aim to save enough to cover 3-6 months’ worth of living expenses. This fund can also prevent you from dipping into your retirement savings in case of an emergency. Start small if necessary, and gradually build up your fund over time.