Some people don’t retire until they’re in their 60s or 70s. However, if you’re looking to retire at a reasonably younger age, perhaps by your mid-50s or even earlier, the sooner you begin preparing, the better.

Here are some budgeting tips on how to save money and retire at a reasonable age: 

1. Live within your means. This is the key to having enough money to pay your living expenses, as well as enough extra cash for emergencies. On average, your housing expense should not exceed 35 percent of your income, and transportation costs should not go beyond 15 percent of your income. Also, make adjustments as required.

2. Start saving. Get into a routine of paying yourself first to build a nest egg. This increases personal savings and might allow you to retire at a reasonable age. However, if you were to lose your job or stop working for a few weeks due to illness, the money you have in savings can keep you afloat. Plan for the unexpected and aim to save a minimum of 10 percent of your income each month.

3. Limit extras. Expensive vacations, unnecessary shopping trips and constant dining out can consume a huge portion of extra money. These expenses can also result in debt accumulation. According to the Spending Plan Pie Chart, all extra expenses for the month, expenses other than debt payments, housing, transportation and savings, should not exceed 25 percent of income. Practically spend on groceries, entertainment, shopping and other miscellaneous expenses. To avoid overspending, decide how much you’re going to spend on each extra expense each month. Keep receipts for your records, and then frequently review your spending to be sure you stay on track.

4. Get rid of debt. Owing thousands of dollars on credit cards can delay retiring, as well as mortgage payment or auto loan payment. Aim to avoid credit card debt by paying off any new charge each month. If you purchase a home, talk to your lender about a biweekly mortgage or a 15-year mortgage loan. Both help pay down the mortgage balance faster and you’ll spend less on mortgage interest.

5. Hire a financial planner to help you plan. This professional can offer advice on budgeting, saving, investing and retirement planning. If your employer offers a retirement account, contribute a percentage of your income to begin preparing for an early retirement. Moreover, consider other retirement accounts and savings options, such as opening an individual retirement account or money market account.

Financial security in retirement doesn’t just happen. It takes good money management, planning and commitment and, yes, money. Putting money away for retirement is a habit we can all live with. Remember, saving matters for a happier retirement.