In response to a survey of members of Generation X—500 people between age 25 and 40—that indicated 24% are hesitant to open an IRA because they don’t have enough money for the minimum investment, Charles Schwab has devised a number of recommendations for how they can save money.

Among the brokerage’s recommendations are: forgoing happy hour or fully loaded new cars, apportioning part of a raise to retirement, trimming on wedding expenses, not splurging all-out on purchases for a new baby and furnishing a new home with purchases from a discount store rather than a high-end boutique. For sports fans who buy season tickets, Schwab recommends splitting the expense with a friend.

“It’s great to see 20- and 30-somethings at least acknowledging they need to start saving for retirement,” said Carrie Schwab Pomerantz, chief strategist for consumer education at Charles Schwab. “Our job is to help them get beyond the roadblocks to save with advice and services that make it easy."

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