If you’re currently reading this piece, then chances are that you must be a millennial. Although they know how critical it is to start saving for the future, many Nigerian millennials may not invest in a savings plan because they don’t have enough money. If you’re interested in saving for retirement but don’t think you have the resources to do so, follow these tips from the experts at Forbes Finance Council.

1. Save Your Tax Refund

Although it may not sound fun, saving your full tax refund is a smart move. Your tax refunds are already savings withdrawn from your paycheck. Put it aside for retirement and it will add up substantially throughout the years. – Stacy Francis, Francis Financial, Inc.   

2. Pay Yourself First

Focusing on the numbers alone can be frustrating for someone who has not saved before. The first step is to build the habit of paying yourself first. Start by saving a small amount that’s almost inconsequential for your disposable income to build the habit. It is hard to imagine what a small amount can turn into until you see it for yourself. After this, you can start to work toward saving 20% or more. – Vlad Rusz, Vlad Corp. USA

3. Set Realistic Expectations

Planning is important, but perhaps not as important as having realistic expectations about your current financial situation. You have to start somewhere — most people before you started small. As you plan for retirement, don’t lose sight of keeping your expectations realistic, as Rome was not built in a day. – Drew Gurley, Redbird Advisors

4. Track Your Expenses Carefully, Then Automate Your Savings

Though they’re not alone, Nigerian millennials tend to spend a lot on their wants rather than their needs. First, track all of your expenditures for a few weeks and note any excess. Next, set up an automatic deposit from your paycheck to your retirement account. This will ensure you’re saving and may also prevent you from spending when you don’t need to. – Atish Davda, EquityZen

5. Increase Your Savings By 1% Each Year

The earlier you begin to save for retirement, the less you have to save in the long run. Save what you feel comfortable with now, and increase that savings percentage by 1% every year until you are saving enough money to reach your goals. – Alexander Koury, Values Quest

6. Put Away As Much As You Can Today

Let’s admit that it’s tougher for millennials to save with today’s higher costs of living and student debt. My advice? Save until it hurts. Invest in your future by putting away as much money as you can today. Don’t drive a car that costs more than, say, 10% of your yearly salary, watch what you spend when going out to dinner, and keep watching your savings until you’ve bought a home and knocked down student debt. – Jared Weitz, United Capital Source Inc.

7. Start Investing ASAP And Take Advantage Of Compound Interest

Start saving for retirement as soon as you start working. The earlier you start, the more time you have to earn compound interest. There are benefits to compound interest that can help grow your money exponentially; it’s interest on top of interest on top of your principal investment. – Geanette Rodriguez-Ojeda, ARRI Rental

8. Don’t Touch Whatever You’re Putting Away For Retirement

Just start. Keep in mind that the money is for retirement, so make it off limits. Far too often I see people start saving a little bit of money and then jump into it on a whim. This defeats the purpose of saving for retirement. – Justin Goodbread, Heritage Investors