According to a Bank of America survey conducted last year, 26% of households spend more than 95% of their monthly income on necessities, leaving them very little for discretionary spending or saving. Even if 95% of your income isn’t spent before you receive it, saving for retirement can be challenging, and advice to maximize your 401(k) may sound like a pipe dream.

If you think you can’t afford to contribute to your retirement account, stick with us here. There may be ways to maximize your 401(k) that you haven’t considered.

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1. Trim your budget

Even if you believe every dollar of your income is spoken for, give your household budget a quick once-over. Cuts may or may not be available, but it’s worthwhile to look for:

• Unused (or rarely used) subscriptions, including streaming services, magazine subscriptions, and periodically delivered boxes like GQ or Scent of the Month. Decide what you need and what can be cut.
• How much you spend ordering food away from home. For example, if you usually dine out twice a week, determine how much you would save by cutting that by half.
• The types of products you buy. If you usually purchase name-brand products, try generic alternatives. It could save you an average of 40% on everyday items like groceries and cleaning products.
• Whether you comparison shop before making a purchase. It’s a good idea to check for the lowest price in your area before making a purchase.
• If you usually take advantage of coupons. It’s worth checking to see if you can make a purchase for less cash.

The goal is to find ways to trim your budget without feeling the pinch. Any money saved can be redirected to your retirement account.

2. Grab low-hanging fruit

If your employer offers to match a percentage of your retirement contributions, take advantage of the free money. Let’s say they’ll match 3% of contributions. Aim to contribute at least that amount. You may be surprised by how little it actually takes out of your paycheck. Most 401(k) contributions are made pre-tax, so you don’t pay tax on them until you begin making withdrawals in retirement.

Let’s say you earn $50,000 annually and contribute 3%. You can subtract that $1,500 from your taxable income, meaning you’ll pay taxes on $48,500 instead of $50,000. What’s more, if your employer matches 3%, you’ll end the year with $3,000 deposited into your account instead of $1,500.

3. Stick around

If you take advantage of an employer match, be sure to stick around long enough to be vested. Any contributions you make are automatically vested, meaning you have full ownership. However, matching funds are not typically vested right away. 401(k) vesting schedules vary, but most require you to stay on the job for three to six years. Find out how long it will take for all your 401(k) funds to be vested, and do your best to stick with the employer until it’s all yours.

4. Make gradual increases

It’s OK to start with minimal contributions and slowly increase the amount that comes out of your paycheck. Planning for retirement is a marathon, not a sprint. If the most you can do right now is 1%, sign up and consider increasing that amount by 1% annually.

5. Resist the temptation

No matter how tempted you are to cash out a 401(k) to pay off bills or put money down on a house, don’t do it. Taking money out of your 401(k) for any reason robs you of compound growth and could result in a steep penalty and higher-than-expected income taxes.

6. Reduce debt

If existing debt stands between you and your ability to invest in the future, focus on jettisoning that debt as quickly as possible.

Suppose you’re carrying $12,000 in credit card debt and paying an average annual interest rate of 25%. Your minimum monthly payment is $360, which you plan to continue to pay even as your credit card balance drops. At that rate, it will take 59 months to pay the credit card off in full, and you’ll spend $8,898 in interest.

Now, imagine you chip away at that debt until it’s paid off and redirect the money to a 401(k), paying an average annual return of 7%. Thanks to compound interest working in your favor, here’s how much you might expect to have in your retirement fund:

• In 10 years: $59,687
• In 15 years: $108,557
• In 20 years, $177,101

An old adage says if you’re going to eat an elephant, the way to do it is one bite at a time. The same is true of retirement planning. It may be a huge task, but it’s possible if you take one small step at a time.

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