This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Elaine Banks from Lead Bank shared helpful information for those wanting to save for retirement when it seems like every dollar is going toward school or college.

1. Determine annual major expenses. Forecast for the estimated costs you will need for major purchases throughout the year as well as school supplies, clothes, etc.

2. Prioritize your expenses. Is it more important to boost up your small business inventory or participate in that school fundraiser coming up? Cut costs anywhere possible — even if you are profiting, this will increase your profits.

3. Allow yourself a cushion. Don’t budget to the last penny. Create an emergency fund when you’re in peak season so you have something to fall back on when business slows down.

Learn more from USA Today.