Building a nest egg on one salary

Whether you are a single parent or a couple with one of you at home full time, figuring out how to pay for the everyday expenses of being a family while also saving for retirement on just one paycheck is a tough challenge. Consider some of these paycheck-stretching moves:

. Don't get a tax refund. I know many of you get excited waiting for your federal tax refund. Here's a newsflash for you: If you are getting a refund, you are making a mistake. In effect, you have lent the money out to Uncle Sam interest-free for the year. Besides, a lot of folks tend to go crazy with their refund and spend it on some indulgence. Adjust your withholding so you don't have so much of your paycheck siphoned off to the IRS during the year. That will increase your paycheck, which means you've got some extra cash to earmark for retirement fund investing.

. Reduce your credit card interest rate. My best advice is to not have any credit card debt at all, but if you do, you should do everything possible to snag a low rate. First, check your FICO score. If you are in the top range of 720 or higher, you should either be able to talk your current credit card issuer into a rate below 10 percent, or do a balance transfer to a new card that is offering you a great introductory rate. Make sure the normal rate you will pay after the teaser period expires is still a good deal.

. Don't save (or save less) for your kid's college education. You cannot afford to save for your kid's college education if it means you will be shortchanging your retirement investing. Your child can get aid and loans for college. No one is going to be ready to help you in retirement.

. Love your children — don't indulge them. Look, I get that kids want to have the same wardrobe and gizmos as their friends. That's just human nature. But this is one of those places where the hard work of parenting needs to be done. Take a look at your credit card statements for the past three months. I bet there are a few hundred dollars spent on indulgences for your kids. That's got to stop. You have to start teaching them about being fiscally responsible. A $150 pair of jeans or an iPod is not some monthly birthright. If they want to keep up with the high school Joneses, then they can get a part-time job. That's not punishment. That's stand-up parenting.

. Watch those selfindulgences, too. It's not all about the kids. You have a bad day at work and reward yourself with a new pair of shoes. Or you go out to lunch with the gang at work five days a week. Cut back and you are looking at extra savings. Bring lunch to work once in a while, and you have more money to invest in your retirement fund. Small sacrifices are crucial to the success of any savings plan.

. Get smart with insurance deductibles. If you have a low deductible, call your insurance company and see how much your premium will fall if you increase your deductible to either $1,000 or $2,000. I know this one seems counterintuitive, but insurance is best used for big-time accidents. Small claims tend to aggravate the insurance company, and in response it will boost your premium or eventually deny you coverage altogether. Get a policy with a higher deductible. In return, you can see your premium cost drop 10 percent to 20 percent or more. Also look into the premium reduction you can get by having your auto insurance and home insurance with the same company. That's typically good for another 10 percent premium reduction.

. Consider making a move. This one is admittedly a very big step, but it can make all the difference for you and your family. If you live in an expensive region or one where you feel compelled to enroll your kids in private school, it makes sense to consider moving to a new area. It may even be just a few miles away. Just think of the financial breathing room it could give you.

. Drive your car for five years, not three. If you bought your car with a three- or four-year loan, keep driving the car for at least one year after you have finished paying off the loan. If you can stretch it to two or three years of loan-free driving, you are going to be in even better shape. The strategy here is that you can take the monthly payment that previously had to go to the car lender and now just pay it to yourself each month.

— Suze Orman is a best -selling author and Emm y a ward-winning TV host w hose new book, "W omen and Money," was published in Mar ch 2007. For details, please visit www. suzeorman.com.