The Top Ten Ways To Budget in Retirement

Introduction

It can be hard to plan a budget when in retirement but it is also very important to plan ahead and get the budget together before retirement even begins. If you don't know where to start, go ahead and take a look at these great tips to help you or a loved one along the way to enjoying retirement while on a budget.

Step 1

While in retirement you will need to figure out what your monthly income will be from all sources. Take into consideration pensions, part time jobs, social security, annuities, and more. You know what you have put money in so figure out what you'll have for monthly income while in retirement.

Step 2

Write down any and all expenses that you anticipate while being in retirement. This will include bills such as rent, mortgage, electric, food, water, car payment, car insurance, health insurance, extra spending money. Write down anything and everything so you can get an idea of what you will be spending each month.

Step 3

If you like going to the movies, you can budget by going to the matinee or senior citizen discount times and save money that way. Bring your own water bottle so you don't have to spend money on drinks. Eat before you go and save money that way as well.

Step 4

Consider selling your car to save you monthly expenses such as car payment, car insurance, and needing money for gas. Taking the bus is an extremely cheaper way to budget or you can set up car pooling with friends or family members. This may not be ideal for some but if you aren't one to use a car much, it can really make it easier on your budget while in retirement.

Step 5

Consider buying bulk groceries. Buying bulk saves you a lot of money. You will have to take the time to separate the food into single servings and freezing it but it will save you a lot of money and time in the long run. This will also help you to have a quick healthy meal when you are just too tired. While in retirement this will surely help your budget.

Step 6

Set a once a month out to eat routine while in retirement. It can be tempting to go out with friends often but if you are on a tight budget you will have to do with what you can afford. Most likely once a month will help keep your budget in check.

Step 7

Cutting coupons while in retirement or not can help with sticking to a budget and saving money.

Step 8

Keep utility bills in check. Lower a cell phone bill, cable bill, and electric by carefully monitoring your charges. Get rid of what you are not using if you are in retirement.

Step 9

Think of things you can do at home for entertainment instead of going out and spending money.

Step 10

While in retirement you can also get a part time job to help with your budget.

Tips

Get a part time job.

Cut down on out to eat cost.

Take the bus instead of a car.

Cut coupons.

Find things to do at home instead of going out spending money.

Save, save, save before going into retirement.

Comments