The economic crisis may have left you in a state of shock, realizing you may not be able to afford to do all the things you’ve planned for retirement. But retirement can still be enjoyable even if the state of the union isn’t optimal. There are ways to make small sacrifices so you can still enjoy your golden years.
Record all expenses, even if it’s a dollar or less. Besides good budgeting, keeping a strict account of finances allows you to know where you’re overspending. A good way to record expenses is to use your Founders Visa® Debit Card in combination with Founders Online Banking, so you can instantly view any purchases you’ve made for up to six months.
Examine areas where the most money is spent and then reduce or eliminate the extras. Remember that eliminating luxuries adds up to money that can be used for more important things.
As a retiree, you can easily get into a habit of eating out too much. Instead of eating out every week, (or even worse, several times a week), reserve dining out for vacations and special occasions. Try exploring new cooking techniques and recipes. Not only does eating at home save money, but you could emerge with a new hobby.
Invite other retirees over for a potluck dinner. Just be sure to tell guests to “keep it simple,” not fussing with elaborate dishes. The idea is to save money while having fun and getting to know one another.
This article was published in the Founders FCU's Springtimers Times Newsletter (June 2009). Portions of article taken from www.retirement-budgeting.suite101.com