Retirement Investing and Maintaining a Budget

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Retirement Investing and Maintaining a Budget


2010

By Ric Dalberri, Founder of Retirement USA

The first step to avoid financial debt within retirement
investing is to create and maintain a budget. It’s easy, simple and can be fun.

Take an inventory of expenses with a list. You must include
everything in order to get an accurate accounting for your retirement
investing.

Don’t forget the simplest of expenses. I.E: purchasing of
lottery tickets, gas for the lawnmower, incidentals, etc. A great way is to
keep a log and receipts for everything for a least one month.

Next, calculate income. Your main income, side income and investments,
etc.  Does your income cover your
expenses?  It should with a surplus. You
may need to add some new expenses in your retirement investing.

Remember, you are investing in your retirement by
calculating the cost of everything. Keep in mind that an executed budget will
allow you to not only meet your expenses, it will also enable you to pay back
outstanding debt, meet monthly expenses and place money into your savings or
retirement investing.

Reduce your spending habits. You will see this by your log
& receipts.

This may seem a little extravagant but you will soon see the
importance to it. Pay cash for everything you can and not use a charge card. If
you use a debit card, keep accurate records to record the purchase in your
checkbook. You may have to start to clip coupons. Something you may never
thought of before. If you don’t need your home phone for a security system, get
rid of it and only keep your cell phones. Only use them with plans that have
anytime minutes, texts and the like. Keep in mind that these anytime minutes
plans only apply to cell phone to cell phone. So if you call a lot of land
lines ( who knows why you would) this won’t work for you. If you are still
working, brown bag it. Can you refinance your mortgage or are you ready to sell
your real estate and downsize? Gee, another savings for you.

Maybe you can bundle your insurances.  Home, auto, life, health. Check with your
agent.



 

How can you save any monies these days? Well, first you have
to put yourself first on your list of monthly expenses. Before you stroke any
checks or online bill pay, you must set a certain amount for your savings
account. An additional way to save is to put all your change at the end of the
day in a jar. At the end of the month you will have accumulated more than you think.
When you’re at the store and it’s time to pay, pay with bills and don’t use any
change in your pocket.

You may feel discouraged at first. However a little tweaking
may have to take place every now and then.

Warning….plastic can be hazardous to your financial health.
You know what plastic I mean. Your credit cards.  If you must, cut them up or keep one in a safe
place ( not your wallet) for emergencies only. Another way to help save is how
you use products. You don’t have to pay more for a product that will give you
the same results. Don’t be a label or brand name shopper.

All of these tips will certainly help you in your retirement
investing and planning.

Adjust your attitude and your lifestyle. You will benefit.