After the kids have left home parents find themselves with extra money to spend. This time can provide a bit of financial freedom that can lead to overspending, that could jeopardize retirement.
Below are a few ways you can avoid overspending and prepare you for retirement.
1. Whenever possible pay cash - once a week withdraw money
from the back and use that as your budget. Using cash for
purchases reduces the likelyhood of overspending.
2. Maintain a financial journal - track daily expenditures - write
down all your monthly expenditures. Review your activity
to see where anything could be saved.
3. Limit luxury spending - It's easy to reward yourselves with
luxury items - this may spread finances to thin - determine
whether or not it's a luxury or necessity before you purchase.
4. Senior discount to save $$$$ - Many companies offer senior
discounts including gyms, restaurants, movie theaters etc.
The savings can add up over time. You can cash in on
your lifelong experiences and no one has to know!
More retirement information
www.reversemortgagesspecialist.com
314-556-4100
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