U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-15-2016, 04:24 PM
 
Location: Cochise county, AZ
4,970 posts, read 3,457,347 times
Reputation: 10494

Advertisements

I have to make a budget. I do allow myself to buy things on line & during the cold spell we are having, have now ordered groceries on line for the first time. I stay within the check I receive from ss but trying to get it down so I am under budget.
Reply With Quote Quick reply to this message

 
Old 01-15-2016, 04:28 PM
 
71,534 posts, read 71,712,424 times
Reputation: 49120
Quote:
Originally Posted by organic_donna View Post
I spent my whole life looking for ways to cut more fat from my budget. Retirement is for enjoying the money I worked so hard to save. If I have to try and cut back again, it would have to be from something catastrophic that has happened to me. I will worry about that if it happens and not now.
my view too . retirement is our reward for a life time of saving , investing and not buying or doing some things we wanted .

we always intended to live better in retirement then we did while working .
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 04:31 PM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
Reputation: 32304
I don't have a budget, nor have I ever had one. I have always just spent less than I took in, which came naturally to me and still does. However, I know there is some "fat" now, especially since I retired. If push came to shove, I could save money by:

1. Eating out less often (even though I do not presently eat at fancy restaurants).
2. Giving up my excellent seats at the Los Angeles Opera and the Los Angeles Master Chorale.
3. Scaling back or eliminating charitable giving.
5. Stop all traveling. (Not that I travel all that much. Last trip was five months ago).
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 04:32 PM
 
Location: southwestern PA
20,419 posts, read 37,643,126 times
Reputation: 39049
Quote:
Originally Posted by mathjak107 View Post
my view too . retirement is our reward for a life time of saving , investing and not buying or doing some things we wanted .

we always intended to live better in retirement then we did while working .
Our view also.
Retirement is the time to relax and enjoy.
We will have the time and the money to travel, see shows, whatever.
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 04:35 PM
 
Location: Florida
4,361 posts, read 3,698,498 times
Reputation: 4095
This is a hard question to answer as we could all look at the question differently.

I think you need several parts to the budget.

What you have to spend each year - rent/mortgage, taxes, utilities etc. The ones that are fixed can use the actual costs. Ones that vary can have a safety cushion added for additional use or increasing prices. Lets say 10% fat.

Next comes basic living expenses such as food, clothing, and the basic items you expect to buy. Again add 10% for safety.

Next comes items you can do without. Vacations, gifts to children, entertainment etc. This could all be fat.

You also need a capital budget, new car, home repairs, etc. This is not really fat but you have some ability to postpone the expenditure. This budget can cover a number of years.
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 04:36 PM
 
29,775 posts, read 34,863,854 times
Reputation: 11705
Fifty plus percent. Could be closer to 70 percent depending on definition of fat
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 04:38 PM
 
Location: Connecticut is my adopted home.
2,276 posts, read 3,078,911 times
Reputation: 7018
Quote:
Originally Posted by TuborgP View Post
Fifty plus percent. Could be closer to 70 percent depending on definition of fat
Same here. It helped that we moved from a high COL area to one quite a lot lower. We are used to keeping the belt tightened.
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 05:15 PM
 
Location: Wasilla, AK
7,241 posts, read 4,136,323 times
Reputation: 15643
Quote:
Originally Posted by Escort Rider View Post
I don't have a budget, nor have I ever had one. I have always just spent less than I took in, which came naturally to me and still does. However, I know there is some "fat" now, especially since I retired. If push came to shove, I could save money by:

1. Eating out less often (even though I do not presently eat at fancy restaurants).
2. Giving up my excellent seats at the Los Angeles Opera and the Los Angeles Master Chorale.
3. Scaling back or eliminating charitable giving.
5. Stop all traveling. (Not that I travel all that much. Last trip was five months ago).

Same here. We never had a budget and just spent less than we took in. If we had to, we could get rid of one house and two vehicles, as well as cable on the remaining house and a few other things.
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 05:35 PM
 
6,249 posts, read 4,728,813 times
Reputation: 12808
I have always absolutely detested the idea of a budget determining how much and on what I can spend my money. Even in the days of barely getting by, I had no budget. I rarely pay any attention to how much I spend in any one month period. I review a few times a year. If expenses are getting too high over a several month period, then it would be time to think about cutting back and postponing future expenses. A general idea of what fits within our income is all that is needed. Some people like to count every penny they spend. I would rather make a major cutback or get a part time job rather than deal with that.
Reply With Quote Quick reply to this message
 
Old 01-15-2016, 05:40 PM
 
Location: Close to an earthquake
890 posts, read 677,078 times
Reputation: 2390
Quote:
Originally Posted by jrkliny View Post
I have always absolutely detested the idea of a budget determining how much and on what I can spend my money. Even in the days of barely getting by, I had no budget. I rarely pay any attention to how much I spend in any one month period. I review a few times a year. If expenses are getting too high over a several month period, then it would be time to think about cutting back and postponing future expenses. A general idea of what fits within our income is all that is needed. Some people like to count every penny they spend. I would rather make a major cutback or get a part time job rather than deal with that.
I view a budget as a tool and not like in government budget where it's a not-to-exceed spending limit by line item.

Sounds like your method works for you and that's what matters. Good for you.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top