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Well, I just got back from my old job where I used to work before I retired.LOL how naive to have thought I could enjoy the rest of these years. (62). I am going to HAVE to work. Each end of the month I am robbing the coin jar to see if we can buy a bag of beans and have enough gas to go to the store. I am not exaggerating. I need to meet a budget person that can tell me where all the money goes......I think it's a pretty sure thing about my old job and I am excited but to think I am losing out not being at home relaxing and watching the sunset. I guess I'm having a pity party and thank you all for coming.:cr ying::cryi ng::crying :
The only thing a 'budget person' can tell you is, "Write-down everything you spend, and then, take a look at where your money is going." Another technique is to save 10% (or more) up front (sometimes called "paying yourself first.") -- Then, do what you have to do to live on 90%. When you get comfortable with that, save another 5-10% and live on the remainder. Then SAVE what you have SAVED, instead of splurging on impulse spending (your best bet is to put it somewhere that you can't readily get your hands on it (eg; savings account in another bank, relative, etc). It will take some discipline, but, there is no 'magic solution' to the 'running out of money problem' ... beyond LESS SPENDING ... or MORE INCOME.
In the middle of one's career, they can often simply convert raises or bonuses to future savings (thus, saving with less pain), but, in your case, that may not be a likely scenario.
You may be saying to yourself, "How can I possibly save 10% when I'm already spending everything I make?" -- But, that's the point! -- The problem you are facing is NOT with your budget or income, but, rather, with your SPENDING! -- That's the #1 reason why so many wind-up at the end of every month with 'more month than money left.'
You are probably still spending like you did when you worked. My job now is to live within my retirement income. I do have a nest egg which I don't mind dipping into, but most monthes I don't dip. I did make a lot of changes.
A question, if you don't mind: Why did you think it was possible to retire, and what is different from the way you thought it would be?
I wanted to retire as early as I could in case I died early....as plain as I can say it. I now have a social security check but it is paltry. There is just NOTHING for extras. If my husband wants a magazine I have to do quick math in my head to see if it would run us short. I can't say no to him, he is disabled with heart disease and kidney disease. That's why I am going back to work. End of story. My eggs in my nest were devoured by vultures......no more nest, no more eggs
you know a lot of people end up returning to work or working part time somewhere. You are certainly no alone. No matter how hard we try, we usually do not realize just how much it is going to cost to live when the weekly or monthly check no longer arrives. I actually enjoyed it when I went back to work part time. I choose a field that was close to what I was experienced in, but a little different. I continued part time from the time I was 63 until just last year. Hubby started a pet sitting business a few years ago. Not only for the extra money but just to have something to do. His pets have become his world. The money helps, he is just as busy as he wants to be and we have total flexibility.
Good luck, eventually you will be able to hang it up>
The best thing I recommend for ANYONE is to use a program like Quicken. You can track each and every dollar you spend and see where it goes. Great reports. I've been using it since it came out back in the 90's and it's really great.
I do agree with some of the others that many people once they retire they still spend money or keep the same budgets as if they never left work. I think the best thing to do is track spending via Quicken and then you can see where you can possibly cut down on expenses.
I know many people that think it's only important to make money but it's equally as important to know where that money is going.
I wanted to retire as early as I could in case I died early....as plain as I can say it. I now have a social security check but it is paltry. There is just NOTHING for extras. If my husband wants a magazine I have to do quick math in my head to see if it would run us short. I can't say no to him, he is disabled with heart disease and kidney disease. That's why I am going back to work. End of story. My eggs in my nest were devoured by vultures......no more nest, no more eggs
Understand your pain. Those dam vultures!
I'm doing good but only because I adjusted by spending / priorities.
Found cutting back was less painful than I would have ever guessed.
One trick is I seldom carry my wallet when I'm out for a walk or bike ride.
No temptation to stop in for a beer or ice cream.
Magazines, books & movies are FREE at the library.
The best thing I recommend for ANYONE is to use a program like Quicken. You can track each and every dollar you spend and see where it goes. Great reports. I've been using it since it came out back in the 90's and it's really great.
I do agree with some of the others that many people once they retire they still spend money or keep the same budgets as if they never left work. I think the best thing to do is track spending via Quicken and then you can see where you can possibly cut down on expenses.
I know many people that think it's only important to make money but it's equally as important to know where that money is going.
What I do is use my CC for everything including paying bills online.
I was real bad when I used cash because I didn't always keep receipts and didn't always record them.
Now I have near 90% of my monthly budget on my CC bill.
The odd expense is paid for by check.
I give myself an allowance of $20/week for cash spending and track that.
Each week a new $20 goes in the wallet even if I still have the $20 there from last week.
And I do have a spreadsheet but it only has 3 items..CC, cash, checks paid out
And I pay my CC bill in full each month so there is no interest charge.
That works best for me and I've been better able to track all my expenses over the past 2 years.
Tarajane, it sounds as if you've inadvertently done what we did on purpose. Once I retired we stayed in place to see if we could live on our somewhat reduced retirement income (before my wife's Social Security kicked in. My already had. Only after we found we could did we house hunt in another state and ultimately make a 2,000 mile move. Coincidentally, the new state has a significantly lower cost of living.
In your case you found that either retirement income was insufficient or your spending habits were tanking you. Not being able to say no to your husband may be part of the problem and, as someone else pointed out, perhaps you're still spending like you did when employed.
It's been suggested that you keep track of what you spend which will allow you to ultimately see where you may be able to reduce it. Even five years into retirement and comfortable I still run spreadsheets to schedule expenses. It's a security thing for me and keeps me on track.
Best of luck however this turns out for you.
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how naive to have thought I could enjoy the rest of these years. (62). I am going to HAVE to work. Each end of the month I am robbing the coin jar to see if we can buy a bag of beans and have enough gas to go to the store. I am not exaggerating. I need to meet a budget person that can tell me where all the money goes......I think it's a pretty sure thing about my old job and I am excited but to think I am losing out not being at home relaxing and watching the sunset. I guess I'm having a pity party and thank you all for coming.
