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When you were working, you may have found it easy to budget because you had a steady stream of income coming in, and because you could always pick up a part-time job or work longer hours when you had a shortage.

In retirement, however, you need to really control your spending, because you only have a certain amount of money to last for a month. If you are looking for ways to stretch your money, here are some tips for creating a money plan to help as you continue to age.

Create New Sources of Income

If you constantly find that you have more month than money, you may want to think about creating new income streams so that you have more cash coming in. One way to do that is with a reverse mortgage, such as an All Reverse Mortgage ™. Reverse mortgages can really help give you either a steady stream of monthly income, or they can give you a large lump sum of cash to put into savings.

In a reverse mortgage, you are paid for the value of your home through a monthly check, or a lump sum payment. You do not have a mortgage payment. You agree to give the company your home when you can no longer live in it. A reverse mortgage makes it easier for you to have a monthly stream of income to enjoy.

There are also other ways you can create new sources of income. You could consider part-time work, skilled work for a set price--such as flower arranging or quilting, or consulting work. No matter what you decide, a new income stream can help you budget more effectively.

Come Up With A Budget You Can Live With

Budgets only work when you can stick to them. You may have never lived under a budget before, but now that your income earning potential is more limited, creating a budget is vital. Be sure that you list all your expenses, rather than just listing your bills. If you go out to eat every Friday with your fishing buddies or the ladies from your previous job, that’s an expense.

Once you have listed all of your expenses, you’ll be able to work out exactly how much money you have each month, and how much you can spend. Make a budget you can live with. Don’t say that you are never going to eat out again, for example. Set limits for your spending categories, such as entertainment. By setting limits you can stick with, you’ll be able to live within your means more easily.

Find Ways to Cut Spending

Retirement is an entirely new age for you, and your priorities shift. Rather than spending money on a coffee run before work every day, or work pants, you need to refocus your spending. While some people think it is difficult to cut spending, retirement is the perfect place to do it. For example, because seniors usually don’t have a 9 to 5 job, they may find it easier to bargain shop.

You can take advantage of all kinds of savings you might not have been able to previously. You can clip coupons--either paper or electronic. You can also shop at grocery stores with generic products, rather than brand names, which are more expensive. Often, generic products such as ice cream are just as good as the brand name product but cost a lot less. There are grocery stores all over the United States that target discount shoppers with high-quality food at a lower price. Farmer’s markets during the summer and fall are a great place to get amazing fruits and vegetables for less money.

There may be other areas in your budget you can cut corners and increase your income. Think about changing home or car insurance, phone or cable companies, or utilities to one with a lower rate. If you can’t change your utilities, ask about levelized billing services, so that you have the same monthly bill each month. You can also look at buying items you need that are at higher prices at discount stores or thrift stores to save additional money. If you can think of cutting costs as a game rather than a chore, it is less onerous. Try to save money for things you really want, both in the short term and the long term. Having goals in mind will help keep you focused and on track, especially if there is a reward at the end of it.

If you create a livable budget and take advantage of new sources of income, you’ll be able to enjoy those golden years much more easily.


How a Money Plan Can Help You In Your Golden Years
Digital Mag

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