I'm retired, I make 7000 a month net. I never kept a budget. I need too. What do you recommend.

Asked by Boyce

4 Answers

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Answered by Cathy Curtis, Financial Adviser in Oakland, CA
Good morning, First off, go back over your last year of credit card and bank statements and create an expense worksheet based on that review. First , focus on your discretionary spending. This analysis should reveal where you might be overspending. Many of us have things we overspend on whether it be travel, clothing, dining out, hobbies. Create a budget for these items and track your spending against it each month. Stop spending when you reach your budget! For fixed, non-discretionary expenses, contact your service providers: cell, cable, internet, phone, insurance and see if you can negotiate a better rate.
Lastly, reallly look at what you are spending on to see if it's something you use or is it something you buy out of habit. Newspapers and magazine subscriptions are a good example in this category, or even a gym membership. | 09.18.14 @ 16:42
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 20:39
Answered by Joe Saul-Sehy, Financial Adviser in Texarkana, TX
If you have a smart phone, I like using an application like Mint to track my expenses. That way I can focus on making my budget work better instead of carrying around a pad of paper and trying to track every penny I spend. | 09.18.14 @ 21:06
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 20:39
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Answered by Arin
Calculate fixed expenses, mortgage, car bills, credit cards and so forth.
Next add Variable expenses i.e. golf, massage and so on.

See if it matches up to your income, if it does , your good. Unless you have other ambitions or goals, then the difference can be used as a discretionary for those things. | 03.03.15 @ 22:38
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 20:39
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Boyce.
There are several approaches to this:
If you like technology, many folks use Quicken. There are many others. Your bank/credit card may also have some tools to help you with P&L (profit & loss)

Here is a simple way:

Pen & paper- draw a vertical line on the page. Left side put income. Right side put expenses. Every time you have income or expenses-write them down on the appropriate side of the paper-THIS IS VERY IMPORTANT
Each month or whenever the page is almost full, tally the numbers. This will give you the inflows (income) and outflows (expenses). You be a judge of what expenses are more efficient .

Now, when you need an Investment Manager to get you a greater ROI on your income (to replace any income that is reduced as you you grow older) We can certainly help you with that. No obligation

It's not what you make, It's what you keep that determines your lifestyle.


| 03.27.16 @ 21:02
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 20:39
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