I'm retired, I make 7000 a month net. I never kept a budget. I need too. What do you recommend.
Answers | 4
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.
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.
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.