I make it a GAME and transfer whatever is left in my checking account into SAVINGS when my Social Security deposit arrives. Lol, some months there is zero to transfer or I had an emergency with my 2006 Hyundai Elantra (she keeps me broke/lol) and savings are low again 🤣😂 But I keep at it knowing even $5 saved is better than zero! Angela
Number one fear of elderly is outliving their savings.
KNOWING where it goes monthly only goes so far.
Just like business figure you want to focus on where 80% of your expenses go because that is the likely source of material savings.
Healthcare can be a major draw. I use the BEST Medicare Advantage plan available, avail myself of ALL beneficial cost effective features, and appreciate the LOW monthly premium ($0) and $5k maximum out of pocket annual $$ limit.
It almost pays to examine your casualty insurances for coverage, need, benefits, ie umbrella, home, vehicles, etc.
It is critical to be debt free.
Consider where your $$ are saved. Between FOMO and TINA many are at risk for an equity correction and could lose 30%+. Can you tolerate that risk? Are you dependent on draws to supplement your income?
While CD and T bill yields are low, consider FR annuities for a much better return.
While I do NOT budget monthly I do track assets, especially liquid and track each YE to ensure I am growing same and hence reassured I am asset/income secure.
I'm also a spreadsheet fan. My partner and I both use a spreadsheet to track our spending and savings habits. Being able to see our savings account grow makes us feel good, and it's also helpful to track spending so we can see outliers like a heavy spending month and figure out if we need to course-correct in order to save more. Check out How to Make Savings a Habit for more helpful tips!
I hear you. I don't spend, spend, but I tightened the proverbial belt and lived below my means for years. Now, I don't worry about savings. Besides, living within my means became a habit. And I dub in the stock market so my savings don't suffer famine days.
I love it! Wife and I maintained a spreadsheet for about 3 years before retiring to account for every penny, quite literally, spent. We also, as best we could, built in allowances for future expenses ---- remodeling, putting a new roof on the house, future automobile purchase, travel, etc. We wanted to be very conservative and account for all potential expenses. That way, we reached a full 'ease of mind' with the assumption we had planned for the worst.
"...Why is everyone a victim? Take personal responsibility for your life..."