Creating a 50-Plus Budget
With so many opportunities — from helping your children, grandchildren, and parents to starting a new business or going back to school to ensuring you have enough income in your retirement — you may need to review and rework your budget several times before you can find a way to pay for all of your over-50 plans.
Use WORKSHEET 20-6 to get you started.
If you don't have enough retirement income to quit working completely at the age you hope to retire, consider looking for a career that you'd enjoy pursuing part time for the next 10 or 20 years. You may be able to make enough so that you don't have to tap your retirement funds until much later in life — and you'll have fun.
Monthly Expense |
Amount |
Ways to Reduce/Eliminate |
New Amount |
Groceries and household items |
$ |
$ |
|
Contributions |
$ |
$ |
|
Savings |
$ |
$ |
|
Rent on furniture or appliances |
$ |
$ |
|
Entertainment/babysitting |
$ |
$ |
|
Eating out |
$ |
$ |
|
Rent or mortgage |
$ |
$ |
|
Car payment or lease |
$ |
$ |
|
Electric bill (average) |
$ |
$ |
|
Gas bill (average) |
$ |
$ |
|
Water bill |
$ |
$ |
|
Sewer bill |
$ |
$ |
|
Trash pick-up bill |
$ |
$ |
|
Cable/DSL/satellite bill |
$ |
$ |
|
Telephone bill |
$ |
$ |
|
Cell phone bill |
$ |
$ |
|
Bank charges |
$ |
$ |
|
Haircuts/manicures/pedicures |
$ |
$ |
|
Home equity loan |
$ |
$ |
|
Other loan |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Child support or alimony |
$ |
$ |
|
Car maintenance |
$ |
$ |
|
House maintenance |
$ |
$ |
|
Auto insurance |
$ |
$ |
|
Property taxes |
$ |
$ |
|
Gifts |
$ |
$ |
|
Events to attend |
$ |
$ |
|
Clothing and shoes |
$ |
$ |
|
Home insurance |
$ |
$ |
|
Vehicle registration |
$ |
$ |
|
Vacation |
$ |
$ |
|
Club membership |
$ |
$ |
|
Other: |
$ |
$ |
|
Other: |
$ |
$ |
|
TOTAL: |
$ |
$ |
