Budgeting in retirement

Terron

Anonymous101 wrote: »

IMO budgeting is a key skill no matter where you sit on the 2-3 scale. You need to know that you're not overspending even if you aren't concerned with the detail.

But you don't need to budget to do that. Just check your account once a month. If the amount is going down spend less, if it is going up no problem until it gets large enough to be worth moving to somewhere more profitable. it does require that you be able to reduce your spending just by thinking I am a bit short currently.

Ganga

[QUOTE=badmemory;76595717]I actually find it difficult to imagine that anyone would not budget. But I guess if you are rich enough you don't need to bother. But budgeting is not about cutting down or doing without, exactly the opposite, it is about making sure that the money is there for the things you want at the time you are going to want them..


It is 25 years now since I have had to tell myself well you may want something but it is not going to happen. This didn't happen by chance but by planning. I was asked the other day what I wanted for Xmas, well nothing really as I have been able to get anything I wanted, so chocs & a jigsaw it is then! Perfect!


Planning is everything. I spend the time between Xmas & New Year doing the spreadsheets for next year. Please note the s on the end of spreadsheet. But just because HMRC think I should no longer file self assessment does not mean I no longer need to get the figures. After all they haven't got it right yet & it is my responsibility that they should get it right not theirs. Don't believe me - check it out & they can come after you up to 20 years later.[/QUOTE]

But you do not have to be rich not to budget,if your lifestyle is less than your income ( even by accident rather than planning/budgeting ) it would seem to me that the people with the most income are the ones who budget/plan the most,i suspect it is because people who have money never want to be without it if you follow my drift,this is not a criticism of people who are well off just an obvservation:rotfl: