Money How this retiree spends $1,100 a week

20:57  15 may  2018
20:57  15 may  2018 Source:   moneysense.ca

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Here’s what Barbara spent in a week — and an expert’s take on how she can get her spending in check.

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Barbara is a 68-year-old retiree in Kelowna, B.C., whose husband died last year. Making a sad situation even worse was mounting financial worry. “For years, I never worried about money. If I wanted something, I bought it,” says Barbara. She’s now faced with learning to budget on a fixed pension income: one from her late firefighter husband, another from her former career as an insurance broker, plus one each from Old Age and Canada Pension — altogether, $3,600 to maintain her house and fund an enjoyable retirement.

The good life for Barbara includes two older dogs, dinners out with friends, an annual trip to Hawaii and six great-grandchildren that she can’t help but spoil. But the problem’s not shopping — “believe it or not, I hate to shop!” she says — it’s budgeting everyday expenses (groceries, utilities, gardening supplies) alongside unforeseen ones ($580 at the vet, for example, or $320 for a new dress for her granddaughter’s wedding, which she attended in the days below). “It’s just all a bit tight all the time,” she says. “If I want to do something around the house, or if I have a big vet bill, how do I budget for this? I just can’t get my head around it.”

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At 35 years old, he’s not your typical ‘ retiree ’ either. If you can make $ 1 ,000 a month online, you can scale that into $ 100 ,000 a year and in this post, I ’m going to show you how . The $ 1 ,000 I spent taking the Dropship Lifestyle course gave me the skills and knowledge to build stores worth over $ 100

Retirement can be a a joyous time. Freedom abounds; you get to choose how you spend your days. To make the numbers easier to remember, let’s use the round number of $ 100 ,000 in gross income, and apply a reasonable tax estimate for retirees , in this Put in a few hours per week at a boutique.

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Alas, despite a healthy emergency fund of almost $25,000, Barbara is stressed out about money almost all the time — the exact opposite of a relaxing retirement. She wants to know: “How can I budget for a happy retirement and do all the things I want to do?” We asked an expert to peek into her wallet this week and help her out.

April 14:

Gasthaus pub, dinner out for a 60th birthday party, $105

April 15:

Home insurance, $141

Cleaning services, $115

Superstore, groceries, $11

Life insurance, $79

Phone bill, $50

April 16:

$0

April 17:

Superstore, groceries, $19

April 18:

Original Joe’s, dinner out, $52

Superstore, more groceries, $19

Potting soil, $15

April 19:

A&W, lunch out, $10

April 20:

Case of wine for wedding, $111

Recently widowed retiree spent $1,100 in a week — and she’s constantly stressed about money

  Recently widowed retiree spent $1,100 in a week — and she’s constantly stressed about money Here’s what Barbara spent in a week — and an expert’s take on how she can get her spending in check.ZTCOF

It can also be useful to calculate how much a monthly savings will yield over an entire year. For example: if you are spending $ 100 a week 3. Stay Healthy and Have the Right Medical Coverage. Some retirees spend more in their lifetime on out-of-pocket healthcare costs than they earn in Social

SBI Credit Card - Compare & Apply for Best SBI Cards 10 points/ 100 spent on dining, movies If we haven’t met, my name is Mr. Money Mustache. I’m the freaky financial magician who retired along with a lovely wife at age 30 in order to st. How to Make Money Blogging (Example: This

Safeway, groceries for the wedding, $184

L & D Meats, prime rib for eight, $105

Garden supplies, $55

Avon, makeup and shampoo, $64

Weekly Spending Total: $1,135

The Expert’s Take

A little reality check for Barbara from Tom Feigs, financial planner and retirement expert from Money Coaches Canada: “This spending looks like a lot more than $3,600 [a month],” he says. “It’s okay to have discretionary spending, but it has to fit into the budget. You should never be going into debt when you’re retired.”

Lack of information and uncertainty about whether you’re overspending or not is a recipe for unhealthy stress, he adds. Barbara needs to fix this — here’s how: “First, she should think about priorities. What makes her happy? What makes for a happy life?” Some of these aren’t particularly wise financial investments — the dogs, for example — but they might pay off big-time emotionally. “If something’s a priority, we can make it fit. But maybe that means less dining out, or no new clothes, or less travel.”

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As a retiree , Livingston spends about 10 hours a week working on her blog, The Money Habit. A $ 100 night out would be five hours' worth. A blouse would run you two hours' worth. Ask yourself: Is the purchase worth it?

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Barbara shouldn’t touch her emergency fund at all, if possible, and start by looking at the big picture with a complete year’s worth of spending. “Then I suggest separating that into specific savings accounts, like buckets, for day-to-day or travel or dogs or grandkids,” says Feigs. A dog expense comes from the dog account, a kid one from the kid account, etc. “Every time she gets paid her pension, it should be distributed proportionally into the buckets so they constantly refill.” If and when a bucket runs dry, Barbara needs to squeeze that cash from elsewhere — or not spend it at all.

It’s hard but not impossible to change your lifestyle at 68, and important to have support. “I see a pull here between wanting to be generous and needing to be frugal,” says Feigs. “She needs to be honest with her family that she has limited funds and not a lot left over.” Barbara should know that spending time with family is just as great or better than spending money. And, unlike money, she can feel free to go overboard.

a close up of text on a white background© Used with permission of / © Rogers Media Inc. 2018. This post is part of Spend It Better, a personal finance collaboration between Chatelaine and MoneySense about how to get the most for your money. You can find out more right here.

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