Whether it involves an early morning in the garden or an afternoon golf match, retirement offers flexibility in your day-to-day activities. Keep in mind that all of these new and exciting opportunities will revolve around a fixed income. That’s why your neighborhood credit union wants you to have helpful money management tips to maximize your retirement years.
CREATE A BUDGET | Generating a budget is a quick and easy way to see where your money is being used each month. This allows you to identify what expenses should be trimmed and which financial decisions require attention.
STAY IN CONTACT | Keep in touch with your financial planner and advisor throughout your retirement years. From financial assistance to long-term planning, they serve as a valuable asset during this new life stage. You can even take advantage of your neighborhood credit union resources.
DON’T GAIN NEW DEBT | Try to stay away from the countless commercials and solicitations that encourage retirees to take on new debt. Also, keep maintaining the ownership of your home while controlling your finances.
PAY DOWN DEBT | Your retirement years should be stress-free which is why it’s a good time to reduce the amount of your existing debt. Maybe even add a little to the minimum payment each month to cut your payments down.
DOWNSIZE YOUR LIFE | If you find yourself with an empty nest, there’s no need to maintain a five-bedroom house or drive an oversized suburban. You can also save more money by canceling your cable subscription, landline phone contract or other unnecessary membership and service fees.
MAKE USE OF DISCOUNTS | Take advantage of eligible senior discounts because all saving opportunities foster good money management and put a little extra in your pocket.
PLAN AHEAD | Health problems are inevitable as we age. That’s why, you need to be prepared. Whether it’s applying for Medicaid or establishing a Health Savings Account with TruStone Financial, you’ll be covered for the unexpected.
JUST SAY NO | Whether it’s your friends or family, people may come to you for some financial help. Remember that your income doesn’t stretch as far as it once did. So while you can provide financial assistance every once in a while, your financial health comes first.
By adopting these money management tips from TruStone Financial, you can make the most of your retirement years and ensure that they are stress-free.
Editor’s note: Segments of this article were taken from womansday.com.