Five tips to up your budgeting game in retirement
When you’re nearing retirement age, taking financial risks becomes increasingly less appealing. Making spur of the moment investments with your nest egg, is a young person’s game. But, once you’re set in financial ways and/or on a fixed income, it can be hard to add new tools and strategies. That’s why we’ve compiled five of the safest ways to up your financial savvy as you near retirement.
1. Review your budget
The first tip is also the easiest. Start reviewing your budget by inspecting bill amounts. Do you have a couple more bills than you realized or has the cost of a few of them become more money than you think they’re worth? Find out by going through your budget line by line
A few tweaks to your spending plan may be all you need to end the month with more money in your pocket.
2. Re-evaluate your goals
Financial goals are crucial to financial growth but sometimes we bite off more than we can chew. Maybe you want to spend retirement driving around in a new sport car or finally getting that backyard gazebo built. And chances are you still can, the question do you still want to?
Make a list of your current financial goals both short and long-term to decide for yourself if you’re still committed to those goals and which ones you can realistically achieve.
3. Try out a new budgeting tool
Think of new budgeting tools as a way of bringing a fresh perspective to a task. You can find high-quality budgeting apps for low prices if not free. And you may be surprised by how helpful the right budgeting app or tool can be. If you prefer more traditional ways of budgeting like balancing a checkbook then you can still budget that way. But trying out a new app just might give you the tools you need to save more each month.
4. Consider overdraft protection
If you’re on a fixed income and know that the last day or so of the month you’re going to go negative, then overdraft protection might be for you. Overdraft protection fees are often less than insufficient fund fees and when you’re strapped for cash, every fee counts.
With the right overdraft protection, you can weather tight months without racking up a bunch of fees. Take a look at some of the different overdraft protection options OCCU offers.
5. Get a high-yield savings account
A savings account with a high annual percentage yield is a great way to make your money grow with minimal risk. And unlike a CD, the money can still be accessed, penalty-free, whenever you need it. The right high-yield savings account for you is one with low fees or free, no minimum balance requirements or deposit requirements, and earns highly competitive rates.
For example, the OCCU Ignite Savings account has no minimum balance, earns up to 5.25% on the first $500, and even offers early direct deposit so you can access your next check faster.
Make the most of your retirement nest egg. Open an Ignite Savings today.
