By Maurie Backman
Going from salaried employee to retiree can result in some major financial upheaval. Once you’re limited to a fixed income, and one that’s likely lower than what you were making back when you were still working, managing your expenses can get tricky. Here are a few tips to help you stay on top of your finances.
1. Create a budget, or update your old one
While it’s important for everyone to follow a budget, this especially applies to retirees who may not have as many options for generating additional income. A budget will help you track your spending and identify trends that might otherwise throw you for a loop. Let’s say, for example, that before you retired, you estimated your average healthcare costs at $300 a month.
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