Marilyn Degodny Winters

"Health Forced Retirement"

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Living on a Budget in Retirement: An Update
October 19, 2011 by Marilyn Degodny Winters
Back in January I decided to make and keep to a budget. During my working career I never really worried much about money. I spent, saved in my 401K, helped put two kids through college and always seemed to have enough. I wasn’t a big-time spender, but I surely knew my way around a department store and a hair salon. Within six months with no income other than savings, however, priorities changed and I had to take a serious look at where my money was going. So, I started a budget.

What was I thinking?

Four months of budgeting have taught me that I don’t know a darn thing about budgeting. Having to add money from savings each month to cover expenses just doesn’t cut it. So I am back to basics. Millions of Americans live within their means, so what am I doing wrong?

Healthy foods cost more; all food prices have increased

My husband says I spend too much on food. We are a family of three with a teenage son that is always hungry. And eating healthy costs more. Have you seen the price of fruits and vegetables lately? Fish, too. I haven’t been shopping at Whole Foods either, just our local Publix Supermarket. Even my wonderful Italian grocery store has raised all its prices.

No more driving to work; spend more per month on gas

 When I stopped working I thought I would hardly spend money on gasoline. Wrong again. I drive fewer miles, but the cost of gas has increased a lot. My dog, DeeJay, costs more to maintain, too. Dog food and biscuits now have less quantity per package for more money.   Add just those items to my hefty Cobra insurance costs and I am already over my Social Security income. So each month I am adding money from savings to supplement my income and cover expenses.
 
So I need help! I think everyone contemplating retirement should be required to take a class in living on a budget. But for myself, I’d be happy if ice cream containers would just go back to being a full half-gallon again.
Categories: Money Management, Things You Need to Know
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