By: Contributor | MoneywithJim
You spend life saving diligently for retirement, and when that time finally comes, you’re faced with the fear of the unknown. Retiring baby boomers are often choosing to live so frugally that they aren’t enjoying this hard-earned time. The trick is to spend wisely, achieving the right balance between preparing for the worst and still living a full and enjoyable life.
Set a Retirement Budget
Now is the time to sit down and create a new budget specifically for this next phase of life. CNBC recommends thinking about your personal goals. Any goals that are costlier, such as travel or charitable giving, should factor into your budget. Setting a budget that includes regular expenses, expected income, and your primary goals will help you prioritize spending where it matters most with confidence that you aren’t going overboard. Retirement funds can shift due to market conditions, so be sure to reevaluate your budget every couple of years.
Find Frugal Ways to Enjoy Life
Besides these bigger spending goals, there are everyday ways you can spend wisely while enjoying yourself. According to Sixty and Me, many retirees say that time with family, hobbies, and simply appreciating the simple joys in life are their top priorities.
Save Money on Regular Expenses
Cutting your bills helps your bottom line so you feel better about spending on the fun stuff. The reality is that retirement is the beginning of a new time in your life. Take care of your money by spending smart without holding yourself back from living that potential to its fullest.
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