A few things that can help you along the way
If you retire when you’re 67 your retirement savings may need to generate returns to last up to 20 years and beyond. Here’s a few tips to help.
- Going the distance
The best way to make your money go the distance and help you take control of your finances is to prepare a budget. A well thought out budget can:
- let you know if you’re spending more than you can afford
- help you make the best use of your income
- maximise the time your retirement savings will last
If you have a partner, it’s important you’re both on board with an agreed budget.
- Getting help to prepare your budget
Help is at hand to put your budget together. You can:
- Ways to track your costs
Once you have your budget in place it’s important to monitor your spending and refine it along the way. Keep track of all your receipts and check against the budget you prepared to make sure you’re staying on track.
A realistic budget can help you to forecast spending and plan for big expenses. It’s a great tool to help with your longer-term financial planning, so your retirement savings can go the distance.
- Tips for preparing your budget
- Start by assessing your priorities in life, such as travelling and hobbies, along with any commitments you have
- Make a list of your basic living expenses
- List the things you could do without, if you needed to save some money
- Then look at what income you have coming in and going out over a whole year. Your bank statements, bills, credit card statements and receipts will help you to work out all your expenses.