January 11, 2010
Household budgeting, retirement planning, travel options and investment strategies all have been on my mind this week as the New Year gets started. No one topic pops out for blog treatment maybe cause everything is related. Budgeting, saving, investment planning have to be done together. Travel planning is part of budgeting. How much can I afford to indulge myself and not run out of money at age 90? Am I prepared for a worst-case-scenario?
I was telling a friend last week that I felt my most wealthy more than 10 years ago when I was in a two-income household with investments and real estate holdings both increasing in value. Since then I've gone through an expensive divorce, seen my retirement investments tread water and the value of my house decline. Most everyone feels the same way, but women 60 & Single may feel like bigger losers because there's less room for mistakes at our age and not a lot of backup. On the high wire without a net, so to speak. So what's the answer? Uh, save more, dummy. Save even through we don't feel like it. Areas where I could save? Eating out...that's a big one. Entertainment in general could be reined in. Fewer trips to town. Lower energy use. A few dollars here and a few more there, can add up. Part of my fresh start this year is to pay better attention to my spending across all categories. The result should be less fear and anxiety about the future, a better night's sleep and a sense of being on top of things, even if I'm not.
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