WATCHING THE BOTTOM LINE

Aug 13th, 2013 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Seniors Review Their Finances

How well you are doing financially has to do with the aggregate financial statement, which most seniors try to track very carefully and at least monthly. Excessive, uncontrolled, poor discipline in scrutinizing month to month expenses can get one in a financial quandary all too quickly.

A regular perusal of financial expenditures is an absolute requirement in retirement.  Keeping those expenses at a well managed level creates comfort, reduces stress, and assures that your outgo and income will be well balanced.

Reviewing the bottom line should include the following:

  • What and where am I spending each month that could be trimmed?
  • How may I reduce costs for household expenses, groceries, and auto expenses?
  • Check combined totals of medical expenses, i.e. prescriptions and physician visits.  Can any be eliminated?  If so are you still looking out for your welfare?
  • Are there frivolous expenses that need to be cut back?  If so, what are they?  how can they be reduced?
  • Are you continuing to provide for savings, investments, and other income matters that will keep your portfolio healthy?
  • How about subscriptions and fees?  Are they necessary?
  • Are coupons and discounts on items being observed?
  • Are utility expenses being kept at a minimum?
  • What is the variable in income and expense?  How is it being sustained ?
  • Are you allowing for discretionary expenses, e.g. travel?
  • Overall, are you satisfied that your financial picture reflects good/prudent judgment?

Taking these matters into account, your financial discipline should be within appropriate boundaries each month.

 



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