Simple ways to avoid overspending as retirement nears
When the nest is empty and the kids no longer need financial support, many men and women find themselves with some extra money in their budget. Fewer mouths to feed and no more college tuition bills can give parents a sense of financial freedom they may not have had since before starting their family. That freedom can also lead to overspending, something that can put retirement in jeopardy if you’re are not careful.
Though it’s understandable to splurge on a well-deserved getaway once the kids have finally left the house, it’s important for adults to ensure that such splurging does not become routine. The following are a few ways you can avoid overspending as you get closer to retirement.
• Pay with cash whenever possible. Swiping a debit card or credit card is certainly a convenient way to shop, but it can also be dangerous. Using cash to make purchases reduces the likelihood of overspending. This can help you get a better idea of how much money you’re spending and if there are any steps you can take to curtail that spending.
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