• Tips For Creating a Budget

  • by Kristen Curzytek

Having a budget can help you determine where your money is coming from and more importantly where it is going. If you are looking to save some money or are simply just trying to keep track of your spending more a budget is the best way to go. Here are some tips for creating your budget and making the most of your budget.

Start a household budget

One of the first things you want to do is create a household budget. If you are computer savvy you start a spreadsheet in Excel to keep track of all your expenses. If you are more old school you can get a notebook and keep track of your budget that way. You can get as detailed as you want with your sheet. You can break down your budget day to day, week to week or month to month.

Factor in increases

As we all know the price of gas has not stayed the same for the last 10 years. More than likely the average price for food, water and of course gas will likely increase during your retirement. When making your budget leave room for increases for every day necessities.

Find a financial advisor

If you don’t already have a financial advisor you should look for one. For your overall financial goals a financial advisor can direct you in the best direction for you plan. A financial advisor can also help you make your final financial plans like funeral plans and estate planning.

Give yourself some fun money

While you want to create a useful budget and stay on track for spending wisely, you always want to give yourself some fun money. Completely depriving yourself of splurges may derail you of your budget all together. Having a little splurge now and then helps you feel accomplished and gives you a reward for saving. Just remember not to get too crazy.

Automate as many bills as possible

If you use online banking, you may want to look into online bill pay. Payments can be pulled automatically from your account so you do not have to worry again about paying a bill late and wasting money on unnecessary fees.  If you are unsure to set up online bill pay contact your financial institute and they should be able to help you with the set up.

Look into the future      

While no one can predict the future it is important to look into the future and determine if you have enough money for retirement. Does your current plan and budget look like it will last you for the rest of your life? If you are unsure if you nest egg will last you the rest of your retirement years you may want to start looking for a plan B. For many looking to give their retirement budget a boost a reverse mortgage has been the answer.

A reverse mortgage is a financial tool that allows people over the age of 62 the ability to access the equity in their home. If you are over the age of 62 the program can help you live the retirement you want to live. A reverse mortgage eliminates your current mortgage* (if you have one) and if you have any additional equity you can use it for anything you want. That equity you will receive is in tax-free** cash which you can choose to receive in a lump sum, monthly payments, a line of credit or a combination of these. Currently there are no income or credit requirements for a reverse mortgage and you are never required to make a payment as long as you live in your home.


Kristen Curzytek is a writer for the One Reverse Mortgage blog. One Reverse Mortgage is the largest retail reverse mortgage lender in America. Check out our reverse mortgage calculator to see how much tax-free** cash you can qualify for. Or give us a call at (800) 401-8114 to talk to one of our licensed professionals. They can discuss your financial situation with you and determine if a reverse mortgage makes sense for you and your financial goals.

*Homeowners are still responsible for taxes, insurance and property maintenance.

**Please consult with your financial advisor.