Tips for sticking to your retirement budget

April 23, 2023

Categories : Retirement Planning Tips | Senior Living Tips

Creating a retirement budget is an effective way to manage your finances. However, staying committed to it can often be a difficult task. As one of the leading senior living communities in India, we share some useful tips to help you stick to your retirement budget.   1. Limit unnecessary expenses: Making a monthly budget is an excellent way to get a handle on your expenses and identify areas where you might be overspending. Look for areas where you can cut back and save money.  Here are some tips to curtail your unnecessary expenses: Cancel subscriptions for services you do not use. Switch to a less expensive phone plan. Spend less on dining outside. Downsize to one car to cut back on your transportation costs. Consider buying groceries in a planned way instead of impulse buying.   2. Surround yourself with people who respect your budget: In order to stick to your budget, you need to have supportive people around you. When you are trying to control your impulsive spending habits, they can be your support group. If you want to keep your spending in check, avoid hanging out with those who do not prioritise their finances. Being around people who make impulsive purchases can easily rub off on you, and you may end up buying unnecessary items as well. To build a sustainable and responsible spending habit, surround yourself with individuals who are sensible with their money. They will remind you to stick to your budget goals. They will not pressure, advise, or tempt you to buy things that you momentarily like.   3. Public accountability: Social media is a great place to share your goals, accomplishments, and seek support from like-minded people. There are different online groups where you can find people who are good at financial planning. When you find such a group, share your budget goals there. The group members can be of great support. Keep them updated about your progress as well as any setbacks you may encounter along the way. You can also create a blog where you can write about your experiences and get feedback from your readers. Maintain transparency with your followers and friends. Public accountability will compel you to stick to your goals. It is also a great way to form new meaningful relationships and form a community of like-minded people.   4. Visualisation board: Create a visualisation board. It is not important as to how you create or stack the pictures. However, you must ensure that the board represents why you want to stick to your budget. If your retirement plans include dreams of travelling the world, owning a dream car, or building up emergency savings, be sure to include representative images on your board. Ultimately, the visualisation board should serve as a reminder of your retirement budget and keep you inspired to achieve your financial goals.   5. Review your budget: It is important to review your retirement budget regularly because unexpected situations can alter both your financial situation and goals, and your budget may need to be adjusted accordingly. For instance, if you have to pay for unexpected healthcare costs or home repairs, you need to re-evaluate your sources of income such as pension and investment income and adjust your budget accordingly.   Looking for a senior living community in Bangalore?    Explore our premium retirement homes. At our retirement homes, we prioritise the comfort and luxury of our residents. Our homes are designed to provide seniors with a tranquil and secure environment, where they can relax and enjoy their golden years in a worry-free style. If you want to know more about the cost of senior living in Bangalore or the cost of living in a retirement home, call us at +91 8884555554.

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4 Factors that Should Define Your Retirement Planning Strategy: Tips from The Largest Senior Living Community Operator

January 26, 2021

Categories : Retirement Planning Tips

4 Factors that Should Define Your Retirement Planning Strategy: Tips From Retirement Home

Retirement, when planned well, can be the best period of your life. The sooner you start planning, the better are your chances of spending your golden years on your terms. In addition to making financial provisions for retirement, you also need to plan for emotional and practical factors. Here are 4 important factors you must consider to enjoy successful and fulfilling retirement years: Factor 1: Finances: Take an objective view of your present situation – check your current expenses, investment returns and the current size of your retirement savings. To enjoy a financially independent life after your retirement, you can work with a financial planner who will take a look at your present financial situation, your retirement goals (like moving to a retirement home or travelling to new places) and what you need to do to achieve those goals. If you are planning to move to a retirement home, you need to consider financial factors like cost of moving, monthly fees and membership fees.  In India, the monthly cost of staying in a senior living community can range from Rs 10,000 to Rs 40,000, depending on the services provided and the location. Factor 2: Location: Moving to a new house after retirement is disruptive and costly. So it’s important to get it right the first time. You need to analyse the things you like about your current location and those that you don’t. Check whether the new location you are planning to move to has amenities that will help you pursue activities that you enjoy. If you like art, check whether the location you are moving to has museums and galleries nearby. Factor 3: Worry-free Lifestyle: Household chores such as cooking and cleaning the house can take the fun out of the golden years. Many retirement homes offer these facilities to their residents. In our senior living facilities, residents can enjoy their life to the fullest. With dining, home maintenance and housekeeping taken care of, you will have more time to participate in clubs and enjoy meeting like-minded residents. While visiting different senior living communities, ask the staff about housekeeping and maintenance services offered and the monthly fees you have to pay to avail these services. Factor 4: Emotional support: Even if you are looking forward to the positive change retirement will bring to your life, it can be emotionally challenging at times. In such times, a sense of community can boost your overall morale and help you enjoy your retired life. Senior living communities offer a host of activities to help their residents enjoy every day. They also host different clubs and societies – many of which are run by residents themselves. Be it yoga classes, art and dance workshops or excursion trips – activities and trips give structure and purpose to daily life. Often after retirement, seniors complain of their days being endlessly the same. However, living in a retirement home that offers an active social calendar can transform a senior’s lifestyle and help them stay connected with others in the community. Read More – Retirement Planning 6 tips For A Successful Retirement

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