Tips for Keeping More of What You Earn

Costs continue to rise in many areas, and that is a concern for everyone.

It can be an even bigger concern for women who are nearing the age of retirement or have already made the transition. Living on a limited income can drastically change the way you live your life.

Since you can't always change how much money you get very easily, you must change how you spend it so that you have more to keep.

Where the Money Goes

Baby boomers and seniors in general spend more money on vacations, eating out, entertainment and personal care than the younger generations. According to the U.S. Government Consumer Expenditure Survey, women over 50 spend around $21 billion each year on clothing.

As more people get online, the temptation to spend more increases. Even those who don't get out of the house as much as when they were working find it quite easy to buy what appeals to them.

So, how can you change your lifestyle and habits so that you have more money for your later years?

Here are a few tips:

Look at Budget and Lifestyle

Begin with an honest assessment of your budget.

Find out where you are spending your money and make changes now if you are still working.

Determine how much money you will have to live on once you retire and start getting used to that. It makes the transition much easier if you already know how to meet your needs with a lower income.