Adult Financial Literacy Guide | Page 37

If you have a budget in place before retirement, you should reassess your budget when you retire. In many cases, a person’s financial needs in early retirement are likely going to be different than they will be later in retirement. That’s why it is a good idea to review and update your budget regularly. For help keeping track of where your money is coming from and where it is going to a budget worksheet is available online at: https://cba.ca/Assets/CBA/ Documents/Files/Article%20Category/PDF/ cba_budgetworksheet_en.pdf A free budget calculator is available online at: http://www.mymoneycoach.ca/ budgeting/budgeting-calculators-tools/ budgeting-spreadsheet Photo credit 401(K) 2013 via Visu- alHunt.com CC BY-SA Budgeting in Retirement Tips to get you started  Get organized. Record all of your spending so you know where your money goes and where you can cut spending.  Identify your short-term and long-term goals, and build saving for them into your budget. For example, a short-term goal could be buying new furniture.  Divide your expenses into two groups: things you need, such as groceries, and things you want, such as tickets to a concert.  Stick to your plan. 37