{"id":78173,"date":"2025-05-06T04:06:14","date_gmt":"2025-05-06T04:06:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/78173\/"},"modified":"2025-05-06T04:06:14","modified_gmt":"2025-05-06T04:06:14","slug":"how-to-start-a-budget-after-50","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/78173\/","title":{"rendered":"How to Start a Budget After 50"},"content":{"rendered":"

Baggerly recommends limiting discretionary spending to 20 percent to 30 percent of your take-home pay. \u201cBut if you’re working toward a big goal, like paying off credit card debt<\/a>, trimming that percentage can make a big difference,\u201d she says. \u201cThe less you spend on non-essentials, the more you can put toward paying down that balance faster.\u201d<\/p>\n

Step 2: Determine your priorities<\/p>\n

Cagan says people tend to look at budgeting backward: They start by asking themselves what they should cut, when they should be asking how they want to prioritize where their money goes. \u201cWhen you change that mindset,” she says, \u201cit doesn\u2019t feel like you\u2019re depriving yourself.\u201d<\/p>\n

When building a budget from scratch, start with the amount of money you need to cover necessities, including any recurring debt payments you have to make. Then factor in an amount you can afford to put in an emergency fund<\/a>, if you don\u2019t already have one. Plan on setting aside smaller amounts for other future goals until you\u2019ve reached your emergency fund target; once you do, you can direct more money in your budget to your other savings goals, Cagan says.<\/p>\n

Put everything in writing to account for where each dollar that comes in should go. Baggerly says she hangs her budget on the refrigerator right next to her weekly meal plan. \u201cThis keeps everyone in the family in the know on what our finances look like,\u201d she says.<\/p>\n

Step 3: Find ways to balance your budget<\/p>\n

If there isn\u2019t room in your budget to cover all of your bills and reach your financial goals, you have two options: spend less or earn more.<\/p>\n

When looking for ways to dial down your spending<\/a>, don\u2019t assume your bills are set in stone. Tiffany Aliche, a financial educator and author of Get Good With Money, recommends carving out a day to cancel subscriptions<\/a> you\u2019re not using and to negotiate better rates or shop for deals on services you wish to keep. \ufeff<\/p>\n

This could save you thousands of dollars a year, she says. For example, Walker-Wilson, who is a member of Aliche\u2019s Dream Catchers group, says she cut nearly $300 a month from her spending by dropping cable TV.<\/p>\n

Still, Baggerly cautions against making drastic cuts. For example, slashing your dining-out budget by half or more could set you up for failure. You\u2019re better off taking a gradual, more achievable approach so that you don\u2019t get frustrated and give up. \ufeff<\/p>\n

\u201cAcknowledge your habits and slowly scale back\ufeff,\u201d she says. \u201cIt adds up to savings over the long run and prevents yo-yo budgeting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Baggerly recommends limiting discretionary spending to 20 percent to 30 percent of your take-home pay. \u201cBut if you’re…\n","protected":false},"author":2,"featured_media":78174,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[38285,17305,38284,1194,38282,38278,38279,38281,51,7122,3682,22985,474,3240,3467,3108,21253,7123,38287,38280,38283,2499,2250,38286,38288,16,15],"class_list":{"0":"post-78173","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-401-k","9":"tag-401k","10":"tag-401k-calculator","11":"tag-budget","12":"tag-budget-calculator","13":"tag-budget-older-adult","14":"tag-budget-older-adults","15":"tag-budget-planner","16":"tag-business","17":"tag-certified-financial-planner","18":"tag-cfp","19":"tag-credit-card-debt","20":"tag-finance","21":"tag-financial","22":"tag-financial-advice","23":"tag-financial-advisor","24":"tag-financial-goals","25":"tag-financial-planning","26":"tag-manage-finances","27":"tag-manage-money","28":"tag-monthly-budget-template","29":"tag-personal-finance","30":"tag-retirement","31":"tag-retirement-accounts","32":"tag-start-a-budget","33":"tag-uk","34":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114458917828600752","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/78173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=78173"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/78173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/78174"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=78173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=78173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=78173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}