Many retirees and soon-to-be retirees are on a fixed income. They have to be very careful with their money, or they could be faced with outliving retirement savings and finding themselves in a difficult financial situation.
The way to avoid running into trouble is to regularly do a personal audit to identify any unnecessary expenses or overspending that may have crept up over time.
It is best to stick to your budget as much as possible because, as we know, lots of little expenses quickly add up, and you end up spending more than you intended.
in a study of the economic situation among people of different backgrounds, it was surprising to me to see the vast amount of people who are living paycheck to paycheck, and this situation is not only in one particular group but can be found in all economic groups
These people are from every sector: professors, real estate agents, farmers, business executives, computer programmers, store clerks, etc.
It is incredible how much money it takes to survive from month to month. After earning three degrees, a college professor said he got a job at a CA college, but with four children and the rising cost of healthcare, he cannot save anything for a rainy day.