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Approaching Retirement Issue 3 – Heavy months and 'lite' months

Posted Sep 11 2008 3:37pm

Helen_kanolik I'm pleased to bring you the third in a series of articles by UK Financial Adviser, Helen Kanolik, about the financial issues facing retirees. If you require any further information, her contact details are included at the end of the article. Helen's new website will be ready soon but, until it is, you can read more about her here:

Most of us don’t spend exactly the same amount every month of the year. There are some expenses that crop up regularly, and some are one-offs. Sometimes we save up for the heavy months from money left over in light spending months.

When you are working, especially if you are getting a salary which is the same every month, you don’t have much control over when money goes into your current account.

You will probably find that some of your retirement income is regular, for example from pensions, and you can’t control it. But some of your income may not need to be regular, and you can usually control income from savings and investments.

Let’s say that you need £1,000 every month to cover things like Council Tax, food and drink, going out, buying clothes, and presents. Every three months, you need money for the telephone, electricity and gas bills, and four times a year you spend money on big birthday presents for your nearest and dearest. So really, it’s more like £1,500 most months.

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