The Dreaded Budget

Senior_Budget

This picture shows exactly how I feel about the budget I just drew up – about to be buried under it. You’d think I’d have tackled this subject a long time ago. You’d be wrong. It’s sort of like going to the doctor when you suspect you might have a problem but you feel pretty good. You put it off, telling yourself you couldn’t possibly have something wrong when you feel good. But deep down inside, you know the truth. It’s a not so simple matter of buckling down and facing it.

So I found an Excel spreadsheet that lets me input all my income once I retire, any savings and then list every expense. I was relentless, coming back to it several days in a row with all the little things I tend to forget – and, of course, they’re the ones that add a bazillion dollars to the total. I put in things like the trash bags I order because they fit the particular brand and shape of the garbage can in my kitchen; my weekend Starbucks coffees and treats; my annual car registration (easy to forget when you’re inputting monthly expenses); my company’s annual fee; the donation to Women For Women International; Sirius XM in my car so I can listen to CNN or Broadway showtunes as the mood strikes me; birthday gifts for family and friends; and family dinners.

I anticipated that my current expenses would probably exceed my Social Security income by about $500-$750. Much to my horror, my expenses exceed my income by $1,340. Although I had banked on (pun intended) expanding the scope of my outside company to bring in some extra income, I imagine it would take me years to be able to cover that differential. To tell the truth, it’s sort of horrifying.

Today, I sat and made a first-round attempt at figuring out what expenses I could live without and which ones could easily be cut back. Needless to say, “easily” was the operative word. I managed to see an extra savings of $200 a month. The whole thing would be laughable if not for the fact that it’s a looming reality.

Yes, I realize I can get a part-time job but that sort of defeats the purpose of retirement, doesn’t it? And there’s always that little matter of businesses being loathe to employ anyone over the age of about 40 (that might be a generous figure).

My only possible avenue is through my company, I think. I recently listened in on a webinar about the use of CBD in products. Since I’m a Registered Aromatherapist, the idea of creating CBD tinctures and lotions for my personal company is tantalizing. I discarded the idea about a year ago because of the fact that the DEA had declared CBD a Class I drug. However, word has it that the Farming Act of 2018, which excludes CBD from the list, just passed last month. If that’s true, I see a double benefit. I can use them for my own chronic health issues and perhaps the bridge some of the gap in my budget.

CBD seniors