This expense planning worksheet can be used to not only track your current expenses, but help you calculate what your future retirement expenses will be. If you prefer, you can focus solely on the Current Monthly Expenses section though.
However, it’s so easy to focus on the present that we tend to overlook the future. Realistically, after populating the Current Monthly Expenses section for a few months, you will easily be able to populate the Retirement Monthly Expenses section.
Understanding what your future expenses in retirement will look like is a vital first step in knowing how much money you need for retirement. There are a lot of uncertainties in retirement, don’t let your annual expected expenses in retirement be one of them.
The worksheet provides:
Don’t stop at just populating a worksheet! There is a whole lot to retirement planning. Keep the education going. The earlier you start educating yourself and planning for your retirement, the better prepared you’ll be when the day comes.