Bill Schantz Grant

Tracking Expenses for Easy Retirement According to Bill Schantz

One of the most important aspects of retirement is managing expenses and creating a budget. Knowing your spending needs and then arranging sufficient income for it can result in a sound retirement plan. However, Bill Schantz asserts that most people forego this essential factor during their youth when it is the best time to start saving and investing for life after work. This mistake can cost people dearly.

Here are some ways in which people can track their expenses effectively and budget accordingly if they plan to retire without stress.

Use a Template

Handwritten income plans and expenses are things of the past Digital technologies have made things much simpler. People can simply utilize existing templates in Microsoft Office or search for others online. Whether it is household expenses or personal expenditures that a person wants to keep track of, they can easily find the relevant template that makes life much easier, Bill Schantz notes.

Online Tools Make Life Much Easier Bill Schantz States

Technology is a blessing for most of us these days. Today, there are comprehensively built applications that can allow people to make budgets and track expenses. These apps have various functions depending on which one the person is using. These tools can classify expenses into various categories that can help people ascertain where most of their income is going. It also helps them determine their wants from their needs so they can cut costs efficiently, if necessary.

Have Just One Credit Card

Believe it or not, Bill Schantz explains that credit cards are the most troublesome debt instruments that are present in almost every person’s life. A certain amount of discipline is required if people want to use these responsibly. This includes paying the bills on time. Having a single credit card doesn’t just limit debt, it also allows you to track your expenses more effectively. People can export spreadsheets from credit card issuing authorities to record them.

Multiple Credit Cards Can Come in Handy for Different Expenses

If you do have multiple credit cards, it is best to categorize them for different expenses. Some credit cards offer reward points on specific purchases like groceries. This can help you save on bills and also determine how much you spend on a necessity. This can help you divide budgets effortlessly. However, Bill Schantz affirms that this can result in additional monthly payments which is only recommended for people who can manage them properly.

Bill Schantz Advises Divide Bank Accounts as well

If you don’t like charging everything on your credit cards or have difficulties paying off your accounts in full, this strategy is ideal. Separate your expenses into multiple accounts. For instance, you could use one account to pay off fixed expenses, such as debt repayments, and another for long-term savings, with the remainder going into a “wants” account. You’ll know you’re approaching your budget when the “desire” account starts to run low.


Appropriate budgeting goes a long way in enabling people to spend wisely and save properly for retirement. In the absence of effective expense tracking, future plans can fall apart.

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