Retirement is a time for seniors to reap the rewards of their hard work, indulge in hobbies, travel and engage in leisure activities. However, managing finances during this period is crucial to ensure they can enjoy these activities without the burden of financial stress. Consider these practical tips on how to budget effectively for travel, hobbies and leisure:

Create a Retirement Budget

Seniors should begin by listing all sources of income, including retirement plans, Social Security and any other retirement benefits. Next, outline essential expenses like housing, utilities, health care and groceries. Lastly, allocate funds for travel, hobbies and leisure activities to ensure they fit within the  budget.

Prioritize Activities

Identify which activities are mos important and prioritize spending on those that bring the most joy and satisfaction. Be mindful of how often they engage in these activities to maintain a balanced budget.

Look for Discounts & Deals

Many businesses offer senior discounts on travel, entertainment and dining. By taking advantage of these offers, seniors can stretch their budget further.

Plan Ahead

Save money by booking trips and activities in advance to take advantage of early-bird discounts and special offers. This can help save money and get the best deals.

Stay Flexible

Be mindful of the budget you create and stay open to adjusting your plans. If an activity appears to be too costly, consider a more affordable alternative that still brings you joy.

This article is provided for informational purposes only by Iowa State Bank in partnership with the Iowa Bankers Association.