Ask yourself the right time to spend - on yourself

Ask yourself the right time to spend - on yourself?

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You’ve worked for decades, saving and investing for retirement along the way. You undoubtedly made a few sacrifices, such as keeping that old car for a couple of years longer than you desired or canceling your plan to buy an expensive gadget for you. Since you’re retired now, is it time to spend some of your money enjoying life a little more?

Spending decisions are influenced by both logic and emotion.

You don’t want to outlive your money, so figure out how much you can afford to spend first. For example, while withdrawing funds from your PF or PPF Account, Mutual Funds, or other retirement accounts, you must adhere to a sustainable withdrawal rate. You’ll also want to be aware of the numerous hazards that come with retirement.

However, there is an emotional component to the spend-or-don’t-spend decision. Leaving your money alone for as long as possible may make you feel safer. And if you have been dutifully saving and investing, you may find it challenging to change into a “spending” mindset.

This makes it critical to comprehend your relationship with money. This information can help you explain your views about saving and spending – and even help you see things differently. In addition, your financial advisor or us can assist you in connecting your economic thinking with your spending decisions.

Align your spending with your objectives and ideals.

What kind of lifestyle did you picture when you decided to save and invest for your retirement? You presumably did not envision a future in which you spent all of your time counting pennies. Instead, you may have noticed yourself spending more time with loved ones, pursuing hobbies, learning new skills, or traveling extensively. While you should not live above your means, you also want to enjoy the retirement you have worked so hard for.


It's time to give yourself a treat.

You worked hard to accumulate the money you’ll need to enjoy retirement, and while you don’t want to overspend, you also want the freedom to do so. You’ve planned for this day, and it’s finally arrived. Have fun with it!