Get More Control Over Your Spending & Saving

 

Do you feel like you are getting the most from every paycheck? Having more control over where your money is going can not only help you spend smarter today but can also help you save for other goals.

How to Prepare Your Finances for Retirement

Explore the three financial areas that are most commonly overlooked when it comes to retirement planning.

 

Budgeting for Today

While budgeting might not be on top of the “fun things to do on the weekend” list, it can help you afford to do those fun things, buy a car, or save more for retirement. You can choose from many options to budget, including:

  • Multiple bank accounts: One approach is to open 3 different accounts for essential expenses, discretionary “fun” spending, and savings. Then, split your monthly paycheck across those accounts. Once that’s done, you just need to manage your “fun” money spending.

  • Spreadsheet: The old-school approach is to create a document to track your spending across different categories. This takes time each month, but it helps you dig in and understand where your dollars are going.

    • Fidelity has created a couple of options for you to track your budgeting each month, which you can access at no additional cost:
    • Budgeting Worksheet

    For a good starting point, open the worksheet to start budgeting today.
     

    Open Worksheet

    Budgeting Spreadsheet

    For a more detailed approach, download the Microsoft Excel document.
     

    Download Spreadsheet

    • App: There are a lot of free and subscription apps out there.* You can automate what a spreadsheet does by using an app that allows you to link your credit cards and bank accounts. Most offer features to help you manage your money better each month. Here are a couple examples of popular fee-based apps:

    You Need a Budget (YNAB)†

    EveryDollar‡ 

    Budgeting for Retirement


    Money Management Tips

    What do Delta retirees have to say about managing their money? Learn in this video!

     

    Budgeting is even more important in retirement because you are on a fixed income and not working. Visit the Planning Summary on NetBenefits to build a plan that could help you reach your savings goals. Here are some considerations as you think about your retirement budget:

    • Any final payments from Delta you may receive, including vacation, paid personal time (PPT), and profit sharing.
      • These payments may be 401(k) eligible or you can use the funds as your wish.§
    • Determine all potential sources for your retirement income.
    • Set a retirement goal on the Planning Summary, or go to your existing one.
      • Fill in the details about yourself under "About You".
      • Doing this can help you match up your future retirement income and expenses in one place. 

    If you’re unsure about where to start with a retirement budget, focus on your budget today to understand your spending and saving. Then look at each expense and determine if it will cost more or less in retirement.

    What's your next step?

    • For help with or questions about budgeting in retirement, talk to a financial coach through Operation HOPE at 888-388-HOPE or visit delta.operationhope.org.
    • For questions about retirement preparation, call the Fidelity Service Center for Delta at 800-554-0262, Monday through Friday, from 8:30 a.m. – 8:30 p.m. ET, excluding NYSE holidays.
    • Visit the Money 401(k) page to keep learning!

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    * The budgeting programs listed are given as examples of popular programs and not as endorsements. Programs may differ in features, designs, approach, and cost. Budgeters should carefully research each of these aspects to determine if such a program is right for them.

    † At the time of publication, the cost of this resource was $8.25/month or $99/annually for the annual plan, or $14.99/month.

    ‡ At the time of publication, the cost for the premium subscription to this resource was $79.99/year.

    § You are eligible for a profit-sharing payout based on earnings paid to you in your final year of employment at Delta. The payment will be made on February 14th of the year after your retirement date. This payment is 401(k) eligible if your retirement date is November 30th or later but is not 401(k) eligible if you retire earlier than November 30th.