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Budget for a 75 Year-Old Woman

Here’s a real budget for a 75 Year-Old woman.

Budget for a 75 Year-Old

I rounded the numbers so they were a bit more understandable. The property insurance, car insurance are split out over 12 months even though they are not paid every month, just when they’re due, once and twice annually.

Her assets include (rounded of course):

  • Home – Paid off for some time now – Approximately $125,000.00
  • Credit Union – $20,000.00
  • Vanguard Funds – $15,000.00 in Prime Money Market Fund – VMMXX – Yield 5.14%
  • Vanguard GNMA Fund Investor Shares – $30,000.00 in Bond Fund – VFIIX – Yield 5.34%
  • Checking Account – $10,000.00
  • EE Bonds – $3,000.00

Some attributes to be concerned about:

  • Weekly visits to the casinos
  • Honoring her husbands wishes to update certain aspects of the house both minor and major

Work Ethic and Mindset:

  • Born in The Great Depression era
  • Clipped/Clips coupons
  • Food was the topic of daily life
  • Normal day jobs – 9 to 5
  • Lived in two houses over their life and ended up in the current house for more than 40 years with one major addition to the house.
  • Always looking for deals and how to save money on purchases of anything
  • Only takes the Required Minimum Distribution from the Vanguard Funds – around $2,000.00/year
  • “The money in the Vanguard funds will never be spent!!” she proclaims.

Other benefits include family members who are able to buy her things like new car, new TV, and other around the house items. Can move in with family members when the time comes.

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