These financial tasks changed my life forever!
One thing that I’ve learned over the years is that retirement is not the dream everybody talks about. Well, it is an amazing time period when you have time to do a lot of the things you want, but balance is needed.
It is not like once you retire, the responsibilities are gone. Even more, new responsibilities arise, and none of us is ready for them. When we encounter new things, it’s normal not to know how to manage them.
But you are not alone, and I want to help you with all the knowledge that I gathered through my retirement years. I am not the best when it comes to financial tasks, but the challenges I encountered forced me to become better. After all, this is how all of us learn, right?
Considering the stressful financial events that happened in my life, I’ve made it my mission to stay on top of my finances without letting them consume my precious free time. What I’ve discovered is amazing, and I am sure it will help anyone. Dedicating just one hour every few weeks to these quick financial tasks has saved me thousands of dollars and countless hours of stress.
Review and reduce monthly subscriptions
Time needed: 45-60 minutes
Monthly subscriptions are the death of us! Or at least this is what I like saying lately. We all have them, and most of us are not very good at managing them. I usually just find a new service that seems to be interesting and then subscribe to it. Is this the best strategy? Clearly not!
If you are the same as me, what you can do to save some money is to adopt some financial tasks into your life and simply look at what subscriptions you have and instantly cancel those you are not using. Yes, it’s that simple.
The first time I added up all my monthly subscriptions, I was totally unprepared for what was about to happen. When I saw the total of over $200 a month spent on things I’ve forgotten about, I was shocked.
The method I used was a little bit annoying, to be sincere now. I went through three months of bank and credit card statements, highlighting every recurring charge. But oh well, this is what happens when you subscribe to things and have no idea about them. If you are wiser, you probably know your subscriptions and also the ones you are not using.
Last time, I canceled $85 worth of monthly subscriptions I’d forgotten about.
Organize your important documents
Time needed: 45-60 minutes
After watching myself and my friends struggle to find important papers during emergencies, I created a simple filing system for crucial documents. It might seem that this means a lot of papers, but the reality is not exactly like this. All you need are the Social Security cards, Medicare information, insurance policies, wills, power of attorney documents, and account numbers.
I am more old-school, and I keep copies of them in a fireproof box. Then Bill told me that this is not enough, and since we are now on this boat, he has digital copies on cloud storage. What more can I say? We are all set now.
The best thing is that this strategy, besides keeping things safe, is also a time saver. When I need something for a doctor’s appointment or insurance claim, I can find it in seconds instead of spending hours searching.
Set up an IRS identity protection PIN
Time needed: 15-25 minutes
You know very well about horror stories about tax identity theft. They scared me, and in the end, I did some research, and I decided to get an IP PIN through the IRS website. This sounds complicated, but trust me, it’s really simple.
Those between 65 and 74 are in the high-risk category when it comes to financial losses from tax scams. And this is not something I just say; it’s info from a 2025 survey by McAfee.
The process can seem a little bit intimidating, but it’s not such a big deal. First of all, I accessed the IRS website and created an account. Here, I needed to pass the identity verification. This took a couple of minutes. After they saw everything was alright, I received my six-digit PIN.
The trick is that now I use this PIN every year when filing taxes as a way to protect myself and my money from scammers. Knowing that no one can claim a refund in my name has eliminated a major worry during tax season. And if you think that you can recognize a scam, I want you to be very careful because scams are constantly evolving.
Freeze your credit files
Time needed: 20-30 minutes
Ok, hear me out, this is probably the best and smartest one of the financial tasks I’ve ever tried, and it takes so little time! According to experts, freezing your credit card is a very effective way to eliminate or at least reduce the risk of identity theft.
As I already said, taking such precautions is essential, especially as you age. One thing that I learned is that if you want to do a good job, you will need to freeze your credit with all three bureaus separately. Equifax, Experian, and TransUnion, you should contact them all.
All you need to know is that the whole procedure is completely free online, and it takes about 10 minutes per bureau. Right now, I feel more secure than ever because no one is able to open new accounts in my name without me knowing about it. I consider this an essential step when it comes to your security and the integrity of your accounts.
Set up a simple budget tracking system
Time needed: 45-60 minutes initially, then 15 minutes monthly
One of the key things that helps me keep my budget in check is tracking it effectively. This is a skill I’ve tried to master since college, and right now I can confidently say that I am pretty good at it. I know where my money goes, and this helps me organize my life better.
Right now, there are apps you can download on your phone to help you with this, but when I started, there were none, so I had to rely on whatever was more accessible for me. This is how I ended up using a basic spreadsheet.
I have more categories, such as housing, food, transportation, healthcare, and entertainment. I try to do my best and update them monthly. Usually, it takes me around 15 minutes every month to note down my major expenses. This is so little time for the huge impact this can have on your decision-making process.
What I’ve learned over these five years of retirement is that staying financially organized isn’t just about saving money; it’s about confidence and peace of mind. When I know my finances are in order, I can fully enjoy my retirement without that nagging worry that I’m forgetting something important.
In case you are more old school, you can try to track all your budgets and financial tasks using a notebook!
If you and your significant other want to retire together, you need to know that things are more complicated than they seem. I struggled a little bit when Bill and I retired, but here are the things that I’ve learned: Planning to Retire Together? Here’s What to Watch Out For