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By wordsthatecho
March 31, 2016

In this series, Tips from the Pros, Money taps the collective wisdom of expert financial planners.

Victoria Fillet of Blueprint Financial Planning explains how dividing your money up into three imaginary baskets can help make your money last in retirement. In the first basket you put all the expenses you must cover without fail—expenses like rent or a mortgage payment. The second basket is full of essentials that may vary from month to month, like groceries and clothes. These can be made less expensive by clipping coupons or shopping at a discount store versus shopping at a boutique. The third basket is for purely discretionary items like a vacation or a gift for a grandchild. How much you spend from that third basket will rise and fall depending on how much money is left over from the first two baskets, and how well your investments are performing.

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

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