Budgeting is an important part of financial planning both before and after retirement. If you do not set a budget for yourself while you are still working, you may not be able to set aside enough money to live comfortably after retiring. And budgeting becomes even more important throughout retirement, as income may be lower. Keeping track of how much money you receive will allow you to figure out how much you can spend to make the most out of life without depleting your funds entirely. When you do not set a budget, you cannot see where your biggest expenses are, and therefore will likely have trouble adjusting your spending as your lifestyle shifts. As such, you may end up needing to increase your income to make sure that you are living within your means.