According to the National Council on Aging (NCOA), one in three Americans over the age of 65 is in financial distress and unable to cover basic necessities like food, housing, and healthcare costs. That number is expected to grow as the Baby Boomer generation reaches retirement age. Regardless of your financial situation, it pays to know some basic money management tips.

1. Create a budget — Though it may be the most basic suggestion for anyone interested in personal finance, it’s also the most frequently ignored. To live on a fixed retirement income successfully, Woman’s Day magazine says creating a budget will help you see where your money is going each month and allow you to quickly change course if needed.