14 Frugal Habits That Rarely Work For Seniors in Retirement
As humans, we spend our whole lives preparing for the days when we get to relax in retirement. We set aside a designated retirement fund to live our wildest dreams after age 55. We tirelessly contribute to those assets to achieve the ideal retirement. However, sometimes, we run into issues where we don’t save enough money or know how to adjust to this newfound life of freedom. The following bullet points contribute to a struggling retiree’s life.
1. No Socializing
You may not enjoy speaking to every person who roams by you, but humans need social interaction. Studies show speaking with other humans increases happiness, lowers depression, and can affect memory capacity. Sometimes, retirees find themselves alone and unaware of how to make friends or socialize with fellow retirees. But, you won’t spend money on outings if you don’t have friends. This outlook negatively impacts well-being, though. Various clubs, outings, and societies exist to help this transition.
2. No Health Care
It’s a simple fact that the older we get, the more care we need. Even if you run a mile every day and only consume the healthiest foods, aging affects the human body. Sparing money on health care might appear as a money-saving tactic, though it may lead to poorer health conditions down the line. Putting off health care may cause someone to spend extra money later on in life.
3. No Hobbies
How can you lose money when you don’t have a hobby to participate in? You can’t, but what good is a life of sitting alone in a house with nothing to do? Instead of wasting away in a retirement home or during the retirement years, strike up an affordable hobby to pursue a long-lost passion. Have you ever dreamed of painting in your free time? Or did you hope to learn the butterfly stroke, though your demanding 9-5 schedule zapped all your energy? Retirement serves as the perfect time to live out unfulfilled aspirations.
4. Making Clothes
Rather than going to a store and paying a large amount for subpar clothing, select retirees decide to make their clothes. Why not try to craft a closet? One reason is the extravagant cost of fabric, materials, and machines to concoct the wardrobe. Retirees who don’t want to spend face value on clothing can visit a local thrift store or clothing swap.
5. No Maintenance
Plunging into retirement means saving up a stash of money expected to last through the timeframe. Retirees can exert caution over that money, although when they become overcautious, they lose out on quality of life. For example, a frugal habit not suggested for retirement involves refusing to ask for maintenance. Why fix the falling ceiling when living in a dilapidated house stretches the retirement fund? Always plan for maintenance costs.
6. Buying in Bulk
Purchasing bulk quantities of items works in specific situations like feeding large groups of people or stashing non-perishables. Experts suggest retirees refrain from buying in bulk when the overflow of items purchased leads to waste. Scope out expiration dates and usage before making any bulk buying decisions.
7. Selling Your Car
The day arrives when you must depart with your ‘95 Camaro. A tear falls from your eye as the dealership hands over the last bit of paperwork while collecting your keys. Your previous interaction with the car sees you patting the hood, walking away like John Bender at the end of The Breakfast Club. Now, you need to determine the city’s public transit system, its effectiveness, and the new prices arising after selling a car. Sure, you no longer pay for insurance or gas, yet you pay for rideshares, tips, and transit to navigate retiree life.
8. Cheap Workers
Read reviews before hiring anyone to help you. Treat yourself with the utmost care regarding home health aids and workers. If a gardener charges $20 less than the other local gardeners, ask the neighbors about their work ethic and pricing. Retirees who hire workers who charge a considerable amount less than other people end up spending more money to redo the original job.
9. Meal Planning
Meal planning complements buying in bulk. Both can lead to wasting ingredients and overbuying. Hopeful meal planners may buy way too many ingredients than they’ll use or that they even like in hopes of living a healthier, cheaper lifestyle. Sticking to meal planning restricts diets, which causes a person to dine out due to a lack of variety.
10. Strict Budgeting
Yes, one needs to budget in retirement to ensure the optimal time, though strict budgeting deprives anyone of any semblance of fun or enjoyment during their “golden years.” Create a realistic budget that allows you to pursue hobbies and activities instead of one that comprises a rice and egg dinner for the rest of your life.
11. Couponing
Remember the show Extreme Couponing? These people scoured the ads for so long that the grocery stores owed them money. That tactic paid well, but the couponers wasted days finding deals to expunge a grocery budget. The problem arises when you buy items with coupons you never would use or need otherwise.
12. Cheap Healthcare
The worst thing to skimp on in life is healthcare. As I stated earlier, as our bodies grow and age, new issues occur, leading us to seek out medical attention. With low-quality healthcare, we aren’t treating ourselves to proper medical observation. Without proper medical observation, we face unnecessary, expensive issues later on.
13. Buying the Cheapest Items
I understand the inner struggle between buying a $20 pair of sneakers or a $160 pair of shoes. The $20 pair looks nice initially and tempts customers with its low price tag. Nevertheless, the shoes last about two months maximum, creating intense foot pain. The $160 pair of sneakers scares away customers with the expensive price tag, yet they alleviate foot pain and last years.
14. No Investments
Investments permit individuals to maximize their savings or increase income by setting aside money into a separate account. Over time, those accounts appreciate or grow in value and worth. Frugal retirees make the mistake of not investing for fear of losing money when the opposite is true. Retirees won’t make extra money without investing.
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