Saving in Retirement: 12 Ways To Live on Less While Being Retired
Retirement should mean time for leisure and fun, but we hope to have enough money to enjoy life more. The hope is that as we have worked most of our youthful years away, we have saved enough, invested enough, or built a large enough nest egg. The worry is that it may not be enough. Who knows what inflation will do to our life savings? If you are a bit worried, then here are some ways to live on less in retirement.
1. Cooking at Home
Taking advantage of senior discounts at restaurants could be appealing, but then you have to tip the wait staff, and the food could be done better at home. Think about cooking at home. This could be a great hobby or enjoyable activity, but you will save a lot of money.
If you want to make it even more enjoyable, ask some friends to come over and bring a dish. A good old-fashioned potluck with some bottles of wine and games could be a great way to enjoy a weeknight or a weekend.
2. Slow Down on Commuting Everywhere
No more workdays means you no longer need to drive daily to work. The bonus is that you may not need two cars at all. Less driving also means less cost of gas to fill up, maintenance costs will go down, and you can spend less time on your butt (better for your health). You can jump on your bike or even move to the Villages in Florida with a golf cart to take you everywhere. My wife was amazed by all the golf carts in the Villages and was a bit jealous.
If you are looking for ways to save money, start by commuting less. It saves money in so many ways, plus it gives you an excuse to walk or ride a bike to places.
3. Senior Discounts
Once you reach the age of being considered a senior, it is time to take advantage of those discounts. Many stores and restaurants offer numerous discounts for seniors. Big cities will also offer discounts on public transportation. All of these discounts can add up quickly, meaning more savings in your pocket. They can range from 10% to 20% off items, and those are savings you may want.
Look at what is offered in your area, and take advantage of all the discounts. Living on less doesn’t have to be a drag. You just have to know how to take advantage of all the deals.
4. Less Work Outings
It is amazing how much one person can spend when going out with work colleagues. Work colleagues may offer to go to a restaurant or bar after work, and if it is an important function, then you may need to attend. The bonuses of networking and mingling could help with job prospects or moving up the ladder.
Once you retire, you no longer have to worry about those obligations. That just means you can spend time with your spouse or other retired buddies. Less money out means more money in your pocket.
5. Downsizing Your Home
A three-bedroom home for a family of four is a good way to have a family. Some families have much larger homes, but when all the kids move out, you could be stuck with a ton of unused space. That unused space is a lot to clean, heat, cool down, and maintain. If you downsize, you can get a smaller place and save some of the money in housing costs. It is a win-win!
6. Making Meal Plans
One of life’s best things to do is plan things out. It makes everything easier when you have a budget, goals, and a meal plan to help save and accomplish tasks. Meal plans can help not spend on items that you do not need or even waste food. You have a plan for all of your spices and food that is sitting in your fridge. So take a look at planning out your meals this can help save you more than you can imagine.
7. Use Some Cash Back Credit Cards
Many people do not like credit cards, and it makes sense if you have a spending problem. If you are good with money, you can use these tools to get cash back on the items you are already spending money on. You can also automate the payments to incur any late fees. These tools really can help you save additional money. Many credit cards could have promotions and bonuses from $100-900 in bonuses. Those are things you can certainly use while in retirement.
8. Use the Library
The library is full of resources that many people can use. My wife’s aunt does not have internet at her house, and I used the local library for their free wifi while we visited. The library not only has books for you to read, but it also has free Wi-Fi, movies, and numerous events. So take full advantage of the free things your library offers.
9. Travel in Off Peak Times
Suppose you like to travel and want to do more of it, avoid the peak times. It is amazing how much you could save on air travel and hotels if you avoid the peak season.
My family was in Thailand for their off-peak season a couple of weeks ago. The hotels had many great deals of 20-30% off their rates, and the local restaurants were cutting their prices just to have the customers visit their establishments. It is a great way to save money when traveling during off-peak times.
10. Shop For the Deals
It pays to find the best deal you can. Many people are selling things for full price, and others like to buy them at those prices. Why not get an item for a fraction of the price? If you want to spend money and buy something, just wait until it goes on sale or, even better, find a place with a discount. Items that last year’s model or things about to expire will be discounted. Many grocery stores will have weekly discounts on items, and stocking up on some of them could be best.
So a way to save while living on less is to shop for all these discounts.
11. Use an Antenna For TV
If you like watching TV but hate paying for it, invest in an antenna. The local channels will come in, and you get the best of both worlds—TV you can watch without paying for it. Amazon has some great antennas to buy to help you get on your way to free TV.
12. Ride a Bicycle
One of the most liberating things is riding a bicycle. If you have two cars and only use one, sell one and get a bike. The bike can help you get from place to place and allow you to work off any extra pounds you have put on while sitting at a desk. It truly is an excellent instrument that not enough people use.
Ways to Live on Less
Hearing the word frugality can sometimes make you want not to save as much. By using these little tricks, tips, and ways to save, you can live on less money. That means if you feel the amount of money you have for retirement is not enough, now you have alternatives to live on less while still enjoying life. Retirement does not need to be stressful worrying about money, but a time to enjoy those golden years of life.
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