Every person dreams of a retirement filled with joy and comfort. For some, it’s traveling and lounging on the beach. For others, it’s pampering themselves with nice things and fancy dinners. Yet, the reality is often different. For most, it’s a constant struggle. Fortunately, it doesn’t have to be so. And that’s why we are bringing you these useful tips for saving money after retirement.
Saving is crucial. Use these saving tips to your advantage, so you can spend your golden years the way you dreamed.
#1 – Track how much you’re spending
Saving is rarely about grasping onto every cent like there’s no tomorrow. In fact, that is the best way to become nauseated at the very thought of saving. In other words, forcing yourself to save will often lead to not saving.
A great counter to this is tracking your expenses. If you didn’t do it previously, now is as good a time as any to start. Immediately after you start doing this, you’ll notice many areas you can cut back on. And the best thing is – without sacrificing the quality of life in the process. So, put pen to paper and write down every expense, no matter how big or small. It won’t take you long to identify money sinks you can eliminate with ease.
#2 – Don’t shy away from using senior discounts
Many seniors refuse to use senior discounts. The reason for this are numerous, and each is more ridiculous than the previous. For instance, some consider it “begging” or “charity”. Others simply think it’s “beneath them”. It’s imperative to get out of this state of mind ASAP, because senior discounts aren’t either of those things. It’s a right that you earned through years of hard work, paying taxes, and contributing to our society as a whole. It stands to reason that you should reap the benefits.
That said, don’t shy away from asking for senior discounts every time you buy something. Almost every shop or institution offers some variation of it. Some more, some less, but each one will help you save money after retirement, especially in the long run.
#3 – Create a weekly shopping plan
You walk into the store to buy a bottle of milk. Fifteen minutes later, and you’re leaving with a bottle of milk. And a pack of sodas, a pound of candy, and several bags of snacks. It’s ok; we’ve all been there.
Impulsive shopping is the bane of saving. Indulging in it is a surefire way to deplete your budget. Now, we’re not saying that you should give up those small pleasures; you most definitely shouldn’t. But, a little discipline will go a long way toward saving money after retirement. Therefore, it’s an excellent idea to plan out a shopping list a week in advance. Start with the basics, such as the budget for food and hygiene products, for example. Once you get that down, you’ll quickly see if you need anything else. And, more often than not – you won’t, simply because you’re away from the shop and, therefore, away from temptation. Out of sight, out of mind.
#4 – Shop Online
If you’re not shopping online, you’re missing out on a whole world of opportunities to save money after retirement. So, even if you don’t consider yourself tech-savvy, train yourself to look for deals online first. The Internet offers many conveniences, better deals being only one of them. Here are some of the others:
- You can find anything and everything on the Internet. And that’s not even exaggerating;
- It is easy to compare prices since you have all the info in front of you;
- Many companies offer exclusive discounts for shopping online. So much so that, in some cases, you can save more than 50%. Now, that’s a deal!
- Even if there’s no discount for shopping online, you can find out which stores offer regular discounts. Therefore, you’ll save money on fuel and travel time.
- The convenience online shopping offers is unparalleled. In a few clicks/taps, you can have anything delivered to your doorstep. And, in most cases, free of charge.
There is one downside to online shopping, though. It is easy to fall into the trap of convenience. So, before you start browsing, remember to revisit tip #3.
#5 – Downsize to boost your budget
Downsizing is one of, if not the best, way of saving money after retirement. If you resided at the same home for a long time, you certainly accumulated an enormous amount of stuff. And, now, all of it is just lying around; a wasted investment. But, it doesn’t have to be! In fact, it can be a fantastic way to strengthen your retirement budget.
Therefore, consider what you need and what is just useless clutter. And then – sell all that useless clutter. And we mean all of it. Clothes you’re not using, the second car to get rid of additional car insurance costs, books you’ve read that are now collecting dust.
The best and most convenient option is selling online, through sites such as eBay or Craigslist. However, you can also opt to make a good old yard sale. Either way, you only stand to gain.
#6 – Consider moving
As an extension of the previous tip, you should consider moving to a smaller apartment or event to a whole other town or state. Now, we know that this is quite the leap.
First, moving is a chore. However, with a bit of help from friends, family, and a good moving company, you’ll breeze through it virtually without effort. Second, moving is costly. But, if you create an accurate budget and use tip #2, it will be more than bearable. In fact, nearly every moving company has some sort of senior moving services or discount.
Lastly, moving to a smaller apartment has many benefits, some of them being:
- Lower utility bills;
- Lower maintenance cost;
- More time for yourself due to less upkeep.
These things may seem negligible at first. Still, over time they’ll add up to improve both your budget and the quality of living.
#7 – Look for cheap travel deals
There’s nothing as fulfilling as traveling. Seeing new lands, meeting different people, immersing in strange cultures – it’s an amazing experience. Still, it does require time and money. Fortunately, as a retiree, you’ll have ample time on your hands. So, that’s half the job done. As for the second half, well – traveling can be more than affordable. And all it takes is a little time to make it so.
Therefore, search online for first or last-minute offers. Subscribe to travel agencies’ mailing lists, so you can get notifications when a good offer or a discount pops up. And, of course, use tip #2. You’ll be surprised how cheap traveling can get when you do this.
#8 – Un-retire yourself
Now, we’re not saying “get back to a full-time job”. Far from it! No, what we’re saying is: turn your hobby into profit. Think about it; you already do it, and you enjoy it. So, why not profit from it?
If you’re an artist, you can sell your artwork online. Do you love writing? It’s all too easy to find a part-time job as a freelance writer for various websites. Can you fix bikes? Advertise your skills throughout the neighborhood, and soon you’ll see kids and adults from all over come to ask for your services. The possibilities are infinite and all you need are some moneymaking ideas to bring it to fruition. And, most importantly, you’ll spend time doing what you love and benefit from it!
Bonus Tip: Indulge yourself
Saving money after retirement isn’t about giving up everything that makes life worth living. Quite the contrary! It’s about focusing on those exact things. So, don’t be afraid to indulge yourself every once in a while. After all, that’s what saving is all about.
