Editor’s Note: This story was originally published February 2020. Please refer to local COVID-19 restrictions and guidelines.
Adjusting for a steady income in retirement can be challenging – especially if you live on less money.
Just because you stopped working doesn’t mean you stop paying bills and buying groceries. If you are planning vacations or trips to the golf course, these are additional budget costs.
“You could easily spend more money [in retirement] because you have more time to enjoy, ”Droucelle Ramage, a self-described frugal retiree, told The Penny Hoarder.
Ramage said that shopping at thrift stores, attending free community events, and choosing community acupuncture instead of going to an expensive private practice all helped her keep expenses down.
Volunteering at her church and the local senior center has kept Ramage busy without spending any money. She can get free flights when she travels – a benefit when she’s worked for American Airlines for over 20 years.
Knowing how to cut costs is the key to a frugal retirement that you can enjoy.
12 Ways To Save Money In Retirement
1. Get a roommate or two
Retirement loneliness can have a negative impact on your health and quality of life. Living in a company not only helps you feel less alone, it also helps you lower housing costs.
If you live alone, try or share a place with a friend or family member Look at coliving with other retirees to save money.
2. Zoom out to a smaller room
Perhaps your frugal retirement idea doesn’t include sharing your living space. You can cut costs by moving to a smaller house instead.
ON small house has several financial advantages. You pay less rent or mortgage. Your utility bills will go down. There is less need to worry about home maintenance and repairs.
And when you zoom out, you can Sell all of this furniture You don’t need any extra cash.
3. Rent out your children’s old rooms
If you don’t want to sell the family home or find long-term roommates, you can make money on your empty nest by converting unused space into short-term rents.
Your children can get their rooms back when they are on vacation – or you can let them pay the daily rate.
This guide on how to become an Airbnb host will get you started.
4. Reduce the cost of groceries
Cutting your grocery expenses is a powerful way to give you a frugal retirement.
Bonus: if you want to eat out, be sure to check this out 25 Ways To Save Money In Restaurants.
5. Be proactive about your health
Your health is often intertwined with your wealth. If you stay healthy in retirement, you will spend less on medical expenses.
When it comes to prevention, a balanced diet and regular exercise can reduce the chances of developing conditions like high blood pressure and type 2 diabetes. However, you don’t have to charge your bank account to pay for expensive health food or an expensive gym membership.
These 10 Ways To Save Money On Organic Food and this article on Tips to spend less on products will help you eat healthily for less. Incorporate one of these Fitness alternatives into your routine, or build a cheap home gym for under $ 100.
If you are 65 years of age or older, Sign up for Medicare. While Medicare coverage doesn’t eliminate the out-of-pocket expenses, you pay less than with private health insurance.
6. Find inexpensive entertainment and ways to stay social
Get busy in retirement without emptying your wallet.
Fill your social calendar with events at your local senior center, host potluck dinners with friends, or start a crime book club. Find out about free offers such as sign language courses or Museum passes.
Consult this list of 100 free things to do when boredom arises.
Volunteering is another way to get the most out of your time and it can come with great benefits, such as: B. free entry to a play when you ring in a theater.
7. Save money on this bucket list trip
You can have a frugal retirement and Travel. It just takes smart planning and maybe a little compromise – like avoiding the high tourist season or driving instead of flying.
These Travel tips helps you keep costs down.
8. Take advantage of discounts
Don’t be afraid to share your age if this translates into cute discounts. Dozens of businesses – from retailers and restaurants to airlines and hotels – are offering lower prices to seniors. Some offer discounts to customers aged 50 and over.
Join AARP for a range of discounts in a variety of locations.
9. Continue your education for free
All over the country there are opportunities for Seniors take free or discounted college courses. Be a lifelong learner and take a course in a subject you’ve always wanted to know more about.
10. Shop secondhand
Instead of strolling the mall to buy a new outfit or home accessory, try thrift stores, consignment stores, or online sellers for deals.
11. Sell unused items
Do you know that the porcelain set collected dust? Stop telling yourself that you will pass it on to your children. Instead, get cash for it, along with all of the other unused items littered around the house.
Organize a garage sale or register as a Seller at a local flea market. If you don’t want to occupy a card table for half a day, Sell your stuff online on websites such as eBay, OfferUp or Facebook Marketplace.
This guide will help you find out The best time of year to sell all of your unwanted items.
12. Pay off the remaining debts
There are two rewards for getting out of debt sooner rather than later. You will pay less total interest if you pay off your debt early. You will also free more cash when you run out of that monthly financial obligation.
Pay more than the minimum, negotiate a lower interest rate, and earn bi-weekly payments can help you lower your debt burden. You can find more helpful tips here too Student loan repayment in retirement and Eliminate credit card debt in retirement.
This article originally appeared on www.thepennyhoarder.com