No matter how long you’ve anticipated retirement—and saved to make it financially viable—the fear of running out of funds can be a worry. But there are many ways to live quite comfortably while leading a more frugal lifestyle:
- Consider housing costs – You may be living in more space than you need and, unless you’ve paid off your mortgage, housing costs can be a major expense. Consider downsizing to smaller quarters to save money each year in property taxes, utility costs and services such as gardening, pest control and soft water.
- Reduce auto costs – If there are two of you in retirement, you may do fine with one car instead of two – and if you live in an urban area, consider going altogether car-less in favor of biking, walking, or using public transportation.
- Pare food costs – Retirement gives you more time at home, enabling you to cut out expensive lunches and dinners out in favor of preparing meals in your own kitchen. Plan meals ahead to make your money go farther. Shop grocery sales, discount stores and farmer’s markets. Buying in bulk at big box stores can be cost-effective. Shop and share with a friend to maximize savings on big box produce bargains.
- Shave entertainment costs – Look into local libraries and senior centers for classes, health and social activities, day-trip opportunities and more to help you stay active and social while spending less.
- Use senior discounts – Many restaurants and shops offer senior discounts, but typically only if you ask for them. Check with AARP and senior centers for a list of places offering discounts in your area.
- Think about ‘gently used’ – When it comes to clothing, small appliances, assorted furniture pieces and more, you may not need to buy new. There are bargains to be had at local thrift stores stocking ‘gently used’ items at often unbelievable prices.
- Consider working part-time – If you’re fit and willing, a part-time job can help keep you active and provide additional income. Think about freelancing or consulting in your former line of work or in retail, office work, or driving.
