10 Quirky Budget Tips For Retirees

Now that you have retired, or if you are nearing retirement, you need to look for ways to spend a little less money.

As a retiree your available funds are probably less then you had at your disposal when you were employed.

With your newfound free time you want to continue to be able to enjoy your life while living on more limited funds.

Some ways  you can save a little money include:

1.  Take advantage of your age.  Many places offer senior discounts for meals, movies, hotels, travel, parks, etc.  Some grocery stores have a discount senior day each week.  Take advantage of this perk.  Senior centers often have free entertainment and offer activities and classes for little or no money.  Some centers also offer reduced lunches,

2.  Learn to live below your means.  It helps if you start this before you stop working, but it’s never too late to begin.  You will need to set up a budget or spending plan.  You need to include all your fixed expenses such as housing, utilities, insurance and medical expenses.  You need to put aside some funds for emergencies and for savings.  Then you need to estimate the money to be spent on food, clothing and entertainment.

3.  Set up systematic withdrawals from  your investments to be deposited into your checking account.  Do not simply allow yourself to take a withdrawal from your investments for a spending spree.

4.  Many retirees are not ready to completely stop working.  If you want to do something you enjoy and can boost your income at the same time take advantage of the opportunity.

5.  Staying healthy will not only improve your quality of life it can also save you money.  Investing in healthy food is essential.  If you will use it, a gym membership can benefit your health.  Both of these activities can help reduce your medical expenses.

6.   If you are living in a large home which is expensive to upkeep consider downsizing.  When you get older you usually are not interested in or able to do the chores necessary to maintain a large residence.  If you have a lawn around the home you will likely need to hire someone to take care of it for you.

7.  If you want to stay in your large home you might rent out an unused  room or two to increase your income.

8.  Make choices.  You can have a fancy coffee, a glass of wine, and a manicure, but not all in the same day and maybe not all in the same week.

9.  If you find the cost of insurance, gas and maintenance on a car too expensive look into public transportation or consider carpooling to reduce expenses.

10. Attempt to live debt free.  If you have a lot of debt and have equity in your home look into a reverse mortgage.  Depending on your circumstances this may be a good choice for you.  Be sure you do your research on a reverse mortgage.  It is wise to consult with your financial advisor about the advantages and disadvantages of the reverse mortgage.