What comes to your mind when you hear retirement? They said that retirement is supposed to be the “golden years” of our lives. We retire at age 65. And this may mean different things to different people. But the bottom line is we are thinking of Frugal Retirement.
This article is worth sharing to our seniors out there. And wanting to cut their expenses and have a frugal retirement living.
Saving money and living frugally is good for any age, but for seniors it may be especially important. Seniors live on fixed incomes and may have few opportunities to earn extra money. Here are a few frugal money tips seniors can use to stretch their money and meet their budget.
Cut Your Electric Bill
There are a few simple ways you can cut your electric bill down. Turn the temperature down on your water heater. Replace your incandescent light bulbs with compact fluorescent light (CFL) bulbs. Make a habit of turning off lights and electronics when they’re not in use. Plugin your television, DVD player and other electronics into power strips then turn off the power strips when you’re not using them.
Make Use of the Library
Your local library offers plenty of services that are free with a library card. (you may have to buy a library card if you live out of district). You can rent DVDs, check out books and magazines, use the Internet and have access to Wifi, check out books on CD and even music CDs. One trip to the library can save you a nice chunk of change.
Cut Out Cable
You can invest about $20 in a good, digital antenna and pick up local channels on your television. Ditch the cable service. (which can cost anywhere from about $50 and up per month). And opt to watch local networks or check out DVDs from the library for entertainment.
Drink Water
Drinking water is much cheaper than carbonated sodas and other sugary drinks. It is also better for your health. If you need something with flavour, spend a couple of dollars on a box of flavour mixes to add to your water.
Use Public Transportation
If public transportation is available where you live, it’s much cheaper than owning a car. With car ownership, you also have the expenses of upkeep, maintenance, insurance, and annual registration. Consider selling your car, putting the money into savings. then saved by using public transportation when you need to go somewhere.
Stop Using Credit Cards
Put your credit cards away and stop using them. As you pay down the principal, the least payment will drop. Once you get the debt paid off, you will be able to cut the payments altogether.
Take Advantage of Free or Low-Cost Meal Opportunities
Check around your town to see what is available for lost-cost or free meal opportunities. Senior centers, soup kitchens, and church meals may help with your food budget.
Ask About Medicine Samples
Ask your doctor for prescription samples to help ease the cost of prescriptions. Ask the doctor and pharmacy for generic and lower-cost alternatives to the medications you take.
Saving every penny possible is a must if you live on a fixed or a tight income. Following even a few of these tips can help you cut down your spending and save.
Freeze Your Property Taxes
Keep your property taxes from going up and up by freezing them at their current rate. Many states allow seniors to do this, and it usually requires a simple application. Check with your state’s department of taxation to find out if your eligible, and what you need to do to apply.
Tip: If your age doesn’t make you eligible for a tax freeze, see if your income does. Most states offer property tax relief for low-income individuals.
Drop Unnecessary Insurance
While homeowner’s/renters insurance and car insurance are a must for most retirees. Some other types of insurance may no longer be necessary. If you’re debt-free and dependent-free, it may be time to consider ditching your life insurance policy. And if you’re no longer working for a living, your disability insurance can go, too. Review your coverage, and make sure it fits your new lifestyle.
What You’ll Save: The cost of any policies that you cancel
Take a Safe Driving Course
In most states, you can snag a discount on your auto insurance by taking a senior safe driving course. AAA and AARP even offer online courses, so you don’t have to spend time in a classroom to get the discount. Check with your insurance company to find out which courses they’ll accept before you sign up for one. Expect to pay $20 or less for a course.
What You’ll Save: 5-10 percent off your current premiums.
Tip: If you no longer drive a lot, save even more by telling your insurance agent that you want their low-mileage discount.
Take Advantage of Off-Peak Deals
Save money on meals, hotels, airfare and attractions by eating out and travelling at off-peak times. Most hotels, and many ticketed attractions have special rates for mid-week travellers. And many restaurants offer specials for customers who come in before the dinner rush. These types of deals are a win-win because they save you money and help you to beat the crowds. Take advantage of the new-found flexibility in your schedule, and use it to do all sorts of fun things on the cheap.
What You’ll Save: Anywhere from 10-50 percent
Tip: Since your life is no longer dictated by a time clock, also be on the lookout for last-minute deals to take advantage of.
Grab Every Senior Discount You Can
Bookmark the list of senior discounts, so you can refer to it often. But don’t stop there. Get in the habit of asking if there’s a senior discount each time you shop. Or whether you’re booking a trip, buy furniture or checking out at a thrift store. You’ll be amazed at how many places offer a senior discount once you start asking. Keep a notebook of all the deals that you’ve found, so you can take advantage of them again and again. Some stores only offer a senior discount on a certain day of the week or month. These are the kinds of details you’ll want to include in your notebook, so you know when to shop for the best deal.
Fill Your Time With Free Activities
Now that you’re no longer punching a time clock. You finally have time to explore all the great freebies that are available in your community. Bone up on all the free resources that you can access you with your library card. Look into the free programs offered by your town’s Parks & Rec department and senior center. Use some of your free time to volunteer with local organizations. Learn how to get free movie tickets and free magazines. And if that not enough to keep you busy, look into ways to travel the world for free. If there’s something you want to do, there’s a way to do it for free. Do the research to find it. Then, get busy doing all the things you’ve always talked about doing. Make your retirement better than you ever dreamed possible. Make all those clock punchers green with envy.