Frugal Retirement Living Tips

by R Long
October 14, 2019

Retirement Living TIPS

Are you a retiree and retirement living is making you struggle with your expenses? Frugal retirement sounds, well, so austere. Sometimes does it feel like your pension is not enough or your nest egg is running out? Your spending habits may be part of the problem. Your pension could be enough if you tweaked your lifestyle so that you could still enjoy life while spending a little less money. Once you hit retirement, your sources of income will likely dwindle and you will be left to depend upon your pension and your nest egg.

Frugal spending may be the key. You can still be happy while living within your means. It will give you peace of mind and reduce your stress. You don’t want to add the thought of being broke to the problems you already have. Here are a few tips on how to do more with less.

monopoly houseProperty Taxes

Make sure you are getting all of the property tax exemptions you are eligible for your frugal retirement living. Did you know that some states allow seniors to freeze their property taxes? Contact your state’s department of taxation to find out if your state allows this and if you qualify.

If you own your own home, you probably already realize that property taxes usually increase steadily. A lot of seniors are not aware that there are homestead exemptions they are eligible for. Make sure to check out the rules of your state, county, and city for these exemptions. 

Jane Byrne, from FirstCare nursing home, points out that one of the biggest issues faced by the aging population is their finances. “Rising numbers of cases of financial instability are making retirees live a more difficult life.”  

Take advantage of senior discounts

Everyone prays and hopes to live long enough to become a senior and enjoy their retirement living. Often seniors are given certain privileges in many locations. Some of the privileges come in the form of discounts and coupon codes. So, when you go to any store, either online or offline, make sure you ask if there are seniors’ discounts. It is your right and you deserve it. They would not be offering it if they did not want you to have it! These discounts can help you reduce costs and have a frugal retirement.

Reduce your number of cars 

In frugal retirement living, you are probably not on the road as much as you used to be. And if your spouse is a retiree too, she or he may not go out often either. If you both have a car to yourselves, it may be a good idea to sell one and make do with just one automobile. This will reduce your spending on gas by almost half. Secondly, cars need to be maintained whether they are used or not. So, even if you don’t use the cars often, you will still keep spending on them. Selling one of them will reduce your maintenance cost. Remember, you also must pay the insurance premium on them. 

With shared rides so easily available, it may often be easier to take uber or lyft to a local location. You do not have to pay for parking and the convenience is unbeatable. In the long run, you may find this to be a less expensive alternative.

The cost of certain services is less expensive in off-peak periods. For example, products and services in the travel and hospitality industry drop during certain times of the year and month. So, when you travel for vacation, check out the alternative days that may not cost as much. After all, you are now retired so you have time on your hands.

Speaking of vacations. It is every senior’s dream to travel around the world and see places when they retire. However, frugal retirement demands that you cut this down to your means. You may have to reduce your vacations or limit your luxury trips. In addition, you don’t always have to stay in 5-star hotels. You may have to do some research to find the best deal but there are less expensive yet comfortable hotels around.

Buy only what you need

It is not advisable to keep buying ostentatious products to impress people. Buy only what you really need. Before buying anything, pause to ask yourself if you really need it. Ask yourself how you have been surviving without it. You may find out that you don’t really need it. For example, you don’t have to have the latest smartphone, when a slightly older model will most likely handle all your needs.

 There are many other ways to save costs and spend less but the few tips given above should go a long way in cutting down your expenses. 

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