The ideal way to prepare for a comfortable retirement is by saving money in retirement benefits or pension schemes. According to Nerdwallet, financial advisors recommend saving between 10% and 15% of your pre-tax earnings. But not all people save as recommended.
So does lack of enough savings mean you will have a troublesome and uncomfortable retirement? Not at all. We have compiled nine tips to help you live comfortably after retiring while saving the little money you have.
Move to a more affordable neighborhood
If you were living in a high-end neighborhood with a high cost of living, consider moving to a more affordable community. This step will save you money because you will be paying less money for rent, grocery supplies, restaurant prices, gas, garbage collection, and so on.
You may even move from the city to rural areas where the tax rates are lower so that you can save the little savings you have and the social security benefits.
Make meals at home
Eating out once in a while is not bad, but if you want to save money after retiring, make meals at home. Homemade meals are cheaper, healthier, and safer. Plan your time well to make time for going grocery shopping, and while at it, look out for stores with senior’s discounts.
Cheap ingredients translate to affordable meals. I mean, there is no need to skip restaurant meals only to buy expensive ingredients.
Make use of freebies
Many communities offer free stuff to seniors, such as homemade meals, warm clothing, and so on. You will also find institutions giving free services such as free entry to museums, art functions, college classes, gym sessions, and dance lessons.
A tight budget should no keep you from having fun or staying active. Take advantage of the free things.
Lower your rent
To save as much money as you can, consider sharing your home with a roommate or offer Airbnb services. You could use the extra money on other bills such as food, gas, electricity, and medicine. Also, consider moving from your big house to a smaller apartment with lower rent.
Take advantage of discounts, coupons, and promotions
One of the most suitable ways to save money on stuff is timing when local stores and online sites give discounts. Whenever your local store is giving coupons, promo codes, or discount codes, use the opportunity to buy supplies in bulk.
Online sites also offer golden opportunities for you to save some money. At GreenPromoCode, you can find your trusted site for amazing deals, discount codes, and coupons on assorted items. Check out our ongoing promotions on household goods, clothing, cars, and spare parts, books, medical supplies, department store products, and so much more.
Sell the items you no longer need
We know it is hard to let go of your treasured possessions, but what’s the need of having them if you are broke? You can sell the items you can do without, such as extra furniture, trucks, jewelry, accessories, clothing, and electronics. Use the money obtained to offset debts and pay for bills.
Call on your family to assist
When you are old and no longer have the strength to work, turn to your children or other family members for help. They may be in a better financial situation than you and willing to pay some of your bills such as prescriptions, rent, and electricity.
Revise what you spend your money on
After retirement, there isn’t much coming in through your bank accounts. With the little money you have saved and social security benefits from the government, you cannot afford to sustain some lifestyles. Consider canceling memberships you no longer need, such as golf clubs, political parties, and professional associations.
Utilize credit card rewards and bonuses
Retirement comes with so much free time. If you plan on traveling, check if your credit card offers rewards or points that you can redeem to pay for flights. Some credit cards also give cashback bonuses when you sign-up for a new card. Take advantage of such opportunities to pay for a vacation.
Conclusion
Retirement means your income streams have reduced considerably, especially if you don’t have a passive income. To save the little retirement money, consider downsizing your lifestyle by looking for a roommate, making meals at home, and canceling memberships you no longer need. You can also sell old possessions and ask for help from family.
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