You Can Save Money in Retirement With These 4 Tips

Retirement means that you have reached the ultimate goal in life; after all of the years working hard to get there, it is finally time to enjoy the fruits of your labor. No matter how much you have prepared for this moment, you may fear life without a steady income flowing in. There is hope in your new thrifty lifestyle, and having to keep an eye on spending does not mean that you cannot continue to save! 


The following 4 tips will help you to continuing saving money without feeling like retirement is a financial downgrade to life:


1. Online Selling

Sitting outside, relaxing by the pool or going to the beach is something everyone wants to do all day every day, but let's face it, you may find yourself getting bored after a few weeks. Why not spend a few hours per month making some extra cash that can add to your savings fund? 

If you are crafty by nature, creating an store is a great way to sell your unique designs. Start out by researching what is in high demand, check out other Etsy shops and see how well those sellers are doing. From baked goods, to art, to anything you can think of. If you can create it, you can sell it! and are great platforms for selling whatever you find lying around. From the basic to the obscure, there is a market for whatever you are interested in peddling. Selling on eBay or Amazon can be a once in awhile thing, like after cleaning out the garage. Or it can be something that brings in big bucks in your spare time, such as refinishing or repurposing cheap items found at Goodwill or a Yard Sale and reselling online.



2. Senior Discounts

Early retirement is a gift, but most folks are unable to stop working until after they have reached seniorhood. The magnificent thing about reaching that golden moment is the discount that ensues! Almost every business offers some sort of deal for your age-achievement, and while most will advertise that coveted money-saving bonus, others will require you to ask for it. Don't be shy - by asking, you can save hundreds of dollars every month in restaurant, clothing retailer, entertainment and travel discounts! 

Click here for an extensive list on discounts, age-limits, percentages, and other details. 



3. Adjust to Your New Lifestyle

Life before retirement may seem different - the fact that you had a steady paycheck coming in also meant you could probably go out to eat on a whim. While most people know that cooking at home is way cheaper than dining out, it is also time consuming and doesn't always feel as special. 

The senior discount mentioned above is a good way to start saving on trips to the restaurant. You can save 10% or more just by walking in the door as a senior, so be on the look out for advertised deals, or just ask if you don't see them! Restaurants also offer two-for-one meals, early bird specials and other "time of day" discounts so check their websites frequently for updates. Adjusting the frequency of when you eat out will save big. If you normally eat out four days per week, switch it up to two and put the money you have saved in the bank.



4. Prioritize

The focus of retirement should not be worrying about money. After all, you have made it this far because you were smart with savings! That being said, you still need to make sure that you aren't overspending. Making a list of things in your life starting with those you absolutely need to have down to those you could do without will allow you to feel better about monthly expenses. Once you have eliminated the things that do not matter, reassess those that do.

Almost everyone will have television and movies on their needs list, but it doesn't have to come from Cable TV. Cutting the cord and switching to streaming platforms can save you hundreds of dollars every month! Watching is easy, all you need is a laptop, gaming console, or smart TV and you are well on your way to controlling what you see, when you want to see it, for a fraction of the cost. 


Now get out there and enjoy your retirement!