Expenses automatically go down after you retire. There are many pain-free ways that they can be reduced even further. The following are ten ways that you can save money during retirement, without having an adverse effect on your lifestyle:
1. Clothes. You won’t need to pay for uniforms or expensive business suits any longer. And you won’t have to purchase and have an entire closet of shoes for all occasions.
2. Commuting costs. You won’t have to pay parking fees, or bus fare, or tickets for the commuter train any longer. If you have a 20-mile commute every day, then you will save nearly 100,000 miles per year, which is the equivalent of over $5,000 per year, at the 56.6 cents IRS mileage allowance.
3. Look online – there are numerous ways that you can save money by going online and looking for vouchers and senior citizen discounts.
4. Lower insurance. If you sell one of your cars, then you won’t have to pay insurance on it. You also might have other insurance policies that you don’t need any longer. For instance, you might not need life insurance if your children are all grown up.
5. Move. If you aren’t committed to the location where you worked, then you might have the option of selling your home and moving to a neighborhood or area that is less expensive. You don’t have to necessarily relocate to Texas or Florida. Sometimes relocating 20 miles further away from a business hub can end up saving you large amounts of money, mainly, housing prices and real estate taxes.
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6. No more children. After your children have completed school and move out to be on their own, you will spend a lot less money. This event frequently happens at about the same time as retirement. Your savings account will no longer be drained by college tuition, you won’t have extra cars in your driveway, and your grocery bill will go way down.
7. Travel. If you want to go first class when visiting the hot spots, you can spend tons of money. However, what is so nice about retirement is you can travel during the middle of the week, when airfares are less, or go during the off or shoulder season when the rates are much lower. Being flexibility allows you to take advantage of those websites that offer alternative accommodations like Cyberrentals and Airbnb. You can visit your children too.
8. Entertainment. Don’t hesitate to take full advantage of using the senior discount at a state park or the movies. Many local and state governments offer senior homeowners discounts as well. Take full advantage of your flexibility by not needing to be at work from 9 through 5 on a daily basis. Instead of going out to dinner, go out for lunch instead. You can frequently enjoy the same food at a lower price. Play golf in the middle of the week at a lower rate instead of on the weekend. Check out the offerings in your community ranging from the senior center’s free exercise classes to the library’s free lectures.
9. You are the boss now. The kids might have insisted on having the premium cable package, but you might not need it any longer. If you aren’t using all of your minutes, downgrade your cell phone plan. If you aren’t using the swim club any longer, cancel your membership. Review your credit card bills. Are you paying for anything that you are not using any longer? Cancel the charges now that are for children, and reduce it down to those activities that are still important to you.
10. Save on your savings. Since you aren’t getting a paycheck any longer, you won’t need to pay for Social Security anymore. Now you are on the receiving end of these programs. And keep in mind, now that you are retired, you won’t have to put 5 to 10 percent of your money aside to save for your retirement.
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