Now that you’ve done the legwork for your retirement, it’s time to sit back and enjoy the fruits of your labor — mostly.
Just because you’ve retired doesn’t mean you won’t get mileage out of these five frugal living habits; they’re massively beneficial for you, regardless of where you’re at in life.
Adjusting Spending Based on Life Situations
Preparing for retirement includes creating a realistic budget to live on.
But life changes, even when you’ve planned otherwise, so being flexible with your spending is essential. It might not lead to a total financial collapse or job loss, but we don’t recommend resting on your laurels when it comes to budgeting as a retiree. Don’t hesitate to spend less (or potentially more) on certain things when life comes at you fast.
Don’t Overspend on Trends
You may have a warmed and readied nest egg at your disposal, but you don’t have to spend it all in one place — especially if it isn’t worth it.
We don’t recommend anyone spend on the latest and greatest anything just for the sake of it. It’s classic advice that probably got you to the comfortable spot you’re in. And if you want to continue this comfort, we say keep ignoring the hype on things the rest of the world says you “need.” You already have proof you don’t.
Protect Yourself
Frugality often means smart investment, not simply avoiding spending at all costs. And once you retire, it’s going to be even more important that you protect your assets however you can.
This could mean hiring someone trusted to manage your accounts, opting for digital safety programs to keep you safe from online scams and traps, or simply arming yourself with knowledge on how healthy the markets are. You’ve put in years of effort to get to this point — you don’t want to throw it all away by ignoring the realities of the money world.
Focus On “The Big Three”
The big three: food, housing, and transportation. These will consume most of your budget and should be fine-tuned to ensure their spending is accurate.
This is a mentality you should carry into retirement, especially if you don’t plan on picking up part-time or freelance work. These categories define your level of comfort and security, so pay close attention to how much you’re spending here to avoid going overboard on any of them.
Keep “Making Do” Where Possible
You’ve gotten this far in life with what you already have — what’s another decade or so? Frugality and “making do” are synonymous. Anyone who wants to continue to grow or have wealth should always consider using what they have over what they can buy.
For example, let’s say you need a niche ingredient for a recipe, yet you already have something that works just as well in your home. Using that over buying something else you might only use once or twice is always the more frugal choice and should work just as well (bakers: take this advice with a well-measured grain of salt).
