It’s retirement time: a point in your life when you should be relaxing and reaping what you’ve sown. Still, that doesn’t mean managing finances gets any easier or less important. Here are eight money-saving tips every retiree should implement to ensure they stay comfortable this year and years to come.
Budget Accordingly
Many retirees go on a fixed budget, meaning they spend the same or close to the same amount every month. But even if you don’t fall into that category, this is likely the time you’ll want to revisit your budget. We recommend doing this at least a few times a year to ensure each category is still in line with your financial reality and goals.
Consider Hiring a Financial Advisor
There’s no shame in asking for help. Retirement is unique and unlike other financial circumstances, so hiring a financial advisor can relieve a lot of pressure and bring some clarity to your situation. They also have experience dealing with things like fixed budgets and social security, so these completely new scenarios become that much easier for you to navigate.
Conserve Energy
Sometimes, saving money is as simple as turning off lights when you leave the room or turning down the thermostat at night. You can also consider installing energy-efficient appliances, since this can save you long-term, too.
Review Your Insurance Policies
This is an excellent time to comb over your insurance policies to see if you need to make adjustments. Some, like car insurance, might not even be necessary; many retirees sell their vehicles and rely on public transit for getting around and it saves them a fortune.
Ask About Senior Discounts
You’d be surprised how many places have senior discounts. Even if they aren’t advertised or very large (many are only 5-10% off), it all adds up, and it’s worth asking. This is an especially handy tip if you’re traveling since you won’t be as familiar with the restaurants or stores you’re visiting, and they might have some incredible deals.
Read More: 12 Senior Discounts You Probably Don’t Know About, but Should
Shop Smarter
Use the extra time you have to research everything you buy. Clip out a few extra coupons than you normally would or take the extra five minutes to walk to a different store for a better price. It’s always good to be a savvy shopper. But in your retiree years, it’s a must if you want to maintain a consistent quality of life.
Downsize Where You Can
You can’t take it with you, so why not sell it and make money while you can? If it’s been a while since you’ve done an audit on your belongings, this is the year to do it. Bolster your retirement nest egg or emergency fund by selling things you don’t need and living a simpler, more minimalist life.
Build Back the Emergency Fund
Our final piece of advice is arguably the most important: have something to fall back on. Emergency funds are a must for every American, but that goes doubly for retirees. Budgets are for the expected, emergency funds are for the unexpected: life is full of both, so you want to be as prepared as you can.
