When you are at the age of retirement, it can be hard to find frugal living tips to help you save even more money.
Many boomers have found the secret balance between living a frugal life and a happy one — because, contrary to what you might think, you don’t have to choose!
Here are six practical frugal living tips boomers can use to save even more money.
Being Even More Budget-Conscious
There is no financial stability without a foundation. And if anything provides that sound foundation, it’s a well-thought-out budget. Boomers are reassessing and readjusting their spending habits as they approach retirement.
The result is a retirement experience without money-related fears or stressors; they feel like they’re in complete control of their spending because they understand it, which makes budgeting such a powerful tool!
Taking Advantage of Senior Discounts
It’s time for budget-conscious boomers to save big by shopping at the places that cater to them! Many businesses offer senior discounts, whether it’s a restaurant or a department store. And even if they don’t make it obvious initially, it never hurts to ask. Even saving 10% here and there can make a big difference to your bottom line.
Adjusting Insurance Policies
When was the last time you had a good, hard look at your insurance? Boomers are auditing their policies right before retirement and finding that they’re overpaying or paying for coverage they don’t need.
Maybe you haven’t driven much since retiring, so why should you pay the same amount for your auto insurance as you always have? Maybe once you look into it, you’ll find you don’t have to.
Downsizing Living Spaces
Retired boomers are no strangers to living more with less. But now that they’re mostly reliant on retirement funds and social security, it’s time to be realistic about the four-bedroom, three-bath home that simply costs too much to maintain.
Downsizing your living space isn’t an easy consideration. But many retirees are at least entertaining it as a way to cut back on everything from property taxes to cleaning and maintenance costs.
Considering Part-Time Work
Not every retiree will jump with glee at the idea of working during retirement, which completely makes sense.
However, if you want more financial freedom, you can still work on your own terms. No one’s saying you have to go back to the 9-5 grind; you can freelance right from the comfort of your couch if that’s more your speed.
Staying Healthy and Active
One of the lesser-known ways to save money in retirement is to keep yourself in sound body and mind. Healthcare costs aren’t anything to sneeze at, no matter where you’re at in life. But in retirement, they can balloon out of control if you aren’t careful.
Thankfully, keeping these at bay is as simple as doing things like getting enough rest and eating right. It’s not always easy to stick to a workout routine, but considering the costly alternatives, putting in the effort is a good investment in yourself in so many ways.
