With everyone talking about hacking and slashing their budgets this year, some casualties are clear. No one’s surprised that it’s time to say goodbye to costly wine clubs or streaming services you don’t use. But these five methods are surprisingly effective for cutting back on costs, and retirees are taking notice.
Consolidating Debt
Debt is an enormous strain on anyone, but it weighs heavier on those with fixed incomes, like retirees. They feel like there’s no end to the spiral of monthly payments. But this year, they’re cutting back on debt and cutting back on other things to pay existing debt down.
This includes consolidating your debt into one monthly payment that’s easier for you to manage. Debt consolidation can fast-track credit card repayments to finally free you from the shackles of monthly debt repayments.
Eating at Home
How are retirees getting the extra money to pay off their debts? One of the best (and most delicious) ways is to eat more home-cooked meals. Retirees are planning, prepping, and providing themselves with delicious dinners that cost a fraction of eating out at a restaurant.
It’s not necessarily unexpected, but it’s always surprising to just how much of a difference this makes in a person’s bottom line.
Employing a “Cash Only” Mentality for Some Purchases
We don’t always understand what we’re spending when we throw down a piece of plastic. But when cold, hard cash leaves your wallet? That’s something most people would think twice about. It’s also the reason retirees are saving big this year.
Impulse purchases become much less enticing when they have to break a twenty versus swipe their card. If you’re trying to cut back, consider carrying cash more often, especially in places where you need help sticking to your budget.
Freezing Credit Cards
This is a more extreme approach, but one that more retirees are adopting by the day. You can eliminate the desire to overspend with credit altogether by freezing your credit cards. There’s no penalty for freezing your card, and you’re welcome to thaw it out whenever you need it.
But doing so can help you be more honest and realistic about your budgets. Many retirees are freezing their cards and taking them out of their wallets since they can’t use them anyway. No more reaching for it instead of cash — you’ll have to seriously think about whether or not what you want to buy is worth it even more.
Make Household Cleaning Products
You only need three (maybe four) things to make an effective household all-purpose cleaner: vinegar, baking soda, soap, and lemons. Many combinations of these ingredients make cleaners that rival the efficacy of the ones you’d find on the shelves.
Retirees are buying a few spray bottles, mastering their mixes, and keeping their home impossibly clean (and smelling better than the chemical stuff). Check out DIY guides to learn how to combine these ingredients in a way that’s safe and good for whatever you’re using it for.
