You finally reached retirement, a period of the life that many people consider as “golden years”. However, if you’re not careful, you might end up having money problems if you don’t manage your income well. Here are seven money-saving tips for retirees:
1) Stay Healthy
Staying healthy is an important matter for all of us, but even more so for seniors, because that way you are less likely to spend your money on drugs and expensive health care. This is why you should make an effort to have a balanced diet, rest well, get vaccinated, take your vitamins and exercise. Not only will you feel better, but you’ll also save lots of money.
2) Use Public Transportation
Since you don’t necessarily have to work, there’s no reason why you should drive everywhere. Maintaining a car and buying gasoline every week is not cheap. So why not start taking the bus or the subway? You can also use transportation services like Lyft or Uber, which can be cheaper than driving, depending on your habits.
3) Use Senior Discounts
Did you know that as a senior, you can get access to a good variety of discounts? You can get reduced prices in certain restaurants like Applebees, Dunkin Donuts, IHOP and Subway; even retail stores, travel agencies, and phone plans. You can check some options HERE.
If you have a spare room you’re not using, it might be a good idea to rent it out, and add some extra bucks in your budget. In order to find new roommates, you can place an ad on websites like Airbnb, Facebook or even ask for it to be displayed at churches, schools or volunteer groups.
5) Manage Your Debt Wisely
Debt interest rates can be very expensive, and it can prevent your retirement money from lasting longer. For that reason, it is crucial to create a plan to pay your credit card off, or any other debt that is causing you financial trouble. It’s also a good idea to have savings in case you need an emergency fund.
6) Travel Wisely
Traveling in the summer, or during holidays can be much more expensive. As a retiree, you have a lot more options, since you can travel whenever you want. You can also rent a bedroom or even a whole house on websites like VacationRentals, VRBO or Airbnb instead of getting an expensive hotel room. Another benefit of these types of accommodations is that you can often cook your own food because you have access to a kitchen, allowing you to save even more money during your travels.
7) Reconsider Your Insurance Policies
Insurance plans can be very costly. Therefore, by reevaluating your needs, you might realize that it is not necessary to pay for life insurance anymore if you don’t have kids or if they’ve already grown up and don’t depend on you anymore.