10 Thrifty Tips for Saving Money After Retirement
Statistics show that over three-quarters of Americans agree that we’re facing a retirement crisis (Annuity.org). Worse still, more than half are worried about financial security in retirement. Some might even fear that they won’t have enough money to retire at all. However, there are things you can do to ease your financial burdens!
1. Downsize.
When most people hear the word downsize, their stomach drops. However, downsizing in certain areas of your life can upsize your wallet! You don’t necessarily have to sell your home to downsize, either! You can always get rid of junk or clean out your closet. Then there are the things that fall into the “nice to have but not necessary for living” category. That could be something big, like a fishing boat, or something a little smaller, like a collection of antique coins.
2. Look for a roommate.
If you live on your own and struggle to make ends meet, start looking for a roommate! Not only will a roommate give you some built-in companionship, but they can also help with bills, groceries, and other costs of living. Plus, monthly rent means you’ll have a guaranteed source of income. You can advertise a spare room on websites like SpareRoom or Zillow. If you aren’t comfortable using the internet, tell some friends you’re on the hunt for the perfect roommate and let word of mouth do the rest!
3. Move to a different state.
Every state has its pros and cons. Maybe you love where you live, but it comes with a hefty price tag. If that’s the case for you, you may want to consider moving somewhere with a lower cost of living. Or a state that’s tax-friendly–like Delaware and Florida!
4. Start a vegetable garden.
If you’ve got green thumbs, don’t just sit there twiddling them! Put them to good use and start a vegetable garden! Not only can you eat the produce you grow, but you can also sell extra veggies at your local farmer’s market. Talk about a two-for-one deal!
5. Make your own entertainment.
Almost everyone loves attending concerts or going to the movies. And while it’s okay to occasionally treat yourself, going to the movies or the zoo too often can add up. An easy solution? Try to find ways to entertain yourself at home! You could always buy a jigsaw puzzle or invest in some painting supplies. Instead of renting a movie on streaming, pop in your favorite DVD instead. There are countless FREE ways you can have fun without stressing about money.
6. Travel in the off-season.
If you’re a retiree, you have a lot more free time on your hands, and more free time means more vacation opportunities! Sadly, wanderlust isn’t free. But there’s one easy way to travel on a budget. Simply plan your vacations in the off-season! Lower airfare, cheaper hotels, and fewer crowds. Your wallet will thank you.
7. Use public transportation.
Nobody has to watch the nightly news to know that gas costs are rising. But these days, you don’t need a car to get places! Use public transportation whenever you can. Buses and subways are always a good option. Bonus point: most places actually offer reduced fares and senior discounts! You could also carpool with a friend. Have them drive during one outing, and you can drive the other.
8. Make your health a priority!
The best way to save money on hospital bills? Start taking care of your health now! If you’re overweight, shed a few pounds. Drink more water and take daily multivitamins. Join a gym and cut back on cigarettes and alcohol. There’s truly nothing more important than your health!
9. Get a part-time job.
You don’t have to call up your old boss and ask if you can have your cubicle back. Instead, consider a part-time job. You could even look for seasonal job opportunities (like working at an amusement park). Who knows? You may even make a friend or two, as well!
10. Start selling online.
Maybe you’re not thrilled at the prospect of getting a part-time job, and maybe your thumbs aren’t green enough to turn your backyard into a produce paradise. You can still make a little extra money! Consider selling unwanted items online. Websites like eBay and Poshmark are great places for secondhand sales. If you’re a skilled jewelry designer or a pro with a needle and thread, open your own Etsy store. Don’t be afraid to get creative and try new things. You might just find your niche!
Are you over 50 and looking for housing?
Whether you live alone or with a partner, or, actively seeking a roomie, here are some resources to check out:
- Shared Housing For Seniors and Retirees
- How to Find Affordable Housing For Seniors
- Shared Housing For Seniors & Retirees: Where Do I Start?
- Intergenerational Housing: 5 Things to Consider
- 5 Tips to Help You Find a Roommate After 60
Popular Articles About Thrifty Tips
Originally published June 02, 2025
Author(s):
