10 Thrifty Tips for Saving Money After Retirement

Statistics show that over three-quarters of Americans agree that we’re facing a retirement crisis (according to Annuity.org). While some older adults may fear they can’t retire, current retirees may be facing financial struggles. If you’re in that second boat, you might even be too worried about your finances to enjoy your retirement! Fortunately, there are things you can do to ease your financial burdens. Here are 10 thrifty tips for saving money after retirement.

1. Downsize.

When most people hear the word downsize, their stomach drops. However, this term doesn’t necessarily have negative connotations! Downsizing can refer to a number of lifestyle changes that can generate a little extra cash flow. From selling your home to trading in a fishing boat to auctioning off a collection of antique coins, there are countless ways you can downsize!

2. Look for a roommate.

If you live on your own and struggle to make ends meet, there’s an easy solution. Start looking for a roommate! Not only will a roommate provide built-in companionship, but they can also help with bills, groceries, and other utilities. Plus, monthly rent means you’ll have a guaranteed source of income.

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! Delaware and Florida are two great choices.

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 your own vegetable garden! Not only can you eat the produce you grow, but you can also sell extra veggies at your local farmers’ 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, frequent trips to the cinema or art gallery can start to add up. An easy solution? Try to find ways to entertain yourself at home! Buy a jigsaw puzzle. Invest in painting supplies. Pop in your favorite DVD instead of renting a movie. There are countless 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. More free time means more vacation opportunities. Unfortunately, wanderlust isn’t free. Vacations can be costly, 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. Fortunately, you don’t have to sit behind the wheel 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!

8. Prioritize your health.

If you haven’t started preventative care, don’t delay, because hospital bills can be astronomical. Stay hydrated. Take daily multivitamins. Make sure you eat the doctor-recommended amount of fruits and veggies. 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 seeking a part-time job. You could even look for seasonal job opportunities. This is a quick and easy way to make money. 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 imbued with the power to turn your backyard into a produce paradise. However, that doesn’t mean you’re out of options! You can still make a little extra money. Consider selling unwanted items online. Websites like eBay and Poshmark are wonderful platforms 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

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