4 Money-Saving Tips for Retirees

By 2030, it’s projected that Boomers will make up an estimated 20 percent of the population. That’s a lot of people reaching retirement age! However, the recent economic depression raises a few questions. Namely, can Boomers live comfortably in retirement? The answer: A resounding yes. It might take a little work and planning, but Boomers can enjoy their retirement without stressing too much about finances. Here are FOUR tips on saving money in retirement.

Live within your means.

Let’s face it: spending is fun. Credit cards have made it much easier to overspend. Put a stop to impulse-buying and start keeping track your expenses. Think before you buy. Categorize potential purchases into things you “want” and “need.” Of course, there’s nothing wrong with embracing frugal living! Try cooking at home or shopping in bulk. Avoid luxuries like dining out at expensive restaurants.

Related: 10 Thrifty Tips for Living Alone After 60

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Increase your income.

If your monthly income falls short of covering your expenses, try supplementing your income! Look for a part-time job. Do you have hobby you could possibly turn into a side hustle? Then do it! Writers can find freelance work easily online. Photographers, start up your own business! Organize a yard sale and get rid of all that clutter in your house. By all means, don’t use this extra income to buy a new dress or an expensive dinner. Apply it to your debts. Be creative and explore different innovative ways to earn more money.

Set priorities.

Baby Boomers often faced financial difficulty while putting their kids through school. Some may even sacrifice their own retirement plans to help their adult children. As much as we love our kids, there’s no point in putting your financial future at risk. No matter what your financial obligations are, make sure you save at least 10 percent of your monthly income for emergency or retirement fund.

Do a little financial planning.

Last but not the least, remember—the sooner, the better. Address any and all financial problems immediately. Don’t work in haste; take baby steps toward paying off your outstanding debts. Set small, realistic goals for yourself and put forth sincere efforts to achieve them. I advise seeking the help and guidance of a credit counselor. Paying off your debts will be the best investment you will ever make to ensure your future financial freedom after retirement. From one Boomer to another—it’s worth it.