5 Tips for Retirees Who Want to Live Well Without Breaking the Bank
If you are retired, you may be living on a fairly strict budget. At Bach & Jacobs, we recognize the challenges seniors face in adapting to a fixed income. Here’s a short list of tips to help you stick to your budget.
- Use your age to your advantage.
Ask for senior discounts whenever you go out to eat, see a movie, or shop at a retail location.
- Try to only make one trip to the grocery store a week.
This allows you to get everything you need for the week all at once, which saves time and gas money. If you create a budget for this one weekly shopping trip rather than trying to piece together the cost of several smaller weekly trips, it is easier to manage your money and make sure that you don’t overspend. This also helps ensure that you focus more on buying the essentials and less on extra items that are unnecessary.
- Unplug electronic devices when you aren’t using them.
Most electronic devices use power while they are charging, even if they aren’t in use. A laptop, smartphone, or ipad that is often left plugged in for long periods of time may cause your monthly power bill to be much higher than it should be. Additionally, unplugging your electronic devices once they are charged helps them maintain a longer battery life so that you won’t have to replace them as often.
- Sell or donate the items that you don’t use anymore.
Getting rid of clutter can help you save on storage costs, and selling your old items gives you a new stream of revenue. Additionally, donating unwanted items allows you to get rid of things that you don’t have space for, while also helping those in need.
- Consider down-grading or renting out rooms in your house
Purchasing a spacious, four-bedroom house to raise your children in may have been the perfect idea 20 or 30 years ago, but now you might find yourself with too much extra space. Consider down-grading to a one or two bedroom home; this could save you a substantial amount of money over the years. However, if you want to stay in your current home, try renting out an extra room or two. This is a way to generate extra money, while also gaining another individual to help around the house or buy extra groceries when needed. However, make sure that the individual(s) you select are trustworthy, honest people that you are comfortable sharing your space with.
