• 8 Easy Retirement Budget Tips to Live By

    8 Easy Retirement Budget Tips to Live By

Retirement should be relaxing, rewarding, and exhilarating, but that only happens when you are free from financial worry. When you live on a fixed income and no longer work, it’s vital to your well-being to make smart money moves. This is so you can live comfortably while paying for your interests, hobbies, and needs. That’s why these eight must-know retirement budget tips are so important to your future financial comfort. 

8 Retirement Budget Tips

Plan Your Food Costs

Food is a vital expense, whether in retirement or not. However, you can plan how much you spend during your shopping trips. The most important thing to do is to stick to your list. Consider trying store-brand items instead of name-brand. To avoid spending more money by adding items to your cart you can use online grocery shopping like Instacart and either have your food delivered (at an additional cost) or use curbside pickup. On average, people over 65 spend about $525 on groceries every month, so as long as you are spending less than that, you should be saving some money.

Shop Around to Save Money

Have you had the same utility company, cable, or cell phone provider for years? It might be time to reevaluate those costs. Companies often change what they offer and you may be able to cut some costs just by switching. If you are interested in taking this route, first verify what type of coverage you have, then compare that to the new offer with lower rates.

Move to an Area with Lower Costs

This may receive some understandable resistance, however, it’s a great way to save money in retirement. With lower expenses and health costs, your money will last longer. If you don’t have an attachment to a particular area, this frees you up to look for places with lower costs of living.

Use Public Transportation

This can work well for aging adults on multiple levels and might help you choose an area with better public transport. This will not only help you save money on a car loan, repairs, and insurance, but it can also make it easier for older adults who can no longer drive. Your area may also offer affordable transit for seniors.

Downsize Your Home

Similar to relocating, downsizing your home is another money-saving move. Even if you have paid your mortgage, owning a large house in retirement may not make sense anymore. Consider selling your big house and downsizing to a smaller one or even an apartment or condo. This can lower your yearly home expenses and make your life less stressful due to less cleaning and maintenance.

Track Your Spending

It’s very easy to overspend if you aren’t keeping track of your weekly or monthly purchases. Simply using an app for budgeting is a great way to mitigate unwanted expenses. With an app, you may notice you are spending more money than you thought on unnecessary items or services.

Senior Discounts

Senior discounts are easy ways to save money. And don’t feel embarrassed asking about these discounts or using them. They are there for a reason. To help you. 

Get Creative with Your Entertainment Choices

You don’t necessarily have to go out to have fun. Start getting creative with your entertainment choices and seek new activities. Here are a few ideas for low-cost or free pursuits:

  • Look to senior centers or communities for activities
  • Volunteer
  • Listen to podcasts and stream movies
  • Go to the museum
  • Host monthly game nights
  • Join a gym

Following these retirement budget tips can help you trim down your monthly spending and stretch your budget even further in retirement. 

Medical expenses can come out of nowhere, and retirement planning can make the difference between outliving your finances and aging well. With this FREE eBook, you can learn the  6 Money Planning Tips for Your Senior Living.

Twin Lakes is a continuing care retirement community in Cincinnati, Ohio, with independent living homes, assisted living, rehab services, and more. We’re focused on supporting the vibrant and active lifestyles of our residents so they can age well. For more information, contact Twin Lakes online or at 513-247-1300.