When you’ve worked your whole life, of course you’re going to look forward to retirement. But because you’ve worked your whole life, retiring can also cause anxiety. The lack of structure in your day and financial changes are stressful, especially if you won’t have as big of a budget as you used to. Here are nine ideas to help you make the most of your retirement budget.
With the rise of ebooks and online shopping, it can be easy to forget about your local library. However, libraries are an amazing way to save money on your entertainment budget. You can stay up-to-date on physical copies of the hottest bestsellers, and most also offer a wide variety of DVDs, audiobooks, magazines, and more.
An overwhelming majority—85%—of older adults have a cell phone. If you’re sick of paying high monthly fees, shop around and look for a company that offers a senior discount.
You probably already have a credit card. However, if your credit card doesn’t have amazing benefits, it might be time to do your research and pick one with better perks. Ideally, a credit card will have a mix of great rewards, low interest, and low fees.
These days, it seems like everything from insurance to TV runs on a subscription model. This may feel better on your wallet, but it can cost you more in the long run. You can often net big savings with one annual payment. See which recurring payments can be bundled into a lower yearly sum and budget accordingly. For example, paying a lump sum for auto insurance instead of a monthly fee can save you hundreds of dollars.
…for a better, more budget-friendly one. Be sure to pay attention during Medicare’s open enrollment period. You may be able to find a plan with better rates that provides the coverage you need. Click here for a more comprehensive guide to saving on Medicare costs.
Retirement changes your financial situation, which makes it a good time to reassess your living arrangements. For example, if you’re stuck with a high mortgage payment, you may want to consider downsizing or refinancing. Retirement communities can also be a great option for seniors.
Generic or store brand products are often just as good as name brand products. A higher price tag doesn’t always mean the item is of good quality. Some store brand products are even made by the manufacturers used by name brands!
Utilities are a necessary expense. They can also eat up a surprisingly large chunk of your budget. A smart thermostat can help you regulate your heat and save you money in the long run. For example, you can automatically set warmer temperatures during the day and cooler ones at night so you aren’t driving up your heating bill all winter. Some utility companies offer senior discounts—call yours and ask about a discount before you pay your next bill.
You may have heard this from us once or twice (or three or four times) before, but one of the best ways to save money is to take advantage of senior discounts. We do our best to round up the most up-to-date, valuable discounts across as many categories as we can. Check out some of our findings below: