6 Ways to Stretch Your Budget When You’re Retired

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Retirement is just around the corner. Unfortunately, you don’t have to look at your bank account to know that you really don’t have enough to live on. It can be frightening knowing that you still have numerous years in front of you but won’t be working every day to add to your account. Knowing some useful and easy ways to stretch your retirement budget will take a lot of the weight off of your shoulders, so read on to find out what you can do when you hit the golden age. 

Do Your Own Cooking

When you held down a job and took care of a family, it was easy to order takeout or treat yourself to a nice dinner at your local Italian restaurant. Now that you are retired with lots of time on your hands, you simply don’t have that excuse anymore! You can spend more time in the kitchen making meals. You’ll spend less money and keep yourself active. If you and your partner are both retired, enlist their help in the kitchen. You’ll have a good time bonding over new recipes while you save money.

Enjoy Those Senior Discounts

Sure, it may be weird to ask for a senior discount the moment you hit retirement age, but you won’t believe how much you can save over the years with them! Depending on the store or service, you can start receiving senior discounts as early as 55. Enjoy discounts on meals, in home improvement stores, on tickets, in the movie theater, and much more. If you don’t see a sign offering the discount, ask! In most cases, you’ll be eligible for one. 

Don’t Spoil Your Kids or Grandkids

Every grandparent wants to spoil the heck out of their grandkids or slip their adult children some cash. But as a retiree, you simply can’t afford to do this all of the time. Your grandkids aren’t going to remember all of the toys you bought them anyway. Instead, spend as much time as you can with them. They will remember all the love and attention you gave them way more than the latest doll or toy truck!

Downsize Your Belongings

Now that you are retired, do you really need everything in your home? Maybe your fishing days are over and you have all kinds of equipment to sell. Or you aren’t going to camp in the woods again, so that huge eight-person tent is taking up a lot of space. It’s always a good idea to sell what you don’t need anyway. When you are retired, that extra cash can go right into your savings account. You can hold a yard sale and socialize with the neighbors, or you could list your items on Facebook Marketplace. You’ll make money and clean up your home at the same time!

Consider Working Just a Bit Longer

If you made it to your retirement age without a lot of savings in your bank account, it might be wise to keep working for a little while longer. You’ll be able to pad your bank account while staying active in your community. If you don’t want to work full-time, cut back to part-time, or ask for flexible hours. Many seniors enjoy their jobs so much that they don’t wish to quit even when they are able to retire.

Always Stick to a Budget

You don’t want to overspend because you don’t pay attention to your spending habits. Sit down and put together a budget that you can use to curb your spending. Look at ways to cut your spending costs where you can. Are you buying too much from Amazon? Is your favorite coffee shop draining your account? If you can, cut corners here and there to save extra cash during retirement. 

What to Do in an Emergency Situation

When you are retired and living on a fixed income, an emergency can put a massive dent in your savings. It’s always a good idea to keep an emergency fund somewhere that you don’t touch unless you need to, such as a savings account or cash locked away in a safe. When you don’t have the money on hand to take care of an emergency, don’t panic. If you have any stocks or bonds, you can cash these in to get the money you need. You can also get an emergency loan to help you through the financial strain; this type of loan is perfect for unexpected situations in which you need fast cash.

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Derek

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