Five Frugal Living Tips for Retirement
Some of us might treat ‘frugal’ like it’s a bad word. But frugal living doesn’t mean that you’re cheap or unable to enjoy life – you simply put extra thought and care into how your money is spent, while also looking for ways to save when you can.
When you retire, it becomes even more important to be mindful of spending and continue making the most of your hard-earned savings. Here are five ways you can start living more frugally in retirement today.
Make a Budget
Although budgeting can feel like a chore, it’s a necessary one. Whether you prefer tracking your spending with a notebook and pen or in a colour-coordinated spreadsheet, create a detailed list of your regular monthly expenses. In retirement, your main costs might include housing, health care, transportation, and travel. Knowing where most of your money goes each month helps you make informed decisions about where to cut back or reallocate funds to better suit your goals. Having a budget will give you peace of mind and more confidence in retirement.
Take Advantage of Senior Discounts
Senior discounts are available nearly everywhere, so make use of what’s available to you! From reduced prices on groceries and dining out, to discounts on travel and entertainment, these little savings can add up over time. Don’t be afraid to ask, “Is there a senior discount?” when you’re out shopping or making travel plans. You can also join loyalty programs that offer extra perks just for older adults. By maximizing these benefits, you can stretch your retirement income further while still enjoying life to the fullest.
Did you know ARTA members have access to exclusive savings on travel, health and wellness, shopping, and entertainment through the ARTA Perks discount program? Log into your myarta.net account and check out all of the great savings available just for you!
Plan Your Meals
Even with senior discounts, dining out can get pricey. But with the rising cost of groceries, cooking at home can also feel expensive. You can save more by shopping bulk, buying produce when it’s in season, and only purchasing certain items when they’re on sale. If you’re preparing meals for just yourself or with a partner, you also might need less groceries than you think – consider how much food goes uneaten and gets thrown away. Meal prepping in advance and using leftovers creatively can help reduce waste and save money in the long run.
Travel Smarter
Popular destinations around the world are usually crowded and more expensive during the summer months, since this is when many families and students are on break. Now that you no longer adhere to a school schedule, why not start planning your holidays during the shoulder or off-season? By avoiding peak times, you'll not only experience less crowds and more peaceful attractions, but you'll also get to enjoy lower prices on flights, accommodations, and tours (again, don’t forget to search for senior discounts on travel!). Check off your bucket list spots at a fraction of the cost!
Downsize
Downsizing in retirement can feel uncomfortable. If you had children who have grown up and moved away, staying in a large family home might not make sense for your and your partner, even though there may be a lot of memories attached to it. However, downsizing can make a significant difference in how much you save each month, freeing up even more funds to be enjoyed in your retired years. If moving isn’t an option, consider renting out a room, scaling back from two vehicles to one, or declutter and sell items that you no longer use.
Retirement is all about making the most of your time and money. With a little extra planning, you can live comfortably without stressing about your finances. Find ways to be more frugal so that you can make the most of this exciting time in your life!