Becoming a senior is the beginning of a great new chapter in life. Rather than getting up everyday and heading into work, you can stand to sleep in a little longer, visit friends or even travel overseas.
However, there are aspects of being a senior that can be troubling. Namely, the simple fact of money. Rather than going on a spending spree, seniors will need to approach certain situations and activities with a frugal nature.
While living frugally may seem less than ideal, frugal living is actually quite attainable. By being smart with money and employing some forward planning, this way of living means that seniors can fund their lifestyle, for as long as they may live.
10 frugal living tips seniors can live by
Living frugally may not be what some had in mind for their retirement years. However, a survey conducted by Australian Seniors highlighted the importance of financial comfort as a retiree.
In fact, respondents’ top three requirements for a quality of life in retirement were good physical health, enough money to live comfortably and finally, good mental health. Outlining the importance of employing tips, such as living frugally, in order to be financially comfortable.
Re-evaluate insurance policies
Retirement is a great time to re-evaluate insurance policies. This is largely due to the fact that you now have the time needed to look through the fine print and compare plans. Adapting plans so that they no longer include unnecessary cover for pregnancies can save you money.
Look to downsize
When it comes to living frugally, looking to downsize is a great tip. This is especially true for seniors with homes where rooms or entire second storeys sit unused. Rather than wasting money on bills, seniors can instead choose to downsize.
Carefully consider subscriptions
Over the course of employment, you may have needed subscriptions to certain magazines, newspapers or even streaming services. As a senior now, you may no longer use these subscriptions. Therefore, cancelling can help you save money.
Do you need a second car?
For seniors living together, the existence of a second car may just be a waste. As such, money will be tied up in a car and in registration for a car that is seldom used. If you can realistically do without a second car, it’s time to sell and enjoy a cash injection.
Use decluttering as a financial opportunity
Over the course of a lifetime our homes become filled with clutter. If antique tea sets, stamp collections or vintage cars no longer bring you joy, simply sell them. Whether holding a garage sale or selling items individually, decluttering presents as a great money maker.
Start a vegetable garden
With the cost of fruits and vegetables growing, it may make financial sense to plant your own fruit and vegetable gardens. This way you can always access fresh produce. All at a portion of the cost incurred when shopping.
Make arts n crafts a profession
Retirement years present seniors with endless amounts of free time. Some use this free time to take up a hobby like knitting or painting. Rather than letting your creations gather dust, consider selling them at a local market or through online sites to earn some extra money.
Take advantage of seniors discounts
Seniors discounts incorporate a range of different activities. For example, there are discounts on movie tickets and meals. So, rather than going to a full price movie or dinner, consider using discounts to save a bit of money each time you go out.
Plan ahead for Christmas
Christmas is a time that breaks the bank for most families. As seniors cannot afford to dwindle away their savings, plan ahead for Christmas. This way you can take advantage of sales during the year without having to disappoint children or grandchildren on the special day.
Travel during off peak seasons
When retirement calls, travelling is a must. Rather than paying increased prices to travel to countries or states during peak times, save money and travel off peak. While the weather may be a little colder, there will be less people and importantly, the trip will be cheaper.
Living frugally and fulfilled
The word frugal has long been associated with negative connotations. Rather than being cheap, frugal simply means that individuals are conscious of what they spend and when they spend.
As a senior, it’s common for individuals to become a lot more frugal. This is because money in savings accounts is the money seniors need to live off for the rest of their lives. To help ensure this monetary figure stays healthy, employing frugal habits can help.
Frugal habits encompass both big changes such as downsizing your home. There are also smaller changes like utilising seniors discounts. Either way, each activity helps keep you financially comfortable. Something that helps you enjoy this next chapter of life.