Keep busy in retirement without emptying your wallet.
These 10 ways to save money on organic groceries and this article on tips to spend less on produce will help you eat healthy for less. Incorporate one of these gym alternatives into your routine, or build a cheap home gym for under 0.
Organize a garage sale or register as a vendor at a local flea market. If you don’t feel like manning a card table for half a day, sell your stuff online on sites like eBay, OfferUp or Facebook Marketplace.
Clip coupons, buy generic products, start a garden and shop at stores that boast low prices, like Aldi or Trader Joe’s. For more tips, check out this story about saving money on groceries.
This guide helps you figure out the best time of year to sell all your unwanted stuff.
You know that china set that’s been collecting dust? Stop telling yourself you’ll pass it down to your kids. Get cash for it instead, along with all the other unused items lying around the house.
12 Ways to Save Money in Retirement
1. Get a Roommate or Two
2. Downsize to a Smaller Space
Paying more than the minimum, negotiating a lower interest rate and making biweekly payments can help you lower your debt load. Here are additional helpful tips on paying off student loans in retirement and eliminating credit card debt in retirement.
Your kids can get their rooms back when they visit for the holidays — or you could make them pay the daily rate.
If you don’t want to sell the family home or get long-term roommates, you can make money off your empty nest by turning unused space into short-term rentals.
3. Rent Out Your Kids’ Old Rooms
Instead of strolling through the mall for a new outfit or home decor piece, try thrift stores, consignment shops or online sellers to score deals.
You can have a frugal retirement and travel. It just requires some smart planning and perhaps a bit of compromise — like avoiding the peak tourist season or driving instead of flying.
If you live alone, try sharing a place with a friend or family member, or consider coliving with other retirees to save money.
4. Cut the Cost of Groceries
Knowing how to cut costs is key to having a frugal retirement you can enjoy.
Don’t be shy about sharing your age when it’ll result in sweet discounts. Dozens of companies — from retailers and restaurants to airlines and hotels — offer lower prices for seniors. Some offer discounts to customers as young as 50.
Your health is often intertwined with your wealth. Staying healthy in retirement means you’ll spend less on medical costs.
5. Be Proactive About Your Health
Slashing your grocery spending is a high-impact way to help you have a frugal retirement.
Turn to this list of 100 free things to do when boredom hits.
All across the country, there are opportunities for seniors to take free or reduced-price college courses. Be a lifelong learner and take a class in a subject you’ve always wanted to know more about.
Ready to stop worrying about money?
6. Find Low-Cost Entertainment and Ways to Stay Social
This guide on how to become an Airbnb host will get you started.
A small house has several financial benefits. You’ll pay less in rent or mortgage. Your utility bills will go down. You’ll have less home maintenance and repairs to worry about.
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Bonus: When you feel like eating out, read up on these 25 ways to save money at restaurants.
7. Save Money on That Bucket List Trip
These travel tips will help you keep costs low.
Just because you stopped working doesn’t mean you stop paying bills and buying groceries. If you’re planning vacations or trips to the golf course — those are extra costs to budget for.
8. Take Advantage of Discounts
Volunteering at her church and local senior center has kept Ramage busy without spending money. When she travels, she’s able to get free flights — a benefit of working for American Airlines for over 20 years.
“You could easily spend more money [in retirement] because you have more time you want to enjoy,” Droucelle Ramage, a self-described frugal retiree, told The Penny Hoarder.
9. Continue Your Education for Free
Loneliness in retirement can have a negative effect on your health and quality of life. Not only will live-in company help you feel less alone, but you’ll reduce housing costs.
10. Shop Secondhand
Editor’s note: This story was originally published in February 2020. Please abide by local COVID-19 restrictions and guidelines.
11. Sell Unused Things
Ramage said shopping at thrift stores, attending free community events and choosing community acupuncture rather than going to a pricy private practice has helped her keep expenses low.
When it comes to preventative care, a balanced diet and regular exercise can lower your chances of developing conditions like high blood pressure and type 2 diabetes. But you don’t have to drain your bank account paying for expensive health food or a pricy gym membership.
The rewards are twofold when you become debt free sooner rather than later. You’ll pay less in overall interest when you pay off your debt early. You’ll also free up more cash once you no longer have that monthly financial obligation.
12. Pay Off Lingering Debt
Join AARP to enjoy a slew of discounts at a variety of places.
Maybe your idea of a frugal retirement doesn’t include sharing your living space. You can cut costs by moving to a smaller home instead.
Adjusting to a fixed income in retirement can be a challenge — especially if you’re living off less money.