Frugal Retirement Living
Financial Freedom with an
Average Retirement Income
Frugal retirement living allows people to experience financial freedom even if they haven’t had a substantial income during their working years. By learning how to live frugally, it is possible to reduce living expenses considerably while enjoying retirement to the fullest.
The retirement years should be a time when people can do what they want to do without the constraint of a job and without being worried about finances. This goal is achievable with adequate financial planning for retirement. Adopting a frugal lifestyle is one of the ways to make finances more manageable on an average retirement income.
Luxury of Time in Frugal Retirement Living
Time is a luxury that people usually have more of after they retire. It is an asset that can be leveraged to your financial benefit in retirement.
Having more time allows you more flexibility to take advantage of some of the best ways to save money. Here are some frugal living ideas of what you can do with more time:
- Shop around for the best deals. In retirement, you are no longer too rushed to find the absolute, rock bottom prices by combing through ads, searching online, visiting multiple stores, and garage saling.
- Be persistent. Have you ever given up trying to get a refund or straighten out a pricing error because you didn’t have the time to go back to the store or have your phone call transferred to multiple departments? Now you have the time.
- Do it yourself. In retirement you can take more time for car maintenance or home projects that you once paid to have done.
- Pay attention to your health. Take time to take care of yourself by getting exercise and eating cheap, healthy food.
- Become more familiar with your money. Frugal retirement living gives you more time to keep track of spending and to learn how to invest money.
- Flexibility has it rewards in traveling. If you are planning to travel somewhere by air, you can sometimes save hundreds of dollars by adjusting your trip by a day or two or by volunteering to be bumped. You can also monitor travel sites and find unexpected deals on vacation packages.
More Frugal Living Ideas
- Reevaluate your living situation. There are many low cost and subsidized apartments that are available to retirees if they qualify. However, if you own your home, take a close look at the numbers to see if it is worth it to sell your home in order to take advantage of a new living arrangement.
- Save money on food with Congregate Meals. There are various programs to provide free or low cost meals to seniors. For many of them, anyone age 60 or older qualifies regardless of income level.
- Stay active and connected. It is important for your health to fill your time with meaningful activities in retirement. Take up some hobbies or learn new skills. Audit classes at your local college or university. Become involved in volunteering in your community or church. Spend time with friends and family in thrifty,fun activities.
Frugal retirement living is an excellent choice if you want to stretch your money and enjoy your retirement years.
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