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By Sharon Wagner
Special to the Financial Independence Hub
For many new retirees, adapting to a fixed income can be a bit of a challenge. However, living on a limited budget shouldn’t take any fulfillment out of your golden years. With a few budget tweaks and some smart financial planning, you’ll be able to enjoy today and remain financially secure for the future. Here are some quick budgeting tips for financial success now that you’re retired.
Cut unnecessary subscriptions and services
If you’re not careful, memberships and subscriptions can eat up a lot of your budget. For example, canceling your cable subscription and replacing it with an inexpensive streaming service can save you hundreds of dollars a year! Gone are the days of paying for a bunch of channels you never watch. If you decide to cut the cord and do away with your cable box, you’ll want to get a streaming device so you can watch your favorite shows and movies on your TV. Simply compare streaming devices to match the features and the right device with your budget.
Spend less on food
Eating out frequently can eat a massive hole in your budget. According to Nestle Professional, senior households spend thousands on eating out every year! Considering that cooking a meal at home costs a fraction of dining out, you can save a significant amount of money by spending more time in the kitchen.
Get familiar with some quick and easy meals that you can throw together the next time you’re tempted to order takeout. You can also take steps to cut down on grocery spending: review flyers and look for deals, write a shopping list, and don’t buy anything that’s not on your list.
Pay off debt
If you have debt, make a plan to pay it off as soon as possible. Any money you pay in interest on your debt is money you can’t spend on fun retirement hobbies and activities. Kiplinger recommends starting by focusing on high-interest debt. Credit card debt can be particularly burdensome, so do whatever you can to avoid taking on more. Medical debt can also be overwhelming, but credit experts advise against prioritizing this type of debt since it typically carries low to no zero interest.
Plan for future expenses
While your life may be a little more predictable now that you’re retired, your expenses won’t always remain the same. It’s important to plan for potential future expenses, such as increased healthcare spending or long-term care, so you have the money should you need it. That said, taking steps to keep your health in top shape today can help reduce the burden of healthcare costs in the future. Besides getting regular exercise and eating healthy, challenge yourself every day to keep your cognitive skills sharp.
Save room for fun
Among all that cost-cutting and saving, remember to leave some room in your budget for fun. You don’t need to spend much to enjoy your golden years. Pick up a new hobby, take a road trip, or get involved in a local senior’s group. If you like sports, go to minor league games. If you’re interested in an upcoming conference or convention, volunteer for it so you can get around the entrance fee. There are plenty of great ways to add a sense of fulfillment and adventure to your retirement life without spending buckets of money.
Retiring is a significant milestone in your life that brings with it many changes, big and small. Be prepared to make a few lifestyle adjustments and budget tweaks. Just don’t let your limited income prevent you from making the most of your golden years!
Sharon Wagner is a former bank manager who now spends her time helping seniors reach health and well-being goals. When she’s not helping others, Sharon spends time traveling with her husband, Dean.
