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By Gloria Martinez
Special to the Financial Independence Hub
Baby Boomers have reached the point in life where they have either retired or are quickly approaching it, and that last paycheck is causing many to become more frugal. Being financially responsible is never a bad thing, but it shouldn’t take over your life. According to Forbes, being excessively frugal can “be a bigger problem for [a Baby Boomer’s] social life, family, and friends, not to mention physical health.” It is important that you find the right balance between saving and preparing for the future while also living in the moment.
Fulfill important responsibilities first
Before you can focus on having fun, take care of your health and well-being first so that it doesn’t become a constant worry. Some of the problems Baby Boomers face include declining rates of health due to obesity, diabetes, and various other health issues. Healthcare costs are continuing to rise as well, feeding into that constant need to save.
Your health is what will carry you through your Golden Years, but it comes at a cost. Now is the time to start exploring your healthcare options, including signing up for Medicare. Research Medicare Advantage plans, such as those offered by Humana, as they offer important health benefits and coverage, including dental, vision, and hearing, along with original Medicare benefits. While on the topic of your health and well-being, go ahead and make sure you have your end-of-life documents in order, including a living will, power of attorney, life insurance, etc. This might also including pre-paying funeral expenses or looking into long-term care insurance.
Explore ways to have frugal fun
Catch the Travel bug with a Road Trip
Traveling is a common activity for retirees, but when you add up airfare, travel insurance, and the cost of luxury destinations and cruises, travel becomes a huge expense. To save and make getting to your destination part of the fun, opt for a road trip. A road trip gives you the flexibility to travel anywhere, any time, with a personalized travel plan for a day trip, weekend getaway, week-long excursion, or a cross-country trek. Go at your own pace, and pack in the sights and experiences youwant to see.
Give that Hobby a try
Careers, families, and various other obligations don’t leave you with much free time, but retirement does. Maybe now you can finally find a hobby that you enjoy. Some of the most common Boomer hobbies are cooking, DIY projects, sports, and volunteering, but the possibilities truly are endless. You might even find a hobby that you can use to make a little extra cash. For example, you can sell produce from your garden at the farmers market, sell handmade furniture with your knack for woodworking, or make jewelry to sell at local boutiques and fairs.
Get social without spending a fortune
Eating out and going to the movies is a nice treat, but it adds up quickly if it becomes a weekly outing. However, this doesn’t mean you have to stay at home rather than go out with friends. Plan inexpensive activities, such as a dinner party, game night, movie night, volunteering, or free community events. Perhaps you could start a sports league at your local park or start a walking group. Sites like Meetup are helpful ways to find free fun via weekly book clubs, hiking groups, or various hobby meetings, such as knitting, scrapbooking, cooking or writing.
Fuel your desire to learn something new
Somewhere along the way from childhood to adulthood, life became busy and put learning on the backburner. If you enjoy expanding your knowledge and learning new things, what’s stopping you? With an internet connection, you can learn almost anything online, whether it’s a language, coding, writing, or crafting. To foster your love for learning, use this list, courtesy of Daily Infographic to get started.
It’s okay to be wise with your money, but don’t let it suck out the fun from retirement. Take care of the necessities, such as health insurance and end-of-life planning, first, but once you’ve got your future and financials in order, make room for frugal fun!
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses. Her brainchild is Womenled.org. Gloria’s vision is to help all women advance in the workplace and celebrate their achievements.
