How To Cut Your Retirement Expenses

If you're retired, bringing in extra income isn't always an option when you find yourself in need of some extra dollars. Depending on how well you've saved and invested for retirement, you might be looking for some ways to stretch your funds instead. Fortunately, there are many easy ways to cut spending that won't significantly affect your ability to enjoy your retirement. Read on to find out.

1Be Flexible With Your Travel Plans

Consider making plans to travel in the off-season period. Or you can also take advantage of last-minute travel deals. Flying to an alternate airport or nearby city is another way to save money.

2Adjust Your Insurance

Your insurance needs might change as your situation changes. You might find that you need less life insurance at this time. If you're driving less, you might be able to get a lower premium.

Sit down with an insurance professional. Assess your insurance needs. They will almost certainly have changed with your retirement.

3Consider Downsizing Your Home

For most of us, our house is our largest expense each month. Moving to a less expensive home can make a significant difference in your monthly expenses. If you also own a vacation home, think about where you'll actually spend the most time and consider the possibility of selling the other home.

4Live On Your Retirement Budget

Try to live on your retirement budget before you retire. A trial run of your retirement budget will give you the information you need to make the necessary adjustments. Give yourself the chance to adjust to a new level of spending. Perfecting your budget will result in greater savings.

5Cut Off Your Kids

Sixty percent of parents are providing financial support to non-student children. If you've been covering your kids' bills, give them fair warning that the end is near. If possible, provide a deadline and keep the money for yourself. This can be challenging, but studies show that providing financial life support for your adult children commonly does more harm than good.

6Let Go Of The Extra Car

With the flexibility that most retirees have, it might make sense only to have one vehicle. You'll save on maintenance and insurance. If you do need two cars, perhaps one car could be considerably less expensive and very fuel-efficient.

7Find A Less Expensive Locale

There are many wonderful places to live that have lower housing costs and taxes. You can even pick a climate that you love. Keep in mind the type of recreational activities that you enjoy.

8Find Some Discounts

AARP is well known for providing discounts for its members. Many businesses provide discounts for seniors. Spend a few minutes each day looking through the coupons.

9Be Aware Of Entertainment Expenses

There are many hobbies and sources of recreation that are free. Some entertainment sources have a minimal cost. If a hobby is going to require expensive equipment, acquire what you need before retirement.

10Cut Back On Food Expenses

Take advantage of the early bird special or eat in. Regularly eating out can be very expensive over time. It's a great time to try new recipes and find new enjoyment in eating at home.

Ideally, retirement is an enjoyable time filled with fun, adventure, and relaxation. One way to maximize your enjoyment is to eliminate financial concerns. Cutting your unnecessary expenses is a great way to shore up your finances. Spend your money on the creation of memories.

GET THE FREE MAGAZINE DELIVERED STRAIGHT TO YOU: