Written by Holly Clark

Time has passed, and your working days
are behind you. As you come to terms with the new reality, you start grappling
with the fact that the savings in your bank may not last you as long as you
thought they would. Even if your pension payments amount to as much as a
million dollars, your spending habits can drain your account fast. Before that
happens and you are left at the mercy of handouts from your family, learn a few
frugal retirement living tips for seniors. They will make your sunset years as
comfortable as if you are still receiving a salary.

  • Downsize

At 30 years, that five-bedroom house was
a good idea as you planned to have lots of children. Now that they are all
grown up and have left the nest, it is time to move into a smaller house. That
way if you are renting, the rent will be much less. Still, even if you own the
home, the cost of maintaining it will reduce. Additionally, you can sell the
excess stuff that you have accumulated over the years for extra cash.

Moreover, you might have bought two cars;
one for your partner to make reporting to work in different parts of town
easier. However, as retirees, you will probably be spending most of the time
together, so one vehicle makes sense. You can, therefore, sell the extra car to
reduce the cost of insurance payments.

  • Look out for discounts

Just because you have retired, it does
not mean you have to live cheaply. Instead, you can get high-quality services
and products at pocket-friendly prices. If you are adventurous and have been
saving for a trip in your old age, then take advantage of off-peak discounts
and travel to that much-anticipated destination. That way, you will get to
travel without draining your savings.

Further, you can still celebrate your
love with your loved one without breaking the bank. Hotels are always giving
offers to customers for tasty meals so you can have that dinner date you have
been postponing for weeks. Besides, most stores offer senior discounts, and
unless you ask, you will not know. Therefore as you go out shopping for
everyday items, ask about any senior discounts available.

  • Eat meals at home often

Dining out may seem like a lovely idea
when that lobster looks delicious from the window as you pass by your favorite
restaurant. Unfortunately, it will cost you heavily, especially if you make it
a habit of eating out. Enjoy home-cooked meals and when you go to the grocery
store, shop for products that are on sale. Also, buy items that you need in
moderate quantities, and when you cook, serve what you can comfortably eat to
avoid waste.

  • Take advantage of free leisure activities

You might wonder how to fill the free
time because as much as you enjoy watching television, cable TV can be
expensive unless you get the basic package. Besides, staying indoors is not an
option since you need to stretch your legs and socialize. As such, you can
visit your local art galleries and museums. Not only will you learn and
probably make new friends, but best of all is that they are free leisure

  • Reduce health-related expenses

Your health in retirement is going to be
quite an issue since your risk of falling ill increases. Whether you are on
Medicare or Medicaid, if you are planning on having elective surgery, then it
may not cover the cost. Therefore plan on having such operations after meeting
your annual deductible. Moreover, with free medical checkups being offered once
in a while, take advantage of such screenings for preventative measures.

Jane Byrne from FirstCare
points out that as a patient ages, medical check
ups are essentially being done regularly. This is not only to secure that the
patient’s health is in tip top shape but also help inform the caregiver on how
to properly attend to them.

  • Cut down on taxes

Taxes will reduce the amount of money for
your expenditure. Therefore if you can avoid them, your savings will last
longer. The property you have accumulated can result in high taxes; so if the
state you live in allows for seniors to freeze their property, do so. All you
need is to apply for this option, and it will cushion you from any tax

  • Schedule your withdrawals

You might be tempted to withdraw all your
pension as a lump sum, but that will only increase the chances of spending it
all. Therefore, do not keep lots of cash in hand. Instead, arrange with your
bank to be sending you to check once a month to enable you also track your

Retiring does not have to be a painful
process in which you deny yourself all the things you were used to in your
working days. With
these frugal living tips
, you can have the best of everything
without spending too much money or becoming a burden to your children.


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