Everyone who makes it to retirement knows the importance of saving. We need to build a nest egg sufficient to carry us through 20 or more years of retired living. You probably won’t get there without picking up a few money-saving habits along the way. And the need to be frugal does not end at retirement. The more efficiently we spend, the further we can stretch our saved dollars. Developing these frugal spending practices will continue to help you all the way through your second act.
Comparison shop for everything. The Internet makes it incredibly easy to compare prices. Whether you are looking for the best deal on a trip to Paris or the cheapest way you can purchase your favorite jeans, a few quick clicks and several options are ready for review. It’s easy to check several stores to see which has the item you want at the best price.
Paying attention to little details can make a big difference. Don’t overlook the value of free shipping when it comes to getting the best total price. And watch out for “handling fees” and other charges that add to what you spend. Sometimes great deals are not so great once you tack on all the miscellaneous charges.
You can even comparison shop for your prescription drugs. Consider giving generic medications a try, and compare the prices offered by national retail pharmacies to your local pharmacy. Many health plans allow mail order refills that can save you even more. Potential savings depend on the specific medication, so shop around for each to find the best possible deal.
Think luxury last. There are few people who wouldn’t enjoy a plush room with a private balcony overlooking an incredible view. However, such high-end accommodations come with an equally incredible price tag. Unless you plan to spend all your time in the room, you might want to consider sacrificing the view and high-end accouterments in exchange for a more affordable option. If you will spend the majority of your time wandering the local sites and exploring the neighborhoods in search for hidden gems and tasty restaurants, consider splurging on a dinner out rather than a fancy room where you will basically be sleeping.
Get to know your local grocery store. I shop at the same grocery chain on a regular basis. I pretty much know what they charge for essentials, and I know what to expect when items are on sale. I also know when the real deals hit the shelves, and when the store takes more than usual off normal sales prices. These are the prices I look for to stock up on basics from food to toiletries to pet supplies. I can wait until the optimal prices roll around, and that’s when it’s time to buy. That additional savings adds up.
Travel between the weekends. Once you are retired you can take advantage of mid-week specials. Not only do you avoid the long lines and traffic that clog weekend travel, but you also pay less. Hotels and bed and breakfasts want to avoid vacancies, so they sometimes cut prices to entice visitors to stay Monday through Thursday. A little research can help you find places that deeply discount their rates on weekdays.
Be ready to go on short notice. Cruise lines and vacation destinations make no money on empty rooms. Some will offer big discounts on available rooms at the last minute. If you can get up and go on short notice, you may enjoy significant savings without sacrificing luxury. There are numerous websites that will notify you of short-term deals so you can act quickly if you find the right deal.
Don’t be afraid to negotiate. You never know what deal you might get unless you ask. On last-minute vacancies you may be able to whittle a bit off the total just by suggesting a price you are willing to pay. If you are staying for an extended period perhaps you can finagle one night free. Not everything is negotiable, but it doesn’t hurt to try to bargain for a better deal.
Dave Bernard blogs at Retirement-Only The Beginning .
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Where You Can Save Money in Retirement originally appeared on usnews.com
