Living well with less money
Accumulating enough money to enjoy a satisfying retirement is a major concern. Fortunately, enjoying a happy and fulfilling retirement does not necessarily require spending a lot of money. Here are 25 steps you can take in your day-to-day life to reduce or eliminate expenses that won’t impact your quality of life.
Get rid of cable TV.
You don’t need hundreds of channels in retirement. Consider an internet streaming service such as Hulu, Netflix or Amazon Prime, which can cost as little as a few dollars per month.
Cancel your landline phone service.
Consider ditching your landline and using only your cellphone. These days, many landline calls are unwanted robocalls. In the current era of email, texting and Facebook messaging, people don’t talk on the phone nearly as much as they used to.
Select a lower cost cellphone plan.
While modern cellphones offer many capabilities such as maps, internet access and texting, consider what you actually use and what you could do without. If you aren’t using your data plan or the fancy features on your phone, consider switching to a simpler model.
Forgo the gym membership.
If you use the gym regularly, then your membership fee provides good value. But if your road to the gym is paved with good intentions yet you rarely go, cancel it. Some health insurance plans offer free or reduced gym memberships through the SilverSneakers program.
Curb your cars.
After you retire, you can probably get by with just one car — or perhaps no car at all. The cost of Uber, Lyft, taxis or bus passes may seem like a lot of money trickling out of your pocket, but when you consider the amount you’re not spending on gas, maintenance, license fees and insurance, it’s probably much less expensive. You can always rent a car when you want to take a weekend trip or have a special need.
Let your subscriptions lapse.
If you find that you don’t regularly read the magazines or newspapers you subscribe to, don’t renew them next time they come due. Most of their content is likely available online. If you subscribe to anything else that arrives at a regular interval, such as books, music or wine, consider whether you would be better off buying these items only when you need them. Subscription deals always work in favor of the seller.
Shop online.
It’s easier to compare prices online, which could help you snag better deals. While you can’t see and touch the item in person, you gain the benefit of reading other customers’ reviews and comparing prices and features from multiple sources side by side. If you see a box for a promotion code during the checkout process, search online for a coupon code.
Use coupons.
While it can be a hassle to cut out, collect and carry coupons, they really do help you save money. Be careful not to buy stuff just because it seems cheaper. Buy only those items you regularly use or have a current need for. You can also find coupons online and through many smartphone apps.
Stock up during sales.
When an item you use regularly goes on sale, try to buy enough to last until the next sale. But don’t stockpile things that may expire before you get a chance to use them. A bulk purchase won’t do you any good if a large portion of the food goes to waste.
Own a stand-alone freezer.
Purchasing an extra freezer allows you to take advantage of sales, and you can buy the larger quantities that are sold at wholesale clubs such as Costco and Sam’s Club. You can also freeze meals for future use, which can help you avoid splurging on convenience food on days when you are too tired or busy to cook.
Check out grocery store loyalty programs.
Many stores offer special deals to customers who belong to their loyalty program. You can load coupons onto your account, eliminating the need for paper coupons. In some markets, stores offer discounts at local gas stations, or they will contribute money to a nonprofit of your choice based on the amount of your purchases.
Utilize senior discounts.
Don’t be bashful or self-conscious about asking for discounts. In many markets, the major grocery chains offer a 10 percent discount to people over 55 on a certain day every month. Find out what’s available in your area. Admitting your age can pay off.
Check your receipt.
Watch the monitor screen at the cashier station, and review your receipt before you leave the store. You might be surprised how often sale prices and loyalty card discounts are not applied properly.
Visit dollar stores and discount outlets.
Maybe it’s not elegant, but dollar stores and discount outlets such as Big Lots, T.J. Maxx, Marshalls and HomeGoods offer fantastic values. However, resist the temptation to buy things just because they are cheap.
Look for the best value.
The best value is often not the cheapest option. If the item wears out or breaks quickly, you haven’t really saved money. Conversely, the most expensive options are usually loaded with features you don’t need. The sweet spot is usually somewhere in the middle, where you will find the ideal combination of price and quality. Consumer Reports is an excellent resource for finding the best value for many items that you purchase.
Avoid shopping malls.
Mall stores rarely offer good prices. They thrive on price-insensitive shoppers who browse the stores for recreational shopping. If you have to go to the mall for something, use a list to avoid impulse purchases.
Get insurance quotes at least every two years.
Insurance companies know that once you sign on with them, you will probably automatically renew each year. While it’s easy to get quotes online, it may help to speak to an agent and ask how you can lower your rates. Some internet research or a phone call might be enough to reduce your insurance bill.
Buy e-books rather than physical books.
E-books are cheaper, they don’t take up space, they are easier to travel with and you save on shipping. If you don’t have a Kindle device, Amazon offers a free Kindle reader app for most modern computers, tablets and smartphones.
Go to the library.
Use your local library for books, music and movies. Many libraries allow you to request the latest titles and offer a wide selection of old favorites. Some libraries also host free education or recreation events.
Volunteer to be an usher at a theater or concert hall.
Tickets to plays and concerts could be outside your retirement budget. But those who volunteer at the venue often enjoy special perks. After patrons are seated, you can enjoy the performance for free. Theaters may also offer discounted admissions to pre-opening night dress rehearsals or abbreviated lunchtime performances.
Find free Wi-Fi.
If you are a light internet user, you may be able to get by without internet service to your home unless you are using an internet streaming TV service. Starbucks and other coffee shops offer free Wi-Fi, and some restaurant chains are following suit. Your local library may also offer free Wi-Fi.
Track down discounted or free tickets.
Goldstar.com offers substantial discounts to local productions and some national touring acts in many major cities. Fillaseat.com offers free surplus seating, and check out VetTix.org if you’re a veteran.
Visit your local college.
Local colleges offer many types of performances that are sometimes free to the public. They are usually of good quality, and the students will appreciate having an audience to perform for. Some colleges offer tuition discounts to older people or special classes just for retirees.
Tour a museum.
Many museums have free days or evenings on a weekly or monthly basis. Now that you don’t have to work, you can visit on a weekday when the crowds are smaller. Many museums also provide senior discounts for retirees.
Eat out less expensively.
Avoid appetizers, alcohol and desserts. These are the higher markup items. You can enjoy these at home before or after you go. Eat out at lunch rather than at dinner because many restaurants have cheaper lunch menus. Look for coupons, senior discounts and deals through sites such as Groupon and Living Social. Sign up for the email list of the restaurants you dine in most often.
More from U.S. News
5 Tips for People Who Will Retire in 2017
10 Retirement Resolutions for Retirees
10 Costs to Include in Your Retirement Budget
25 Ways to Enjoy Retirement on a Reduced Income originally appeared on usnews.com
