Do you know what is the key to leading a frugal but comfortable life after retirement?
Know the difference between cheap and frugal.
Paying less for lower quality is cheap but paying less for superior quality is frugal.
You just need a methodical approach to lead a frugal life.
Here are a few ways to lead a frugal retired life.
Stick to Budget
Regardless of your earning, keep a track of your expenditure.
The financial experts always regard successful budget as one of the most powerful tools not just after retirement but while you are earning too.
You cannot bring down your housing and healthcare costs.
You have little to do with travel and transportation costs too.
Bring down all other charges.
Manage your debt wisely.
Most of us prefer to clear off the debt way before retirement, but you need not.
All debts are not bad.
You can use the debt for reverse mortgage. If you need money and have equity in home, this will be a perfect financial tool.
Stay as healthy as you can.
We understand that it does not just depend on you, but take good care of your health.
Stay up to date with your vaccinations or flu shots and try to stay fit by walking everyday.
Make sure you have insurance coverage and take advantage of the free services included in your plan like routine check ups or colon or breast cancer screenings.
Adopt a Frugal Approach towards Food
The best way to save here is to have home cooked food.
You can create a menu every week, build a shopping list and then stick to it.
Avoid impulsive buying as much as possible.
Shop from the wholesalers, farmers’ markets and the supermarkets.
Avoid tipping by opting for the cafeteria style restaurants with little to no waiters. Even if you opt for these, there is no need to give a miss to the excellent food offerings or drink refill options. Research to choose right.
Look for special discounts like early bird specials or additional saving options when you dine out.
Use the Benefits and Bargains
Several discounts are available. You can avail these discounts at the local grocery, matinee shows or even restaurants.
Some discounts are available only for senior citizens. If you do not find any such advertisement, do not be shy and ask. Feeling weird? You can add the question with a smile or make it humorous.
You need not stop working after you retire.
You can take up a part time job or delay your retirement if you are healthy.
Your occupation will keep you occupied and according to experts, working longer has a few health benefits as well.
Regardless of your present situation, be realistic.
Ask yourself, do I have enough finances to retire comfortably, maintaining the same standard of living?
Even if you have enough finance, it is prudent to cut down expenditure. We can never be sure of our future. So, it always pays off if we have a little more finance in hand.