Retirement can be a bit scary for some people. You go from making an income based on your job performance and getting raises to living on a fixed income. You need to make your savings and your Social Security last! Here are some tips for budgeting for retirement.
Budgeting Well for Retirement
Buying groceries and shopping for deals is ideal when you’re retired. Constantly going out to eat or forgoing the deals and sales at the supermarket is a great way to blow through a ton of money. Most restaurants charge as much as three times for a meal as what you could pay for the raw ingredients at the store.
Get comfortable cooking meals at home! Learn the recipes for your favorite dishes. Take it easy on going out to eat and try to make your money last.
If your home is paid off and you live alone or with a spouse, you might consider downsizing. This is especially true if you’re not concerned with passing the house on to someone else. Selling your existing home and moving into a smaller one that costs less could be a great way to net some extra cash in your retirement.
Having a great big SUV can feel nice. Sitting high on the road, getting a smooth ride and being able to easily get in and out of the vehicle are all great perks. However, you might save money by getting a smaller, more affordable car.
Consider trading in your SUV or large truck for something with better gas mileage and lower car payments. You’d be amazed how much you could save by downsizing!
One of the biggest expenses for entertainment among retired people is their cable bill. Did you know that you’re probably paying way too much for cable? You’re likely paying over $100 for your cable provider to give you hundreds of channels you don’t watch.
Consider cutting the cord and getting an internet TV provider like Sling or DirecTV Now. Cutting back to a core stable of 20 or so channels is a great way to save on your cable bill while still getting access to the live TV you’re used to!