Once you’re retired, your spending habits have to shift to match up with your new lifestyle. Maybe you’ve been finding that your personal finances are a bit stretched now that you’re retired. Are you overspending on non-essential things? Time to break open the books and see where you can shore up the budget.
Stop Overspending on Frivolous Things
You’re used to buying name brands, and that’s okay. Now that you’re retired, though, you might want to consider buying the store brand. This especially goes for the supermarket. Yes, the name brand is what you’re used to, but the generic brand tastes just as good!
One of the biggest places generics will save you money is on prescription medication. Rather than reaching for the name brand right away, find out if there’s a generic you can get instead. You could find yourself saving hundreds of dollars right there!
Everyone likes to head out and grab a bite at the local restaurant sometimes. It’s nice to not have to cook, and to try something new that you haven’t had before. However, you need to make sure you keep your food budget within acceptable bounds.
If you’re eating out most nights of the week, you’re probably overspending. When you do head out to eat once or twice a week, try to find restaurants with senior discounts or early bird specials. That way you can get the experience of eating out without breaking the bank!
This one is tricky. Most retired people spend the majority of their discretionary money on vacations. It’s hard to fault anyone for wanting to get out of town. This goes double for retired people, as getting a vacation is a great break from the daily routine.
However, there are ways to save even when you’re taking a fun trip. Again, look out for senior discounts on things like cruises and walking tours. If you’re an AARP member, you can take advantage of their numerous travel package deals.
In short, make sure that whatever you’re spending your fun money on, it’s something you really can’t see yourself going without. Of course, you want to have fun things in your life. However, don’t let the fun stuff eat up the money you have to spend on the necessary stuff.