By Mary Shannon
Retirement is the ultimate goal for the vast majority of us. However, we all know that it comes with a few drawbacks. One of these is a lack of access to a regular paycheck. However, even if you haven’t planned particularly well up until this point, there are ways you can afford the life you want, including saving money when possible.
Get out of debt.
Debt can cost you more than just your initial purchase. Soaring interest rates and exponential late fees can quickly kill your monthly budget. To get out of debt, the MoneyGeek blog offers several sound pieces of advice, including paying more than the minimum and selling off belongings you no longer need to reduce your credit card balances. Sign up for a FreedUp class through the Moravian Ministries Foundation in America to support your journey to financial freedom. It’s free to Moravians.
Consider your housing situation.
As we reach our mid-50s, we likely no longer need a large family-style home. Unless you routinely have your adult children and grandchildren staying with you for extended periods, it might make sense to downsize. HGTV cautions here, however, there might be things you miss about a larger home, so take your time and evaluate your overall lifestyle before you make a decision. Once you get a rough idea of how much equity you have in your home, you may find it makes the most sense to sell, and use the proceeds to buy a new home with a lower mortgage and utility bills. Don’t forget to consider Moravian retirement communities, such as Salemtowne, Auburn Homes, Marquardt Village, Moravian Village, or Moravian Manors.
Keep yourself healthy.
Maintaining your own health is an obvious first step toward saving money. Health conditions, such as diabetes and heart disease, can cost people more than twice as much in annual medical expenditures than their overall healthy peers. Advocacy agencies can help you do just that by ensuring you understand how to make sound decisions for your mental and physical health. Such services can also put you in a better position to navigate the healthcare system so you can meet your wellness goals.
Work part-time as a freelancer.
Although you might have already retired, many seniors choose to continue working part-time. Now might also be the perfect time to turn to freelance or contract work by starting your own LLC business. Contrary to popular belief, it does not cost a great deal of money to set up your business structure, but having an LLC can protect your personal assets and reduce your liability. Do your research on your state’s rules before moving ahead.
Make new friends.
You might not think of your friends as a way to save money, but having a strong network of people with whom to spend time can keep you from boredom shopping and will give you something to do on days when there’s nothing else going on. With your friends, you can enjoy coffee, cards, or game nights, and everyone can pitch in with a snack and a drink, meaning affordable entertainment may be just a text message away.
Let your age save you money.
They say age is nothing but a number, but when it gives you a number with a percentage off discount behind it, then it’s time to shout your birthday out loud and proud. DealNews explains your driver’s license can get you discounts at restaurants, hotels, and even pharmacies, shipping services, and phone plans.
Although Social Security was designed to keep up with the cost of living, when your income is cut drastically, you may have to get creative to enjoy the things you love. From paying off your debt to hosting a game night at home, the few pieces of advice above can help you live life without watching your dollars die. Remember, you don’t have to overspend, and all it takes is an evaluation of your wants and needs to help you make better financial decisions so your bank account keeps up.
