10 ideas to save you thousands of retirement dollars

After building up a sizable nest egg for your retirement, you don’t want to see your hard earned money go wasted. Here are 10 ideas to save you thousands of dollars during retirement.

down sizing

Downsizing

The floor space in your home is costing you money even if your home is paid off. If you are in a home that is too big, you are paying too much in property taxes and utilities. Downsize and relocate to reduce your expenses. If moving is not an option to you, how about renting out the extra room that you don’t need?




Change Your Insurance Packages

Along the same line, you many want to review your insurance policies. If you have disability insurance, you probably will not need it once you retire. If you have an extra car that you do not need, get rid of it. You get rid of the insurance bill as well. You can also change the registration on your vehicle to “inactive” if you want to keep the car but not drive it. This reduces your insurance bill as well.

Travel in the Off Season

Now that you are retired, you do not have to take your vacation during tourist season. You can take advantage of off season prices when traveling, so save thousands on plane tickets, hotels, restaurants and events by simply switching the times you travel!

Nothing is better than traveling for free, right? You may rent out your home through website like AirBnB. Once your home is reserved, book a short trip to anywhere you want to go. Your trip may be fully paid for by the rent collected.

Senior Discounts

Always ask about the senior discount, even if it is not advertised. Many businesses will give you 10 to 15% off of products and services just to keep you coming back.

Prescription Drugs

One little known feature of Costco, the bulk retailer, is its pharmacy, which has some of the best prices on prescription drugs on the market. The best part: You do not have to be a member at Costco in order to take advantage of the great pricing! If you have any medical condition that requires prescription medication, go to Costco and save thousands per year. Another way to save on prescription drugs is to switch to generics. They have the same efficacy but are a lot cheaper.

 

After taken care of the big ticket items, it is still possible to save a lot of money by making a few easy adjustments in your every day life.

Low Flow Water Faucets

Installing these simple faucets can save you up to 60% on your water bill. You can do the same thing with your shower heads and save even more. The special add-ons that help you accomplish low flow water only costs $20 at the most. Don’t forget to check with your local utility company or your city. Sometimes, the give those faucets out for free.

Find the Leaks in Your Home

One way you can stay busy during retirement is to find the small leaks in your home that are costing you money. One trick is to pour Kool-Aid in your toilet. If the water turns purple, you have a slow leak that is costing you money on your water bill. Now that you know, you can find the solution on YouTube, and save yourself money on labor and on your water bill in the long term!

saving money in lighting by using CFL or LED light bulbs

saving money in lighting by using CFL or LED light bulbs

Your Light Source

Changing your light source to compact fluorescent lights (CFL) or light emitting diodes (LED) gives you around an 80% savings on your electric bill. Installing motion activated switches is also a great way to save. It turns off the lights and fans while you are not in the room.

Use a Clothesline

You can save a ton of money on energy costs if you get rid of the dryer and use a clothesline to dry your clothes. In addition, it reduces the wear and tear of your clothes.

DIY gardening

Why hire someone to mow your lawn if you could do it yourself? If you have good health, you may want to maintain your garden by yourself. It not only reduces your living expenses but also keeps you in good shape because you get to breath the fresh air outside and to exercise.




Final remarks

Retirement is a journey. It takes planning and time to grow your retirement savings. If you would like to learn more, don’t forget to come back to our website regularly or follow us on Twitter and Facebook. We will publish more finance, health and travel articles that are related to retirement.

 

 

 

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