Community Chat

[AuntG]

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@buyornot wrote:

As someone with 6 days of work left, I'd LOVE to know any tips that people have found to save money in retirement time.  Taxes,utilities,food,anything that you've found useful.

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First, let me say congratulations.  If you haven't created a retirement budget, start with that.  Use your library more. We have free concerts in the park that many retirees attend.  The first two things you mentioned are taxes and utilities.  Not sure there is a lot that can be done to reduce them.

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[buyornot]

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@Pook wrote:

I found that once retired I was automatically saving money because I didn't have the expenses that came with going to work.  Often tired after working we would get takeout or stop somewhere to eat.  Savings on gas, saving on car insurance, savings on clothing (shoes especially don't wear out now) and food since we often ordered in many days, snacks that I kept in my desk or out for coworkers to enjoy and just purchases I made try to compensate for the stress I was constantly under.  Also since I was out and about daily saved money on stops to the grocery store to pick up a few items always resulted in buying way more than I do now.   I now find I actually am saving so much without cutting back 

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THIS is my life right now- I was happy to read this!

[buyornot]

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@engineer wrote:

We also have retired. Since we do not have any deby. CC etc. I really think before buying anything. Usually shop for groceries on "senior day at our local grocery" Don't purchase as much. Find we don't eat as much as when we were working. We are homebodies. Daughter lives in different state. She wants us to live closer to her. Will probably sell our fully paid home and move. We no longer need 4 beds etc. Three beds have turned into clothes cupboards and other STUFF!!! LOL Find our major expense is health ins. supplement  (we also have medicare) and car insurance. Be happy and thankful you have each other.  GOD BLESS YOU BOTH>. Here's to a long and happy retirement. HIP, HIP HOORAY!!!!!!!!!!!

Thank you-so nice!

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[Mom2Dogs]

@Azcowgirl, we have a financial advisor and our budget is part of our meeting at one of our yearly meetings.  They calculate our spending according to our needs/wants in retirement and let us know when the money runs out (at what age we will be when it's gone).....but of course there are always unexpected expenses.

[Yardlie]

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@missy1 wrote:

Get an Amazon prime membership.

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That might work for some people, but for us, it caused a lot of impulse buying. We would just think of an item and figure we had free shipping...then we would order it. This year we did not renew our membership. Now we have to stop and think awhile before ordering. We wait until we have enough to get free shipping before ordering. We're ordering far less and saving alot more money. Everyone's different, but that's how it worked out for us.

[winamac1]

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@ID2 wrote:

We've been retired for 2 years now. We entered retirement without any debt. We downsized by selling our primary residence, moved into our cottage, paid off all of our debts from the sale of our house. We are living very comfortably now.  I highly recommend paying off all you debts for a fresh start.

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Good for you. My husband and my adage is to have no debt either.   Granted, we never had children so it was far easier to have savings and no debt.  We paid off our house at an early age, and overall we live within our means or "lower" than our means.  

Both of us have worked for many years, but we are not yet retired.  DH would like to retire at 59.5, and we could afford to do that.  I'd be bored out of my mind as many of my friends are a bit younger, have childrens' college to pay for and would still be working.  I don't have a ton of hobbies so feel as if I need to work.

Too many Americans live beyond their means.  They buy houses they can't afford and are cash poor.  We could have afforded a larger and more lavish-style home, but we didn't do that.  Therefore, we could pay it off.

I don't think my husband thinks we would ever have enough money, lol.  But, he's a conservative engineer.

I think I'll work full time for at least 5 more years and even though I won't be eligible for SS, I think we'd have enough saved to live comfortably until SS.  Heck, we may never see SS.

[winamac1]

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@CalminHeart wrote:

I retired 1 year ago today.  It was the best thing I've ever done.  I now work 20 hours a week in customer service at a grocery store.  A chunk of that money goes to savings. I  contribute the max to a 401k with this company.   I also help take care of my elderly parents and disabled sister.   Life is good with less.

Good for you!

Enjoy!

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[SilleeMee]

Things I do to lessen the burden of month-to-month cost of living:

- If you have a car payment, try refinancing it to get your payments lower.

- Shop with credit cards that give you cash back and pay off debt monthly.

- Always use rebate programs and/or coupon codes when shopping.

- Buy and cook in bulk then freeze.

- Drive your car less frequently and try to do your trips in batches.

- Talk to your car insurance agent to check if your rates will go down due to retirement.

- Buy things you use often in bulk.

- Never buy extended warranties, save that amount and put it in the bank.

- Don't buy household appliance insurance, save that amount in the bank.

- Call your phone and cable companies to get your rates lowered.

- Quit smoking and drinking booze...saves money and your life.

[hoosieroriginal]

I live just on my SS and don't touch my retirement money - it is for emergencies only - here are my tips:

1.  Quit shopping Q - get control of your spending habits - ask yourself - do I want it or do I need it?

2.  If you don't already - get your checks free from your bank - just learned this from someone here on forum - if you are a senior you should be able to get your checks for free - I was paying $30 every other month.

3.  I shop Aldi's for my groceries - saves me at least 1/2 of what I was paying at Marsh or Kroger.

4.  Got rid of cable TV - watch everything I want on my computer - saved me $68 a month!

5.  Got rid of my newspaper - I really don't want to know what's going on in the news anymore - it's depressing!

6.   I do all my yard work myself - I'm fit enough to mow - most people around me pay to have their lawns done - you get exercise and save money.

7.  Any money I have at the end of the month goes into savings for emergencies. 

I buy myself a couple little items a month to make me happy, but don't go on shopping sprees at all.  I have lunch a couple times a month with friends.  My neighbor has had to go back to work already and she retired when I did three years ago.  She was having to dip into her retirement account already (and she has SS and a pension - double what I make). 

[AngelPuppy1]

I am not retired yet but I am hoping that the Good Lord will allow me to one of these days!  But you got some really wonderful tips here!  

I would agree with so many of these and I am hoping and trying to accomplish these things myself in anticipation.

I believe to try and rid oneself of debt before retiring is the most important thing.  If your home is paid off, car paid off, any credit card bills, etc., you can start fresh with a clean slate and not have these big burdens on you.

Then, I think follow these tips you've received here.  I know that in many ways I would save money by not working because I spend money on clothing and shoes.  I spend money on snacks to take to work and I also spend money on contributing to all the gifts, etc that are going on where I work.  Also, I shop on my lunch hours and I would no longer be doing this if I didn't work 

DH and I also talked about it and thought we would get rid of one of our cars to cut back on a lot of expense there.  

I already try and use coupons for groceries and anything else I buy.  I try and look for senior citizen discounts.  These all help.  

Sometimes I will buy a food product or something that is off brand and DH will get an attitude and say - it's only a dollar or 2.  Well, guess what --- you take those little dollars or 2 and add them on constantly --- they do make a difference!  

Thankfully I am always on the look out for a good deal or bargain, so this is nothing new to me.  

I wish you all the best and much happiness on your retirement!