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06-10-2017 09:17 AM
@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?
Congratulations! I'm doing the same next year.
Without knowing where you live or how you live I can't give much advice but here goes.
Make a budget.
Get out of debt
Look at your most expensive bills, whether it be utilities, internet, TV or whatever and try to eliminate it or pare it down. I switched from a great phone with AT&T for $80 per month to a not-so-great Tracfone for probably $80 a YEAR. I pay as I go, no monthly bill.
I also am mindful of my power consumption. It's cheaper to use a little table-top grill than to use your stove or oven. Your stove pulls twice the electricity. I live in the south, I don't have high heating bills but in the summer I keep my thermostat on 78 and run all my ceiling fans. Again, the a/c pulls twice as much power as a fan.
Look twice at every dollar going out your door. You can't overhaul your expenses in a day but get in the mindset of saving money. That's been my plan for the past 4 years in anticipation of retirement. It's almost a game, to see how little I can spend!
Another thing, I've run into many retired couples who are always going out to eat, I'm talking 3 meals a day and going on vacation after vacation. If you have the money to do that, great, but it's not my lifestyle so I've had to find new friends. Friends who have the same idea I have to save money, not spend it. My "entertainment" is my family. And a modest change of scenery every now & then
06-10-2017 09:18 AM - edited 06-10-2017 09:32 AM
Every year Direct TV raises my rates around $30 and every year I call them up and ask for the new customer promotion rates or a customer retention rate. They always give it to me. Many times when companies raise your rates you can just call them and they will give you a different rate. If they don't on one day, call back on another day and never call on weekends because those workers usually don't have the authority to do much.
Another way way to save is if you have a members at Costco check out there gift card selection. Usually a 20% savings at movies and restaurants. At Christmas, Mothers Day and a few times during the year many restaurants offer gift card promos where you buy say $100 in gift cards and get another $20 free.
06-10-2017 09:49 AM
Another thing - eat at HOME - don't go eating out all the time. And just remember - bills continue to go up - home insurance, auto insurance, property taxes - so don't plan on the what they are costing you at this time - everything goes up - my trash has doubled since retiring, water has gone up. I also agree - get rid of ALL debt - I don't have a credit card in my name and have not had a need for one. If I can't pay cash for it, I don't buy it. My neighbor (who has had to go back to work) must have 20 credit cards and she uses them for everything. The interest on all those cards will kill your budget.
06-10-2017 09:58 AM
A lot of good suggestions here.
I think a lot has to do with your financial situation and priorities. I shop at WM and the dollar stores. I shop the sales and use coupons. I color my own hair and do my own nails. I have a friend who is always talking about how broke she is, yet she always has money for manis/pedis.
06-10-2017 10:05 AM
I have nothing to add to the wonderful advice you have gotten here but would add a bit of philosophy I was told, " Spend your money on experiences...not stuff'.
Make memories for your self and others.
Enjoy!
06-10-2017 10:08 AM
I'm so jealous...I have 5 years to retirement and am hoping that I have enough saved to retire and travel a bit. I think saving vs spending is really sort of a game, where I try to spend as little as I can without lowering my quality of life. My car is ten years old, I have no credit card debt, rarely eat out and try to save with discounts, coupons, clearance items, etc.. wherever I can and am looking forward to spending time with my grandchild instead of constantly working. Don't try to keep up with others and don't be afraid to ask for discounts if you are eligible, find your own happiness in what you have. Yesterday I compared my job to a being a mouse running on a wheel....just can never get caught up. Want to stop being the mouse!
06-10-2017 10:21 AM
@buyornot I have no advice, I have a while to go. Just wanted to say CONGRATULATIONS!! Enjoy it!!
06-10-2017 10:35 AM - edited 06-10-2017 10:38 AM
Don't forget to inform your car insurance company. You pay more to commute to work.
Order water with your meal when eating out! You will get used to it.
Eat lunch out, or do take out when you crave to eat out.
Forget Starbucks and Dairy Queen!
Get basic cable. Stream movies on the internet. If you love movies, Amazon Prime will be worth it!
06-10-2017 10:40 AM
@CAcableGirl2 wrote:I'm so jealous...I have 5 years to retirement and am hoping that I have enough saved to retire and travel a bit. I think saving vs spending is really sort of a game, where I try to spend as little as I can without lowering my quality of life. My car is ten years old, I have no credit card debt, rarely eat out and try to save with discounts, coupons, clearance items, etc.. wherever I can and am looking forward to spending time with my grandchild instead of constantly working. Don't try to keep up with others and don't be afraid to ask for discounts if you are eligible, find your own happiness in what you have. Yesterday I compared my job to a being a mouse running on a wheel....just can never get caught up. Want to stop being the mouse!
@CAcableGirl2....it sounds like you have a good plan in place and I truly wish you the best. Two years ago, DH and I were debt free and thought we had a plan in place. Then all of a sudden, life threw us a couple of curve balls. We are no longer debt free and barely making it month to month.
06-10-2017 10:50 AM
Be wary of predators...salesmen, contractors, doctors etc. Be wary of those offering "senior discounts". Many seem to use this as a lure and then sell your name to other predators. I was astonished at the number of "offers" I got after I retired.
Use cash as often as possible. You might consider the allowance method. Every month take a fixed amount of cash and when "it's gone, it's gone". I found that oftern I would have money left over at the end of the month.
I've been retired for 16 years and have more money now than on the day I retired. And I have not deprived myself of anything!
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