Adjusting to a fixed income in retirement can be a challenge especially if youre living off less money.
Just because you stopped working doesnt mean you stop paying bills and buying groceries.
If youre planning vacations or trips to the golf course, those are extra costs to budget for too.
If you’re struggling to find an affordable place to live, check out thisguide to housing for low-income seniors.
Volunteering at her church and local senior center has kept Ramage busy without spending money.
Knowing how to cut costs is key to having a frugal retirement it’s possible for you to enjoy.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Not only will live-in company help you feel less alone, but youll reduce housing costs.
Downsize to a Smaller Space
Maybe your idea of a frugal retirement doesnt include sharing your living space.
you’re free to cut costs by moving to a smaller home instead.
Asmaller house, tiny house or RV has several financial benefits.
Youll pay less in rent or mortgage.
Your utility bills will go down.
Youll have less home maintenance and repairs to worry about.
This guide onhow to become an Airbnb hostwill get you started.
A free app calledFetch Rewardslets you upload your grocery receipts and earn points toward big name gift cards.
Bonus: When you feel like eating out, read up on these 26 ways tosave money at restaurants.
Save Money on Health Care
Health care costs will likely be your biggest expense in retirement.
At age 65, you becomeeligible for Medicare.
Its not free the standard Part B premium alone is $164.90 per month in 2023.
But it’s possible for you to still have a frugal retirement without compromising your health.
Heres how to save money on eyeglasses andvision costs, score affordablehearing aidsand findfree dental workfor seniors on Medicare.
Have questions about Medicare?
Or wondering if a different plan could save you money?
The best part: All SHIP services are free.
you could find the number for your statehere.
Exercise is another important part of health.
Acheap gym membershipor ahome gymthat costs under $100 can help boost your wellness.
Find Low-Cost Entertainment and Ways to Stay Social
Keep busy in retirement without emptying your wallet.
Check out free offerings at your library, like sign language classes ormuseum passes.
Turn to this list of100 free thingsto do when boredom hits.
Volunteering is a great way to give back without spending money.
Save Money on That Bucket List Trip
you’re able to have a frugal retirementandtravel.
Thesetravel tipswill help you keep costs low.
Take Advantage of Discounts
Dont be shy about sharing your age when itll result in sweet discounts.
Dozens of companies from retailers and restaurants to airlines and hotels offer lower prices for seniors.
Some offerdiscounts to customersas young as 50.
Be a lifelong learner and take a class in a subject youve always wanted to know more about.
Sell Unused Things
You know that china set thats been collecting dust?
Stop telling yourself youll pass it down to your kids.
Getcash for your dishesinstead, along with all the other unused items lying around the house.
Organize agarage saleif you prefer to sell in person.
Or go the digital route andsell your stuff onlineon sites like eBay and lesser-knownonline flea markets.
Pay Off Lingering Debt
The rewards are twofold when you become debt-free sooner rather than later.
Youll pay less in overall interest when you pay off your debt early.
Youll also free up more cash once you no longer have that monthly financial obligation.
Here are additional helpful tips onpaying off student loansandeliminating credit card debtin retirement.
Nicole Dow is a former writer at The Penny Hoarder.
Rachel Christian is a senior writer at The Penny Hoarder.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
