4 Ways to Save Money During Retirement

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4 Ways to Save Money During Retirement

Posted by RDW Financial Group
4 weeks ago | August 20, 2019

You’ve been saving for retirement for years, planning for this wonderful phase of life – so you don’t want to waste all of your hard-earned savings in the first few years of your retirement! Budgeting can seem daunting but using these tips will help you save money while still living the retired life you’ve always dreamed of!

 

Here are 4 tips for saving money during retirement:

 

Planning on traveling? Shop around for the best deals.

There are so many rival travel websites, that finding a low price for flight tickets, car rentals, and hotels is as simple as combing through websites! Don’t pick the first price you see, check out multiple websites to guarantee you’re getting the best price, and make sure to plan ahead so that you have get lower rates than last-minute bookings. Since you’re no longer in the workforce, you can also try traveling at off-peak times while everyone else is at their jobs – this could save you money and reduce crowds wherever you go!

 

To downsize or not to downsize.

Are you in a house that seems a little bigger than it used to be? After your kids have moved, your house can seem a little too big, and if you’re still paying off your mortgage, that monthly bill can be too much to handle. Consider moving to a smaller house in order to cut down your mortgage and lower your utilities. However, make sure housing prices aren’t too high so that you’re paying the same amount for a smaller house as you did for your bigger one. Do some research and make sure that downsizing will truly save you money in the long run!

 

 

Related: 4 Tips to Get the Most Out of Retirement

 

 

Sell a car.

Do you and your spouse still have multiple cars? Though you both needed the cars when you were working full-time jobs and caring for your children, multiple cars may not be necessary anymore. If your lifestyle permits it, selling a car could save you gas money as well as giving you extra money from the sale of the car. If you don’t think you and your spouse could sell a car, then try cutting down on your car use by walking or biking whenever you can. You could get some quality outdoor time while also saving gas money!

 

Utilize senior discounts.

Senior discounts are now available to you, so why not use them? There are many companies that offer senior discounts, just make sure to look them up online first. You can save money going to the movies on certain days or dining out at certain times. It’s worth looking up the best senior discounts in your area to help you save some extra cash. Though some of the discounts may be small, they all add up, so it’s worth using them whenever you can.

 

There are many ways to save money during retirement, and these tips are just a few suggestions. If you are trying to plan for retirement or save money during your Golden Years, contact RDW Financial to discuss the best options for you!

 

 

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