Savvy Savings Can Reduce Your Retirement Stress

We all want to look forward to retirement: The pure freedom of no longer being chained to the weekday alarm clock, budget meetings, daily commutes — and everything that goes with them — is something you’ve worked hard to attain. On the other hand, you now only have money going out, which can be a difficult concept to accept after relying on a regular influx of wages for so many years.

Your proactive planning will have a lot to do with your level of concern. But even if your financial resources are not as substantial as you had hoped, a few minor living adjustments here and there can help stretch your fixed income so that you can enjoy the many activities that you have anticipated doing for so long. Keep checking in with Retired Living Today for additional inspiration and helpful tips to best enjoy your golden years.

Re-prioritize based on your changing needs

Being tied to a job or career costs money. You need transportation, fuel, and perhaps money for parking. Unless your job furnishes it for you, you need proper attire. You may have more dining expenses from workday lunches or from grabbing take-out after working late because you didn’t have time for thoughtful grocery shopping.

Now is the perfect time to evaluate your expenses that were necessary because of your career or those that just provided you with added convenience due to your busy professional life. If you have easy access to public transportation or a ride-sharing service, consider selling your car. You not only get rid of any car payment and fuel charges but also your maintenance budget. Unless you plan on going on a lot of road trips, a rental car for occasional long-distance trips will likely be less expensive. If you do need to hang on to your automobile, drive it less frequently.

Next, if you’re going to invest in one thing, let it be your health. Make regular physical activity part of your daily routine, especially when you can get outdoors. If you relied on pre-packaged or other convenience foods because of your busy career-oriented lifestyle, slow down and make the switch to healthy, non-processed meals that you make at home. Now would be the ideal time to start a garden for growing healthy vegetables and fruits. If you’re not sure where to start, contact a local gardening club for help and camaraderie. Gardening is also a perfect complement to other physical activities.

Cash is still king

Keep your credit card debt under control. Use cash to pay for purchases as much as possible, or at least try and pay off your credit card balances each month. High monthly interest is not a good retirement companion!

If you need help in paying off your existing credit card debt or would like a little extra cash, consider refinancing your home. If today’s mortgage terms are better than when you received your last mortgage, you could not only pay off some existing debt and get some cash out of the deal, but you could also end up with a lower monthly mortgage payment — leaving you with even more cash remaining in your monthly budget. Your local lender can run the numbers for you to help guide your decision.

Other ways to earn cash include holding a garage sale. This is a good time to declutter and simplify your life while pocketing a bit of cash at the same time. Plus, it’s better that you make decisions now about what you want to keep, what can go, and perhaps pass on than having someone else make the decision for you later.

Finally, there’s nothing wrong with the occasional side hustle to augment your fixed income (see this list from Retired Living Today) or to help with an unexpected medical bill or a special trip you’d like to take. You can take online surveys, help with house and pet sitting, walk some of the neighborhood dogs, or even rent out your vehicle.

Simplify for less stress

Making basic, painless changes can often be enough to simplify your life enough to reduce some of your expenses. Adding some savvy financial moves to that simplification can be just the ticket you need to the retirement life of your dreams.