Smart Ways to Save Money Post Retirement
“Save your pennies, save your pounds,” say the British. While penny-pinching is admittedly not a great way to live, one can arrange their life in a way that plugs the leak of money in useless things and activities. A little bit of money saved (or made)here and there, can make a tidy difference in the long run. Read on for some ideas to help you with this.
1) Rent out a space in your home
If your children are grown up and are now on their own, and if you have more space in your house than you need, renting it out is a good idea. You could rent out one or two rooms, or just the garage (some people just need storage space for their belongings as they move around or look for a new place). The point is that people have all kinds of needs, and you should tap into that for a mutually beneficial arrangement.
But before you rent it out, be clear about the following:
- Why do you want to rent it out?
- What kind of money do you hope to make from it?
- What will be the costs of renting it out?
- Should you let it for short term or long term?
- If your house is too big for your needs now, why not put it up for sale and move to a smaller place?
(We strongly suggest you do not rent anything out if you are the only person in your household, or if you are by yourself most days of the week.)
2) Rent out your vehicle
Any vehicles — a bicycle, a car, a truck, a boat, or a snowmobile — that you may not need on a regular basis can be rented out to vehicle share agencies for extra income.You will make more money if you sell them though, and also save on insurance costs.
3) Shop around for better policies
Whether you are buying a new mobile phone, a new cable connection, or a new insurance policy, don’t settle for the first option that you come across, even if it is recommended by a dear friend.The market is very competitive and newer deals are being launched on a frequent basis. Check out a website like the Thehartford.com/aarp/to know about newer insurance policies concerning you. If you have been on the same policy for long, chances are you will get a cheaper, better deal now.
4) Get rid of the redundant stuff
If you are comfortable using your computer for most things, why have a TV? If you have two television sets, downgrade to one. If you have a huge refrigerator, switch to a smaller one. If you have more than one, put one of those up for sale.If you don’t need the fancy treadmill or rowers that your daughter had bought during her frenzied weight loss phase, why do you still have them in your house.
5) Get familiar with ebay
You can put anything you own (that you want to get rid of) for sale on ebay. Old musical instruments, old clothes, old books, old cutlery, electronic equipment, etc. Have a look at their website for further ideas.
You can also find a lot of new stuff (at cheaper prices) on ebay, as well as on other websites. Familiarize yourself with online retail space for best deals.Sign up with them for discount offers, loyalty points, and newsletters (for general information).
6) Claim your discounts, and avoid travel during peak seasons
One of the biggest advantages of retirement is that you are no longer bound by anybody else’s calendar. You do not need anybody’s permission to go on a vacation. So make the most of this freedom. Avoid travelling during the peak season.You will save on air fares and hotel accommodation charges, and have more options in general. You will also endure far less stress.
Get into the habit of checking for discounts before buying or booking anything.Many commercial establishments are rather generous with senior citizens.
Finally, if you find yourself in a situation where you are not happy with your retirement funds, be honest with yourself and consider part-time work opportunities. There are many working options today that do not require one to leave the comfort and safety of their home. Tap into your skill sets and make them work for you again.
Author Bio:
Tracy Vides is associated with The Hartford, an insurance and financial services company, which specializes in the hartford aarp. You can catch her on Twitter @TracyVides.
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Category: Retirement
