![]() ![]() Anywhere you go ask if they have a senior discount. Every retiree should make use of senior discounts. When you’re living on a tight budget, you want to make every dollar count. Making Retirement Dollars Count with Senior Discounts Have your meal at home and then go for coffee and dessert. Look for coupons, Groupons, and join your favorite restaurants’ email lists. There are many ways to have the restaurant experience without the bill. However, if you’re living on a bare bones budget, you need to avoid restaurant meals. ![]() Learn to eat out for less.Īmericans are estimated to spend $2700 per person per year on meals prepared in restaurants, and retirees often lead the pack! Cooking for one or two can seem like more work than it’s worth. ![]() You’ll find hundreds of recipes online featuring these three food essentials. They’re nutritious, filling, and inexpensive. Many great meals start with pasta, rice, or potatoes. Learn about meal stretchers like pasta, rice, and potatoes. In many cases, they’re packaged on the exact same line as the branded food. If your budget and spending habits don't match up, then your budget might not last very long.Millions are spent advertising and marketing brand name foods, but with rare exceptions, they all have generic equivalents that are just as good and less expensive. Be sure to base your budget on your actual spending habits.Set aside about six months' worth of living expenses in case you lose your job or become incapacitated. In addition to saving for retirement, build up a savings account as an emergency fund.If that's the case where you live, it may be necessary to change neighborhoods. In some locations, this may not be realistic. Generally financial experts recommend spending less than 30% of your monthly income on housing.(If you don't think that's important, talk with someone who is already retired.) The more you save for retirement, the better your later years will be. You'll find you can gradually adjust to that allocation. Slowly increase that percentage over time. Start by saving at least 1% of your monthly income for retirement. Include a target for retirement savings, even if it's quite small to begin with.See how to budget your money for more information. Set a monthly target for how much money you should allocate to each category. Each of these options can save you money.Ĭreate a budget. Consider getting an electric car or trading your car in for one that is smaller or that you can buy with cash.Biking helps you exercise and saves you money on gas. Most modern buses and trains allow you to transport your bike, so you can combine the two to make your trip as quickly as possible. Try biking or a combination of biking and public transport.A monthly bus pass is usually cheaper than a tank of gas, to say nothing of car payments, registration, insurance, maintenance, and repair. Using public transportation, it will probably take longer to get where you want to go, but you can use that time to drink coffee, read the news, check your email or talk on the phone.This may be tough if you’re in a rural area, but you should still have some options for using your car less, even if you don't ditch it altogether. By changing how you get around, you can save yourself lots of money. This option is only available in deregulated markets, however.įind cheaper methods of transportation. Alternately, you may be able to switch energy providers and get a lower rate.See consider installing a renewable energy system for more information. However, this is only a viable option if you will actually save money in the long run. In some cases a power company may even pay you for your extra electricity if you make more than you use.You can get a bank loan and tax write-offs for doing so. Installing solar panels on an average American home usually costs around $10,000.Solar panels are extremely popular in Germany, for example, which sees less sun than Seattle (which has 200 or more rainy days per year). You don’t even need a huge amount of sunlight to make a solar system pay off. In an energy-independent home, you’ll have power when everyone else loses theirs.You can say goodbye to traditional energy bills altogether if you make some lifestyle adjustments and get your own source of electricity! Solar panels, windmills, and waterwheels are all available for personal use and are cheaper than ever. ![]()
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