Own retirement Taking the time to just let go a little bit (after all, how many years have you been working?) can go a long way in helping you live the comfortable life you deserve. You don’t necessarily need to overhaul your entire lifestyle to save moneyIn fact, by following a few simple tips, you can prevent your savings from hatching too early.
GOBankingRates has done the research and some basic math to come up with a list of easy money-saving tips to make your retirement years shine brighter.
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Save on Social Security Increases
In 2024, retirees will receive a 3.2% cost-of-living adjustment to their Social Security benefits, much lower than the staggering 8.7% increase in 2023 but roughly in line with current inflation rates, which some economists expect to continue declining through 2024.
but inflation This is an uneven measurement: depending on where you live and what type of lifestyle you have, it’s quite possible that costs will rise slightly or even fall in some areas.
If so, or even if you’re not, you can make your money last longer by saving your Social Security increase instead of spending it. If you’ve managed to keep your overall living expenses about the same, put your 3.2% Social Security increase into a savings account instead of spending it. For an average Social Security check, that’s about $59 more per month, or $708 more per year.
It might not seem like a big deal, but if an emergency occurs in 2024 or 2025, having a few hundred extra dollars in savings could get you out of debt.
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Reduce your subscriptions
If you take a close look at your monthly bill, you might be surprised at how many recurring charges add up each month. Streaming subscriptions like Netflix, Hulu, and Amazon are big culprits and can add up to more than $100 per month. But there are also a lot of smaller charges you might not think about that can add up to a lot over the course of a year.
For example, if you pay $5 a month for PBS, $2 a month for 10 online newsletters, and donate $20 a month to your favorite charity, that comes to an additional $540 a year. Combined with streaming costs, you could be paying more than $2,000 a year for subscription services.
While each person has to make individual decisions about prioritizing their monthly expenses, by reviewing your own spending patterns, there may be excess areas that you can cut back on.
Rearrange your grocery shopping list
Grocery costs may be rising across the board, but by making some tweaks to your shopping list, you might be able to save a little money while still eating similar foods.
For example, swap out berries for cheaper options or switch from a name brand to a store brand. If you love splurging on a particular type of steak or seafood, cut back on how many times you eat it from twice a month to once, or consider a less expensive variety.
Get rewarded
Loyalty and rewards programs seem to be everywhere these days, and if used properly, they can end up saving you a lot of money. Your favorite grocery stores and restaurants are likely offering promotions that range from discounts on purchases to free meals on your birthday, while airline and hotel programs offer points or miles that you can use to cut down on future travel expenses.
You will usually have to provide your email address or phone number to get these deals, but if they are for products or services you use frequently, the ads you receive will be valuable.
live my own way
Retirement is not the time to worry about keeping up with everyone else. Or even worse, trying to live the retirement lifestyle you’ve been sold or someone else thinks you should. Retirement is when you finally get the chance to do only what you really want to do.
Instead of spending money to appear to live a certain way, spend money only on things you really need and want.
Comparison Shopping
One of the main benefits of a capitalist society is that businesses compete with each other for customers’ money, and for consumers, this translates into huge benefits.
Almost any product or service you’re interested in is probably offered by a variety of vendors so you can choose the combination of price, service, and quality that’s best for you. This applies to everything from groceries and restaurants to clothing and insurance.
Downsizing
Retirees often have the opportunity to downsize or relocate, two strategies that can significantly reduce expenses.
For example, if your children have all left home, you might consider moving to a smaller house or apartment. If you still have a mortgage payment, you could potentially reduce your monthly expenses and save even more money. If your home is paid off, you could sell it and buy or rent a new one, leaving you with tens or hundreds of thousands of dollars in your checking account.
Laura Bogart I contributed to the reporting for this article.
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This article was originally published on GOBankingRates.com: 7 Money-Saving Tips for Retirees to Pay Attention to in 2024
