You may just be embarking on your retirement years, but that doesn’t mean your saving days are over. Once you’ve saved up a healthy retirement fund, you’ll still need to keep track of your spending and expenses if you want to enjoy the retirement life you’ve dreamed of.
Wondering how to save money after retirement? Check out some of our money-saving tips below.
Saving money after retirement tips
- Downsize to a smaller property
- Keep track of your spending
- Return to part-time work
- Take advantage of public transport
- Look out for senior discounts
- Don’t forget to treat yourself
- Choose somewhere with a lower cost of living
Downsize to a smaller property
If you own a large property but don’t use all of the space, why not downsize to a less spacious apartment? Selling your home and joining a retirement community will save you a ton of cash that you can put towards exciting things like holidays and your grandchildren’s bank account! Need help downsizing? Churchill Retirement Living offers senior downsizing services to make sure your move goes off without a hitch!
Keep track of your spending
Even someone with a healthy bank balance should make a budget plan to keep a lid on excessive spending. Are there any spending habits that you might want to cut down on? Get yourself a diary to keep track of all of your outgoings, and you’ll find it much easier to save money in the long-run.
Return to part-time work
You may not want to return fully to the world of work, but taking up a flexible part-time job could be a satisfying compromise. There are plenty of part-time jobs available to retirees, from tutoring to dog walking and hospitality. As well as making you some extra money, you may even find yourself enjoying the routine!
Look out for senior discounts
Take advantage of every senior discount you can get - after a lifetime of employment, you’ve earned it! You can get discounts on all kinds of things, from restaurants to clothing stores and entertainment venues. Wherever you go, be prepared to pop the ‘do you do offer discounts for seniors?’ question. What’s the worst that could happen?
Take advantage of public transport
Owning a car does make traveling a lot easier, but the price of ownership can also be a drain on your finances. Luckily, you can easily get around this by making use of public transport, or even walking everywhere! As well as saving you money, this is a great way of exploring your retirement community, and getting some exercise along the way.
With a Churchill Retirement apartment, you’ll soon come to learn that everything you need is just on your doorstep! Find out more about the benefits of retirement living here.
Don’t forget to treat yourself!
Retirement should be a time for enjoyment, so you won’t want to curb your spending completely. If you cut back too much, you might just increase your own urge to spend! Every month, put some money aside so you can indulge in something you like, whether it’s an activity or a future holiday.
Choose somewhere with a lower cost of living
Assess your current cost of living - is it possible to relocate somewhere where you can enjoy your lifestyle without worrying about money? If so, you might want to consider moving to another city, or even country. You’ll be surprised what a big difference it makes!
Save money on household bills with Churchill Retirement Living!
One of the biggest outgoings in retirement life will be the money you put towards household bills. But with a Churchill Retirement Apartment, you can enjoy a retirement lifestyle that is easy to budget for, and free of unexpected costs! Find out more about the costs of living in a Churchill Apartment here.