09.05.2022 11:30

You can Cut Costs During Retirement with These Easy Tips

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Homeownership is full of ups and downs – all of which cost money. That’s fine, we knew that when we bought our homes. However, when you reach retirement and have a fixed income, those costs can be overwhelming.

It doesn’t have to be that way though because we have a few tips that will help you cut costs so your golden years are some of the best.

1. Downsize

Of course, downsizing is one of the first ways you can cut costs. What’s the point of having a huge, costly house if it’s just you? A real estate agent can help you put your house on the market, get a great price for your home, and even help you find a new place to live – be it buying a smaller house or finding a rental.

2. Sell Your Vehicle

If you aren’t driving as much as you used to, selling your car can be a big way to cut costs. You don’t have to pay for gas or insurance (nor have a car payment). Think of all that money you’re saving each month. Granted, you may have to pay for public transportation or a rideshare/taxi if you don’t have someone you can ask for help with transportation.

3. Opt for Energy-Efficient Upgrades

If it’s been a while since you’ve updated the appliances in your home (if you’re opting to stay in your home), now is a good time to upgrade to energy-efficient items.

You can save 20% annually on your energy bill. Plus, if you go one step further and install solar panels, that’s additional savings and could even be a tax break.

4. Cut Unnecessary Expenses

People have a tendency to stick with a service provider for years just because they don’t want to deal with the hassle of canceling one account and finding a new service provider with better rates. We don’t want confrontation and it’s just… easier. Well, sticking with your expensive cellphone provider, cable package, and even medical coverage is costing you a lot of money!

Save your money and make those calls! You might be surprised by how much money you can save simply by cutting unnecessary expenses in the form of overpriced service providers.

5. Use Those Senior Discounts

Senior discounts exist for a reason! You’ve done your time, paying full price for goods and services, so why not take advantage of senior discounts where they’re offered?

You can save when you visit restaurants, grocery stores, travel destinations, movie theaters, and more. If you’re a veteran, that’s an additional perk you can use to increase your savings!

You don’t have to pay a lot of money when you’re on a fixed income. As a retired homeowner, you have the unique ability to cash in the equity in your home and use those funds to buy a smaller home (or rent). When you pair the sale of a home with some of these other tips, your golden years should be a little less stressful.

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