How to Thrive on a Limited Retirement Income

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How to Thrive on a Limited Retirement Income

 

 

Think you need to cut out all of the fun to survive on a limited retirement income? Well, that doesn’t have to be the case! In fact, you can still enjoy all of your favorite activities and comforts without making drastic changes to your budget. You just need some simple changes, like the ones below, to stretch your dollars and quality of life further in retirement.

 

Cut Your Home Entertainment Expenses

 

Relaxing with your favorite television shows and movies doesn’t have to mean paying a fortune for cable or satellite service. Especially when the latest streaming services can provide all of the channels and entertainment options you want without making you pay for channels that you don’t need. Before you buy a streaming media player, use a streaming devices comparison chart to find a streaming stick or device that is compatible with your TV and with your retirement budget. Getting familiar with TV inputs and outputs can also help you save money since you won’t need to hire a handyman or other professional to hook up your streaming service.

Cancel Your Costly Gym Memberships

 

Did you know that most Americans spend at least 1 percent of their yearly income on memberships to fitness centers? At an average of $50 per month, that can translate into a major expense as well as major waste. Even if you are able to find a budget gym, which will typically expense as well as major waste. Even if you are able to find a budget gym, which will typically charge $20 or less per month, you could still be throwing that money away if you have a hard time getting to the gym every day. So, instead of spending any more of your retirement income on expensive fitness club fees or classes, think about creating a low-cost home gym instead. For around $100, you can pick up resistance bands and other inexpensive equipment to turn any corner of your home into an exercise area you can use to save you time and money.

 

Reduce Your Energy and Utility Costs

 

Lowering your utility bill can be fairly simple, but it may require some changes around your home. If you can either DIY or have a handyman install weatherstripping around doors and windows, add more insulation to your attic, or even install a smarter thermostat, you may be able to save hundreds or more on your monthly electricity bill. Ask your power company for an energy audit to see if other changes could help. They sometimes offer lower rates for senior citizens or longtime customers.

 

Saving on water can be just as easy too. Inside your home, be sure that any new fixtures carry the WaterSense label. Be sure to check for signs of leaks, including dripping faucets or running toilets. You can reduce your water bill by opting for xeriscaping in your yard, which is also known as water-wise gardening.

 

Lower Your Expenses When Traveling

 

Traveling during retirement can have some pretty big benefits for seniors. For older men, taking time away can lead to a longer life. Senior women, exploring more of the world can reduce feelings of isolation. Traveling can keep retirees physically and mentally active. Travel costs, however, can be an obstacle to senior travel. Thankfully, you don’t have to give up your travel dreams just because you are living on a tight budget. Always look for promos and discounts to help you save money on airline tickets, hotel rooms, or cruises. Many popular hotel chains, such as Motel 6 and Marriott, also offer special room rates for senior guests, in addition, to reward programs so you can save and travel more.

 

Don’t let a limited budget get you down during your retirement! After all, there are so many simple, painless ways for you to save on bills and other regular costs. You can even afford things like entertainment and travel on a fixed income. So, even with minimal finances, you can still make the most of your golden years!