How to Live Frugally in Retirement


Your retirement should be the best years of your life. Freed from working every day, you’ll have all the time in the world to spend with those you love. You’ll have unforgettable experiences, find new ways to stay active and healthy, and do the things you never got to when you were stuck in the workforce. 

But being retired isn’t a carefree experience. You need to be careful with your money since your income likely won’t be as bountiful as it was when you were working. 

This blog will cover some useful tactics to living an amazing, frugal life when retired.

Set Strict Plans and Stick to Them

If you’re looking to take control of your finances, at any point in life, you need a budget. This is especially true in retirement when your potential sources of income are often fewer and less bountiful than earlier in life. 

You can’t just spend money carelessly.

Using custom-built software, or even something as simple as a pen and paper, you need to set specific limits and goals for your spending. Your budget should track and adjust for:

  • Real and potential expenses, short- and long-term
  • Best-case, worst-case, and likeliest scenarios
  • Current and future steady income
  • Potential windfalls

Keeping a watchful eye on your budget will help you stay afloat without dipping too far into your savings accounts.

But the most important part of any budget? Cutting out excess spending.

Leverage Your Property

One of the biggest investments you can leverage in retirement is your house or apartment.

It may be hard to imagine if you’re a new homeowner, but your humble abode isn’t just an expensive upgrade to paying rent. If you’ve spent years paying off your house or apartment, you can leverage your equity to pay off other debts or make a large purchase with upfront cash.

For example, with a reverse mortgage in Oregon, Texas, California – or wherever you live – homeowners over the age of 62 can use their loan to pay for any and all bills. And the same goes for retirement aged adults almost anywhere in the United States. Use your home to your advantage!

Buy Just What You Need

A smart saver doesn’t spend a single penny without scrutinizing the decision. You need to make sure the money you spend absolutely needs to be spent. If not, it should be saved.

In practice, that means constantly evaluating your needs and determining which, if any, can go.

Do you really need that pricey gym membership, or can you work out at home? Do you really watch all of the TV channels and streaming services you’re currently subscribed to, or could you drop one or two? Can your hair or nail appointment wait another week—or month?

And, aside from cutting unnecessary expenses, you should also try to…

Sell What You Won’t Use

Years ago, selling off your possessions was a difficult task. You had to lug the goods to a pawn shop, only to be given a below-market rate for something you personally valued much higher.

But it’s never been easier to sell your precious property online.

Nowadays, there are countless marketplace apps where users can buy and sell goods with the click of a button. Unload everything, including but not limited to:

  • Furniture
  • Antiques
  • Kitchenware
  • Books
  • Clothes

We all have plenty of things we hold onto for too long. Over time, the stuff in our homes tends to add up, eventually reaching a critical mass. If you have one or more rooms that have become de facto storage units, it may be time to turn your junk into cash.

Finding True Value Late in Life

Frugal living doesn’t need to be fruitless living.

There are so many ways you can enjoy your retired life without burning through cash like it’s going out of style. Retirement is a time for relaxation, not further financial worries.

Plus, limiting your spending also helps to accentuate just how special it is when you do go ahead and make a big purchase or take a trip somewhere. And with all of the tips above, you’ll have more money to spend on what matters most—your new life as a retiree.


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