8 Frugal Habits You Need After 65, Finance Experts Say
Downsize Your Home
Consider downsizing to a smaller, more affordable home to reduce maintenance, utility bills, and property taxes. This can free up funds for other essential expenses in retirement.
Cut Unnecessary Subscriptions
Review your monthly subscriptions and memberships (such as cable, streaming services, and magazines) to eliminate ones you rarely use.
Take Advantage of Senior Discounts
Many businesses, restaurants, and entertainment venues offer senior discounts. Make it a habit to ask for these deals wherever you shop to stretch your budget further.
– Cook More Meals at Home
Dining out can be expensive, so cooking at home more often can save money. Plan simple, healthy meals to reduce food costs while maintaining good nutrition in retirement.
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Use Public Transportation or Walk
Consider reducing your reliance on a car by using public transportation, biking, or walking more often.
Shop Secondhand
Buy secondhand items like clothing, furniture, or tools from thrift stores, online marketplaces, or garage sales. This is a smart way to save on purchases while reducing waste.
– Avoid Impulse Purchases
Be mindful of impulse spending, especially on non-essential items. Practice delayed gratification by waiting 24-48 hours before making a purchase to ensure it’s necessary.
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Conserve Energy at Home
Adopt energy-saving habits, such as using energy-efficient light bulbs, unplugging electronics, and adjusting your thermostat. Reducing energy consumption can lower utility bills over time.