How To Be Frugal While In Retirement

Rectangle_large

Posted on: 19 February 2016 by Ashley Mills

For many pensioners, the so-called ‘golden years’ of life can be uncomfortable due to the restrictions of living on a fixed or reduced income. But don’t lose hope! In this post, we’re going to offer a few tips on how to live frugally while still enjoying your retirement.

Start By Getting Some Perspective
 
In an effort to be frugal, it’s natural for us to sometimes get hung up on expenses that are really not as big of an issue as they seem. For example we might find ourselves reluctant to order a dish that we would really like to eat during a specially planned lunch, only because it costs a couple quid more than other dishes on the menu. You see, it’s easy to lose perspective in an effort to be frugal. The one- or two-quid difference between dishes is negligible compared to the overall cost of eating out. This is a state of mind that our friends across the Atlantic call ‘Tripping Over Dollars, Picking Up Pennies’.
 
The trick is to get yourself into the right frame of mind regarding your budget. If a special meal out is in the works, then there’s problem with spending an extra pound here or there in order to order something that you’d really enjoy eating. Opposite this, if that one-pound is really such a problem, then perhaps eating out isn’t really what we should be doing. It’s all a matter of perspective.
 
Next up are lifestyle changes. Here are three ways you can examine your current lifestyle to identify opportunities to be more frugal:
 
1. Have a look at your living situation.
 
Once you have a handle on perspective and the psychology of budgeting, take a moment to review your living situation. According to research, home-related expenses account for a substantial portion of pensioners spending (this article indicates more than 40 per cent). In the event that amount you’re paying for monthly living expenses (rent, maintenance, etc.) is cripplingly high, then it may be time to downsize.
 
2. Drop your cable or satellite package.
 
You can also save money weeding out big subscription packages that you may not be using to their full potential. Cable or satellite television are both good examples of this. These days, you can spend significantly less money on an online streaming service such as Netflix and eliminate your cable bill altogether. In fact, if you find that you enjoy streaming services like this on your computer, you may find that you no longer even want to have a television. You can sell it and use your computer or laptop monitor instead.
 
3. Look for discounts, vouchers and other freebies.
 
Speaking of using your computer to streamline your expenses, you can also find a wealth of vouchers and freebies online – if you know where to look. Suppose you’re looking for a monitor or some of the video streaming hardware that we mentioned above, you can check out discount codes and voucher codes from stores such as Currys. In the process, you can leverage technology to streamline and even save the actual purchases at the same time.
 
Conclusion: Don’t Forget to Treat Yourself
 
Earlier, we mentioned the importance of perspective and identifying the difference of a couple of pounds when splurging versus the overall cost of splurging to your budget. Following up to that, it’s crucial to make a point of treating yourself ever so often. Living on a budget is supposed to help you live more comfortably within your means – but it shouldn’t require you to deny yourself of any opportunity to splurge and enjoy life. As long as any ‘splashing out’ is still technically within your means, then the occasional indulgence should be considered part of a healthy budget.

Share with friends



User

Ashley Mills

Rating:

You need to be signed in to rate.

Start a new Blog Post

Do NOT follow this link or you will be banned!