As a follow-up to my last column, I have more to say about living on less.
Re-learning to managing your expenses and savings is not an easy task, especially if you like the nicer things in life. And while you can’t control or predict future returns on our money, you can control your cost of living.
Certainly, with inflation, your buying power will decrease over time. But don’t despair, there are options aplenty and here are a few tips to consider for the frugal retiree:
Cut back on lavish gifts for family and friends; instead make a donation to a charity.
Shop wiser — instead of Safeway, shop Superstore or Costco for cheaper bulk buying.
Instead of going to movies and spending $26, plus the cost of snacks, borrow or download movies from your local library.
Consider the barter system and leverage your pre-retirement skills to get stuff you want.
Cut back on extras such as expensive cosmetics and make your own. There are loads of DIY sites on the Internet.
Supplement your income by taking on a part-time job doing something you enjoy. Or create a job on your own terms, such as tutoring, dog-walking or house-sitting.
These are just a few of the ways you can spend less but still live a very comfortable lifestyle.
Curtailing your spending doesn’t mean you have to give up everything you like doing. It just means tapping into your creativity and spending a little extra time on things. When you start looking a little closer at what you’re spending, you’ll find all kinds of ways to save money.
For instance, if you’re used to spending $10 or more every day on lattes and muffins at your local coffee place, consider making your own a couple times a week.
If you’re someone who likes to entertain regularly, think about hosting potluck dinners, where you make the main dish and ask your guests to bring the sides, salad and dessert.
Potlucks are a great way to minimize the cost of entertaining while not having to sacrifice your social life.
Another cost-saving idea is to use your creativity to make greeting cards.
It’s fun and way cheaper than buying them. Check out your local crafts store and the Internet for ideas.
If you’re talented, try selling your stuff at local craft shows or host a mini craft sale at home for friends.
Another great idea is to take clothes you no longer wear to consignment stores. You won’t get what you paid for them, but you’ll make some extra cash.
These are just a few tips for retirees who want to spend less but still live well.
