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How to Save Money After Retirement

After years of saving for retirement, it can be difficult to manage your money after retirement. You’re no longer earning an income, but you need to make the most of the money you have through strategic spending and saving. Financial situations vary drastically from person to person, but if you’re living in an assisted living facility and you want to learn how to save money after retirement, you’re in the right place. Our tips will help you avoid needless spending, make the most of what you’ve got, and save for the future.

How to Save Money After Retirement

Create a Budget. It’s very hard to save money if you don’t know how much you’re currently spending and where that money is going. Track your money for a month or two, dividing it into basic categories like “groceries,” “entertainment,” “gifts,” and “toiletries.” Then, decide where you can make cuts and form a basic budget for the future. Keep track of your spending throughout each month, and work hard to keep your spending within that established budget.

Cut Out Sugary Snacks and Soda. Although assisted living facilities provide nutritious meals each day, many residents purchase extra snacks, sweets, and sodas to keep in their rooms. Cutting out these indulgences won’t just help you save money; you’ll also reduce your waistline!

Ask About Senior Discounts. You might be surprised to know just how many businesses offer senior discounts! Restaurants, movie theaters, retail stores, museums, and tourist attractions will often give adults over the age of 65 a reduced rate. If they don’t advertise a senior rate, politely ask if they offer one. It never hurts to ask!

Take Advantage of Assisted Living Amenities. Many assisted living facilities these days offer perks and amenities that can help you cut expenses. For example, does your retirement community offer a complimentary beauty salon? Is there a fitness center with exercise equipment and group classes? Does the staff host fun events for the residents? Take advantage of these services so that you can save the money you would have spent at an off-site salon, an off-site bingo game, an off-site aerobics class, etc.

Review Your Bank Accounts and Investments. How often do you review your financial accounts? On a weekly or monthly basis, look over the transactions for accuracy and make transfers as needed. You should always have about three months’ spending money in your savings account for emergencies. If your credit card doesn’t offer rewards, consider switching to one that does. Finally, be sure that your investments are “working hard for you.” If you aren’t satisfied with the performance of your investments, consult with a reputable accountant or financial advisor.

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Retirement is a time for relaxation, but that doesn’t mean that financial stress will evaporate as soon as you retire from work. To avoid a desperate situation, save money whenever and wherever possible, perhaps using the tips we’ve listed above. After all, it never hurts to have a few extra coins in your piggy bank. Good luck!

If you’re looking for an assisted living facility in the Midwest, be sure to check out Hearthside Senior Living Place. Our eight locations are scattered throughout Missouri, Arkansas, and Tennessee, and we would be happy to schedule a tour for you so that you can explore the facility, meet some of the residents, and ask any questions you might have. We look forward to meeting you! 

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