There’s something known in business as a “paradigm shift” and that’s when you move from the working world to the world of retirement. A paradigm shift means that the rules we live by and the economy that regulates our lives will change dramatically.
Whether you have a large retirement package or you have retirement savings that are going to take some care to stretch out, you’ll begin to live on a fixed income and stretching your retirement savings will become a hobby, a passion and a lifestyle that you’ll get good at over time.
If you’re just stepping into the retirement paradigm, learning the ropes from other’s who have already retired and have mastered the skill of stretching the retirement dollar will serve you well. It will be these experts (maybe friends or family) that will know how to have a fun evening out on the town for under twenty dollars, when the right time it is to buy at the supermarket, or how to leverage coupons to your best advantage.
If you’ve left the active working world, you may need a way to focus your attentions and energy on how to use your retirement funds to your best advantage. One way is to take on the challenge of what is commonly called “home economics” to learn the best ways to economize and cut expenses of your daily life. Home economics is something that is commonly associated with young women preparing to become housewives but the wisdom of how to recycle household items, how to take care of household utensils and tools to reduce the amount that have to be replaced and other important economic tips can go a long way on cutting down on expenses. Here are a few little things that mean a lot when it comes to home economics:
- Turning off lights and not running the heater when you can put on a sweater – seem like petty savings but by not consuming power, you are not only saving on utilities, you are living green as well which is good for the earth.
- Similarly, you may be able to do more without going out in the car then you thought.
- Perhaps you can walk to the store rather than drive.
- Perhaps you can take public transportation for a low cost rather than use up expensive gas and cause more wear and tear on your vehicle.
These little things can do a lot to stretch your funds so they are there for more important things.
Another thing you can do is to find ways to supplement your income or use your retirement savings intelligently. With the internet, you may be able to find ways to invest your savings more shrewdly so you can actually generate revenue by making your money work for you. You can even find part time jobs that can be done from the internet or perhaps in your local community, that do not put a stress on your “retirement status” but bring in a nice little revenue stream while giving you a chance to get out and be with people. So if you can comfortably move around or stand for long periods of time, consider getting a part-time job. Many retailers need part-time employees. Some of these employees are only needed to work ten hours a week. This may be the perfect type of opportunity for you. This is an easy way to make and save more money for your retirement. Just make sure that you choose a job that you love and actually enjoy being at.
By taking on the challenge of stretching your retirement savings by both becoming a guru of home economics and finding new revenue streams, you can protect that precious nest egg so that it continues to be there for you year after year assuring that you are cared for and have everything you need to live a happy and productive retirement lifestyle.
Here are a few Extra Money Saving Pointers + Tips
When it comes to saving for retirement, much focus is placed on saving in your 30s, 40s, and 50s. Of course, you will want to do so. The sooner you start saving for your retirement, the more money you’ll have. With that said, did you know that you can still save money after you’ve retired? Yep, you definitely can!
Before focusing on a few of the many ways that you can save for retirement years after you have already retired, it’s important to examine your reasons for doing so. It’s no secret that our wants & needs change, sometimes on a monthly basis. You may have been fine with the plan of staying around the home, but you may have since changed your mind.
- Would you and your spouse like to travel the world or the country?
- Would you like to travel with friends?
- Do you want to start your own business or take up an expensive hobby?
If so, you will need to save money, to extend to life of your retirement savings.
As for how you can make money after you retire, start examining your expenses. For starters, look at your bills, how much money are you paying for auto insurance, electricity, heat, internet, television, and phone? Are there ways that you can reduce their costs? Is there a cheaper phone, internet, or television package you can purchase? Can you find cheaper auto insurance through a different company? If you can, make the switch
It is also important to examine unnecessary purchases, these purchases tend to reduce after leaving the workplace, but are you still spending money on things you don’t need? Do you like to get a soda or coffee when you leave the house? If so, consider packaging a drink for you to take from home. As nice as it is to help your family in their time of need, make sure that you can afford to do so first. If your retirement goals depend on you saving more money, don’t offer to help send your grandchildren to college or buy them a new car, no matter how hard it can be to say no. Remember that your retirement should come first.
Another easy way that you can save money after you retire is by making use of senior discounts. Many businesses, including retail stores and restaurants, do offer them. If you know you qualify for a senior discount, ask for it. Don’t wait for the discount to be offered to you because sometimes people forget.
If you find yourself in need of more money for retirement, as opposed to just wanting more, it is advised that you examine your current living situation. Is your home paid off? If so, you are at an advantage, but examine your maintenance costs. Is your home in constant need of repairs? Are your utility bills higher than you can afford? If so, you should consider relocating to a more affordable home. In fact, you may want to consider renting. If you’re able to find an affordable apartment, the money from the sale of your home can do wonders for your retirement savings account.
As you can see, there are a number of ways that you can save money after you retire. In fact, it is recommended that you do. Your retirement goals can change at any point in time. There is also always the chance of an emergency, such as a medical emergency. Since retirement can be risky, you should be financially prepared.