12 Money-Saving Tips to Enjoy a Frugal Retirement

Adjusting to a fixed income in retirement can be a challenge — especially if you’re living off less money.

Just because you stopped working doesn’t mean you stop paying bills and buying groceries. If you’re planning vacations or trips to the golf course — those are extra costs to budget for.

“You could easily spend more money [in retirement] because you have more time you want to enjoy,” Droucelle Ramage, a self-described frugal retiree, told The Penny Hoarder.

Ramage said shopping at thrift stores, attending free community events and choosing community acupuncture rather than going to a pricy private practice has helped her keep expenses low.

Volunteering at her church and local senior center has kept Ramage busy without spending money. When she travels, she’s able to get free flights — a benefit of working for American Airlines for over 20 years.

Knowing how to cut costs is key to having a frugal retirement you can enjoy.

12 Ways to Save Money in Retirement

1. Get a Roommate or Two

Loneliness in retirement can have a negative effect on your health and quality of life. Not only will live-in company help you feel less alone, but you’ll reduce housing costs.

If you live alone, try sharing a place with a friend or family member, or consider coliving with other retirees to save money.

2. Downsize to a Smaller Space

Maybe your idea of ​​a frugal retirement doesn’t include sharing your living space. You can cut costs by moving to a smaller home instead.

A small house has several financial benefits. You’ll pay less in rent or mortgage. Your utility bills will go down. You’ll have less home maintenance and repairs to worry about.

And when you downsize, you can sell all that furniture you don’t need for extra cash.

3. Rent Out Your Kids’ Old Rooms

If you don’t want to sell the family home or get long-term roommates, you can make money off your empty nest by turning unused space into short-term rentals.

Your kids can get…

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