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Saving & Investing

How to Save After You Retire

Saving after you’ve retired is more important than ever because money can be tight. Luckily, some of the lifestyle changes we make upon retiring make saving possible. When you no longer have to get up, dress professionally, and go to work every day, the costly necessities of your working days are no longer quite so essential.

You now have the freedom to dress how you want to dress and that means you don’t have to allocate as much of your budget to clothing. To save some money, collect your old clothes and things that you no longer wear and take them to Goodwill. When you donate clothes – or anything – to Goodwill, you can write off a surprisingly high amount on your taxes. When you get the receipt for your donation, be sure that the estimated value of your donation is on the receipt so you can submit it with your return.

You can also save in telecommunication services. Mobile phone companies sometimes lower their rates without telling their customers. If you have a cell phone, so check with your provider to make sure you’re getting the best deal. Your company may also offer a cheaper service that better suits how you use your phone. Why pay for text messages if you don’t use them? If you have cable, consider whether you really need all those channels. With the programs on the non-cable networks and all the media available on the internet, it might make sense to get rid of cable television altogether, saving you a significant chunk of change.

Another way you can save money is by changing your preferred means of transportation. If you always drove to work, but most of the places you go are within walking distance or public transportation is available, consider selling your car. Simply owning and maintaining a vehicle can be costly. Between the gas, the registration, the insurance, and the inspections, not to mention normal maintenance and repairs, it can be hundreds of dollars a year – if not more.

Many museums, restaurants and other establishments offer senior discounts to those in the know. The next time you’re out, ask for the senior discount and get a bargain.

Take the time to think hard about what is most important to you in life, and where your money goes. Chances are good that you can cut out some of your current expenses and be happier than ever.

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