Living Well on Less: Smart Ways to Save Money

One of the things that I had to learn to do when I retired, was to be able to make my monthly income stretch to last the month.  I was used to making $3000 or more every 2 weeks, so retirement was a big shocker.  That said, it can be done.  I live well and I have everything I need.  I am happy and enjoy my new life. I have discovered that you don't have to have money to be happy; it helps, but it is not the end-all of everything.

I did have to relearn my budgeting skills from years ago.  It took me a few months to get into the swing of budgeting, but now it just comes naturally.  I learned ways to save money on about every possible thing I might need or want. I learned to live well on less and became a happy person doing it!

There are plenty of strategies to help you and ensure that your retirement years are comfortable and filled with joyful fulfillment. I will list some of the strategies here that I had to use to reach my goal of living well on less.

As I said before, I had to embrace budgeting as a way of life.  I needed it to help me track my expenses so I could find where I needed to make changes and possibly cut back costs.  I listed all my monthly expenses, no matter how small (you would be surprised what a $5 drink a day adds up to at the end of the month!) and then I listed all of my income from every source I could think of. It was an eye-opening experience to see how I squandered money when I was working.

One area that I used to throw money at was shopping. I really never thought of myself as a shopper. I don't like going to stores to find things, I don't like being in crowds, I feel like I never come home with what I wanted when I went to stores. However, with advent of the internet, I found a way to become a shopper and boy did I shop!

So after I identified this area needed work, I began to research and learn about ways to save money and still be able to get what I need or want. It wasn't an easy task, but it was necessary. I discovered that I was more of an impluse buyer than a planned buyer. So I set out to change my way of shopping.

 
Now I allow shopping on only one or two days a month and every time I shop I have a list of what I am looking for. I do not deviate from my list, not even one time. No impulse candy bar, no drink because I am out, nothing.

Then I discovered senior discounts, bulk buying and sales! What a wonder. I also switched over to generic brands where I felt I could and I took advantage of online shopping apps that saved me money each time. This was especially effective for me when I bought groceries.

The next area I worked on was downsizing and decluttering my home (and my life). My home was a comfortable size and the cost monthly was within my budget so I did not think about moving, but if I had needed to move to save money, I would have. I looked at my utilities and ways to save money on them. I called each one to see if they had any Senior program and the water company did. They put me on a fixed rate per month after looking at my last 5 years bills. That was nice. 

I looked at all the things hooked up to the electricity and determined which things were necessary and which were not (those I unplugged and stopped using). I was able to remove a lot of things I don't use or wear and donated it to charity. I did not feel I wanted to sell most of it and I knew someone else could get use out of my things.

 
Next on my agenda was to look at the money I spent on entertainment items. Now, I am not much for public places and I don't go to theaters to see movies anymore (I have a story about that but I'll save it for now). What I did pay for was Netflix, Hulu, etc. I went through those apps and determined that for what they cost each month, I was not using them enough to pay it. I cancelled all subscriptions and learned to watch free TV or to use an Amazon Fire Stick to see Amazon movies (affiliate link).

This was a drastic move, but I have found over time that it freed me up to do more of the things I love to do but never had time for.

I used to buy books regularly. I am an avid reader. Since retirement, I have rediscovered my library and I am able to get any book I want simply by asking the librarian to get it for me. Sure it isn't instantaneous, but I'm trying to slow down anyway.

 
I search online for things happening in my area that are free and schedule some of them into my month. This gets me out of the house occassionally and lets me reconnect with humanity. I also found my local Senior Citizen Center and use their monthly calendar to find fun things to do so I get to socialize with my peers. I also found a Silver Sneakers class (paid for by my medicare advantage program) that I attended 3 days a week and made some really great friends there.

I have learned to ask anyplace I go if they have a senior discount. I am usually surprised when I learn that they do, but you have to ask for it to receive the senior discount. You will be surprised at the places that offer some type of senior discount on services and goods. I was.

Finally, I looked at my Medicare plan to see if I needed to switch to save money and contacted my County Assessor to see what property tax exemptions I might qualify for. For every item I wrote on my spending list, I looked for ways to minimize those expenditures.

 
In the long run, I have discovered that I really don't need much anymore. I have everything I need or want and I have time to spend doing the things I want to do. Overall, I am living well on less and loving it!

Remember, retirement is about enjoying your hard-earned rest, exploring new hobbies, and spending time with loved ones. With a bit of planning and creativity, you can live well on less and be happy in your retirement.

Don't let your decreased income be a reason for you to stop doing the things you love and living the life you deserve.