Financial

The Ways You Can Retire With Less Money

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It can be a problem for some retirees to live on a fixed income. One potential solution is to lower your expenses. No one wants to surrender the things they enjoy whether it’s a sports activity, a trip to the mall or a warm home in winter but sometimes we can achieve our objectives by going about things in a different way. Here are five ideas for retiring on less money, without feeling any pain.

 

10. Eat Out Earlier

If you want to treat yourself to a meal in a restaurant, go earlier in the day. Breakfast is usually the cheapest while dinner is the most expensive.

 

9. Stay Healthy

Keep your medical expenses in check by taking care of your body. Adopt a healthier diet, exercise regularly and keep depression at bay by doing things that you find fulfilling.

 

8. Give Up Your Car

Even with our list of 20 ways to cut your car costs, car payments and upkeep are an unnecessary drain on your finances. Walk or bike where you can, use public transportation or get rides with Uber or Lyft.

 

7. Move Somewhere Cheaper

You can make your retirement savings go much further if you move to a cheaper city. A growing number of retirees are now opting for living in cheaper countries such as Mexico or Ecuador, where the climate is less harsh and healthcare is excellent. If you’re interested in staying in Canada,

 

6. Consider the RV Lifestyle

If your retirement plans include that cross-country road trip you’ve always dreamed about (we recommend these Canadian road trips you need to take at least once), consider selling your home and investing in an RV. The RV lifestyle is a cheap and flexible way to travel and still have a place to stay.

 

5. Let Your Home Earn You Money

If you don’t want to get rid of your old home just yet, find ways for it to earn you money. Rent out your kids’ old bedrooms on Airbnb, for instance, or register your house with a database of properties available for rent as a filming location.

 

4. Share Your Home

If you’re single, a great way to save money on housing is to share with a like-minded friend or relative. This not only cuts costs but also provides companionship and a little more security.

 

3. Downsize Your Home

Instead of letting the upkeep of your large home eat into your retirement savings, consider moving to a smaller condo, apartment or a retirement community. The money you’ll make from selling that big property will give your nest egg a nice boost too.

 

2. Don’t Get Into Debt

Getting into new debt is a sure way of reducing your retirement savings. Before you buy anything that you can’t pay in full, such as a new car, think carefully about how much you really need it.

 

1. Pay Off Your Debt

You won’t be able to relax in your retirement years if you still have to budget every month for paying your mortgage or credit cards. If you pay off your debts before you retire, you’ll have more money to use as you wish once you’ve stopped working.

Emily Wilson

Emily Wilson is 3rd-year University student at Brigham Young University and  Financial Writer for University Magazine and Edmonton Gazette

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