You may be retired, but life without work doesn’t mean you have to drain your savings. Here are a few smart, and fun, ways you can save some cash — and even earn some! — during your golden years.
Prioritize, Rinse, Repeat
We’ll get the least fun tip over with first: track every dollar you spend for one month. Then decide which expenses you don’t really need.
Yes, it’s common sense, but it’s time-consuming, which is why most people don’t sit down and do it. But once you do, you’ll be glad you did. You might be surprised by how much your daily paper or morning coffee is costing you each month. Cutting back on the little things can save you big time.
Having a hard time getting motivated? Make it a group event. Bake some cookies, brew up a cup of coffee and get together with a loved one or friend to calculate together.
Stash Extra Cash
When you get unexpected money, the temptation to spend is hard to resist. But making a habit of setting aside surprise funds like tax refunds, gifts and bonuses can really pay off. Instead of using unexpected income, put it in a savings account, or use it to invest. You’ll thank yourself later.
Multiply Your Money
It’s never too late to invest. If you’ve got a mind for finances, making some smart investments might be right up your alley. Sensible Money has some great advice for saving during your retirement years, but don’t be afraid to ask a professional for help in determining the best way to invest.
Get Clipping
There’s something satisfying about clipping coupons. Not only is it a great way to save some cash, it’s also a nice way to sit back and relax. Grab your local paper and scissors, and get clipping! You can even make it a fun excuse to get together with friends!
Axe Your Taxes
Are you doing everything you can to reduce your tax liability? Tax laws regarding your 401(k) and Social Security income can be complicated, and if you haven’t already gotten help from a professional, there’s a good chance you could be saving more. It may cost you in the short-term to hire a tax advisor or accountant, but the savings you’ll gain over time could be worth it.
Ask about Discounts
If you’re not already practicing this habit, you might be missing out: always ask about the senior discount. You’ve earned it! Many events, activities and even restaurants offer lower prices for seniors, but if you don’t ask, you might not know.
Think Small
Downsizing isn’t just good for trimming costs — it’s also good for eliminating extra chores and even making a bit of money. Less space usually means a lower cost, and it also means less time spent on housework. Not to mention, it’s a great opportunity to sell items you no longer use as well as valuable vintage goods. Host a garage sale, or sell old belongings online through websites like eBay, Craigslist or Amazon.
Find Your Inner Artist
Getting paid to do what you love? Now that’s called living the dream! Whether your passion is painting, sculpting, writing or crafting, retirement can be an opportunity to turn your form of expression into a form of income.
If you’re a writer, look for online publications where you can publish blogs or columns. If you make art, you may be able to sell items at a local arts store or craft festivals. You can even sell your arts and crafts online through websites like Etsy and eBay.
Use Your Expertise
As a retiree you have a lifetime of experience. If you want to stay involved in your field without being full-time, becoming a consultant is a great way to do it. Not only can you make some extra cash on the side, you can set your own hours, choose your clients as you please and help younger professionals achieve their dreams.
Make Four-Legged Friends
Good news, animal lovers: you can turn your passion for pets into cash. Petsitting and dog-walking can be a great way to stay active (and spend time with adorable animals). You can even sign up for petsitting apps like Rover or Wag! that will connect you with nearby owners. Just make sure the pets you watch meet your level of ability; smaller or older pets will be easier to manage.
Use Your Green Thumb
Many find peace and solace in gardening, but most people don’t realize it’s a good way to make some extra cash, too. Private clients, botanic gardens and businesses can often use a green thumb for jobs that keep you active and in touch with nature.
Make a Baker’s Dozen
Who doesn’t love a loaf of fresh baked bread or a jar of homemade preserves? If you’re famous for your crowd-pleasing cookies, cakes or breads, you just might have some business on your hands. Your local farmers market is a great way to spread joy with baked goods and make new friends.
Pass Down Your Skills
Do you have a way with words? Are you an accomplished pianist? Tutoring and instructing can be a fun way to stay involved with your passions and use them to bring joy to others. Tutoring in reading, music, languages and more can keep you active while bringing in some extra income.
How Do You Save?
These 11 money-savers are just the beginning.There are tons of ways to save during retirement. What are your favorite ways to cut back and earn extra cash? Let us know in the comments!
