Have a birthday coming up? Whether you’re turning 65 or not, you may be getting ready to retire at whatever age is right for you. Only you can decide when it’s time to retire, and part of the preparation involves getting your financial situation in order so that when you want to retire, you can afford to do so.
Here are 10 ways to lower your monthly expenses to give yourself a more flexible budget:
- Downsize your living space. Are you still living in a family size home alone or with just your spouse? It may be time to downsize to lower your housing costs. If you’ve already paid off your home, selling it and downsizing could give you extra savings. You could also consider relocating to a place with lower taxes and insurance.
- Re-evaluate and shop insurance coverages (home, auto, life, jewelry). Reduce your monthly expenses by re-evaluating your insurance policies and looking for ways to lower your rates. Start by calling your current insurance providers and ask if there are any discounts or changes to your policy that could result in lower rates. Gather quotes from other insurance providers and compare the rates. Consider switching if you can get a lower rate, but be sure to choose reputable providers.
- Reduce unnecessary monthly expenses. What other bills do you pay each month? Look into eliminating or lowering your monthly payments. Clear out your self-storage unit and get rid of anything you don’t need to eliminate that expense. See if you can find a better deal for home phone, TV, cleaning service, internet, cell phone, etc. Some people cancel their home phone lines and use only their cell phones for one less bill to pay.
- Lower your electric bill. By using less electricity in your home, you can save a noticeable amount of money. Here are some ways to lower your energy bill each month.
- Eat out less. Eating at restaurants can be expensive when you do it regularly, even when you take advantage of senior discounts and specials. Find ways to save money on groceries. Cooking and eating at home also lowers health risks.
- Get a reliable, fuel-efficient car. One of the best ways to save is on automotive expenses. Consider trading in your larger vehicle for a smaller, more fuel-efficient car. Look into an electric or hybrid car. You may also find that it is in your best interest to downsize from two cars down to one.
- Reduce or eliminate expensive habits/tendencies. Are there some luxuries you could do without? Some habits can really add up, such as coffee shop coffee, smoking, alcohol, shopping, golf, etc. Quitting or reducing the frequency of your more expensive vices can help your budget.
- Be a Smart Shopper. Shop for deals online and in yard sales. Search online for used items when you need something. Start coupon shopping for groceries. Try Groupon for deals on trips and activities.
- Take advantage of Rewards Cards. Use a rewards credit card to pay for everything to get cash rewards or points that you can use for your retirement adventures. Consider getting credit cards for places you always shop to get discounts, such as gas cards. But, be sure to pay it off immediately, or you’ll accrue unwanted debt.
- Sign up for Medicare Health Insurance. When you turn 65, you are eligible for Medicare, but you need to enroll to receive benefits. When you enroll in Medicare health insurance, choose proper coverages such as prescription drugs. Medicare won’t cover every medical expense, so supplemental insurance coverage is helpful. Medicare supplements were created specifically to cover what is not automatically covered.
Bonus Tip. If doing the above doesn’t reduce your monthly expenses enough to get by, then consider getting a fun job or start a business for extra spending cash.
Medicare Supplements from Norgard Insurance Group
When you enroll in Medicare, it is crucial to get additional coverage. You can find low-cost health insurance from Norgard Insurance Group to cover certain healthcare costs that Medicare doesn’t.
Call (813) 454-5072 today or request a quote. We look forward to helping you get prepared for retirement.