How to Save Up Before Retirement
Tips from our Retirement Residence Team
A recent report on retirement savings in Time Magazine revealed that one-third of Americans said they had none. Credit card debt, student loan debt, low wages, child’s college education and other financial responsibilities of house and family were cited as some of the main reasons for the lack of savings. The team at The Holiday retirement community has listed 10 valuable tips to help you lower expenses and increase your savings.
- Try to price-match and find the best deals for regular purchases: From groceries to monthly services, a highly-competitive market is forcing companies to reduce pricing. Utilities, telephone and cable services are a good place to start. The savings could be put towards your retirement fund. (Use Websites such as slickdeals.net & fatwallet.com, or apps such as snipsnap for coupons
- Install a Smart thermostat: Heating and cooling account for more than 50% of your energy bills. A programmable thermostat provides greater control over your indoor temperature and can save you a bundle on energy costs. Some New smart thermostats can even automatically program themselves or be set and controlled from a smart phone such as Nest.
- Give up your landline: Just basic services can cost up to $30. Additional features (like caller ID, call waiting and voice mail), fees and taxes, push the amount up further. If you have a cell phone, your landline might not be necessary, so consider doing away with it. Another alternative to a landline is Ooma.
- Re-evaluate your cable and Internet usage: Do you really need so many channels on your TV? Streaming services like Netflix & Hulu are fairly cheap and offer plenty of movies and TV shows. Another viable option would be to use Playstation’s Cable TV called Playstation Vue.
- End the subscriptions: With news and information available on the Internet, there is no need to pay for subscriptions to magazines, newspapers and newsletters which can add up to hundreds of dollars every year.
- Downsize: If your kids have moved out, it might be time to re-evaluate your living space. Do you still need a 3 or 4 bedroom single home? A smaller house is both easier and cheaper to maintain.
- Give up brand names: Whether it is clothes or prescription medication, it is time to rethink brand name purchases. When quality is the same, select a generic option instead of an expensive brand.
- Save the change: Toss all your coins into a jar instead of letting loose change lie around the house. Seniors who do this see their savings grow and feel encouraged to put more into it.
- Refinance loans: You could save hundreds, even thousands of dollars in interest fees by refinancing for a lower rate. You will probably need to pay to have your loan refinanced, so consider that cost too and determine if it is worth it.
- Use credit cards that give you rewards back: Nerdwallet.com is a fantastic resource to find the best credit cards. Also note that this only benefits you if you pay your credit cards in full each month. If not the interest will easily outpace any gains you would get with rewards.
At The Holiday retirement communities, we provide a range of cost-effective services and activities for happy and fulfilling retirement living. Free from the responsibilities of maintaining a home and car, you can pursue your hobbies and enjoy the company of your peers. Our residents love the feeling of being on a permanent holiday.
Give us a call at 860-233-8208 to learn more about the services and amenities we provide at our retirement residences in Rhode Island and West Hartford, Connecticut. Fill out our online form to book a tour.