All of us dream of the day that we can retire from work. For some, that means moving on to a new part of life where we don’t have to work at all. For others, it simply means reaching a point where finances don’t impact where we work or why we work; rather, we can choose where we want to work. If you are looking to retire shortly, or if you are already in retirement, and you are looking for ways to save money while still having fun, we’ve put together a couple of tips for you here on how you can do that.
Cut Back on Unnecessary Expenses
We have all expenses that add up over time, and sometimes we don’t realize that we really don’t need them anymore. Consider phone bills, for example. You may not need as much data or minutes as you have in the past, and may be able to rely on Wi-Fi a lot more now. Changing your phone plan can save a lot in the long run. You might also find that you don’t need cable and can instead rely on other services such as Netflix. Take a look at recurring bills and find out if it is something you can still benefit from and use a lot. If not, cancel your subscriptions, change your plans, or find a better alternative.
Consider Switching to More Dividend-Based Investments
Next, it might be worth talking with your financial advisor to see if you are in a position to switch your retirement portfolios towards being more dividend-oriented. Companies that are known as Dividend Growth Income (DGI) companies strive to raise their dividends every quarter year-over-year. Dividend Aristocrats, as they are called, have been able to do so successfully for the past 25 years, and Dividend Champions have been able to do so for the past 50 years. These companies are usually highly stable, and they can provide you with extra income that you can use to stash into savings for a rainy day and that you can use to have a little bit of fun with every once in a while.
Learning to Have Fun on a Smaller Budget
Once you have taken the proper steps to reduce your budget and re-allocated your portfolios to something that better suits your needs, take a serious look at all of the ways that you already have fun. Consider whether or not there is a cheaper alternative. For example, traveling may have used to cost you a lot of money. Now, you can consider going on cruises during the off season to save money. Now that you are restricted to holidays and work schedules, you can choose to travel at certain times and locations that can save you money. You can also consider starting a new hobby that might make you a little money. For example, if you love quilting, you can sell your finished products, yet still have fun making them.
Consider a Retirement Community
By choosing a good retirement community, you can cut back on living costs, and save on fun activities. For example, BRIO’s 55+ communities in Utah offers everything you need to live an active lifestyle. By living in retirement communities like this, you can have access to fitness centers, pools and more, so you don’t have to pay extra for memberships.
Truly, the ways that you can save money while still having fun are plentiful, you just have to take a little bit of time and figure out what you really like to do without spending the cash. It might take a little soul-searching, but what you find is worth it.