How to Still Save Money After You Retire

Since I retired from my business a few years ago, I have begun to realize how totally unprepared I was and now have begun to learn how to save money after my retirement.

I am not taking advantage of as many concession card or lower income status perks that are available to self funded retirees like myself.

My big effort the past few years is learning to simply cut back on expenses, lower my usage of expensive things like heating and lights, and investing in a garden to grow my own foods.

It has been a lifesaver learning how to save money, even after retirement, otherwise I would have had to be tapping into reserve funds that are instead supposed to be earning me interest income.

So here are a few retirement tips to consider about saving money before and after your retirement,

When it comes to saving for retirement, much focused is placed on saving in your 30s, 40s, and 50s.

But the sooner you start saving for your retirement, the more money you will have. I wish I had started earlier, but I was too busy just trying to survive from day to day or month to month.

With that said, did you know that you can still save money after you have retired? You can.

Before focusing on a few of the many ways that you can save for retirement after you have already retired, it is important to examine your reasons for doing so.

It is no secret that our wants and needs change, sometimes on a monthly basis.

You may have been fine with the plan of staying around home, but you may have since changed your mind.

Would you and your spouse like to travel the world or the country?

Would you like to travel with friends? I want to start taking a small cruise every year for a week or 10 days, so I have to work out how to fund it.

Do you want to start your own business or take up an expensive hobby?

If so, you will need to save money, and to extend to life of your retirement savings, rather than dipping into it to pay for these kinds of things.

As for how you can make money after you retire, start examining your expenses.

For starters, look at your bills.

How much money are you paying for auto insurance, electricity, heat, internet, television, and phone?

Are there ways that you can reduce their costs?

Is there a cheaper phone, internet, or television package you can purchase?

Can you find cheaper auto insurance through a different company? If you can, make the switch.

I have invested $4,000 in getting solar power connected because I know that I will save $1,000 per year as a result, so in another couple of years time it will have paid for itself and right now I'm already enjoying paying half the bills I used to. Ditto for buying a solar heating system for my roof - Best investment I ever made - get one if you own your own home!

It is also important to examine unnecessary purchases.

These purchases tend to reduce after leaving the workplace, but are you still spending money on things you don’t need?

Do you like to get a soda or coffee when you leave the house?

If so, consider packaging a drink for you to take from home.

I decided to cut off my Austar satellite TV service because it was costing $110 a month and really did not entertain me any more with the rubbish they were showing, so now I use a Quickflex service that posts me 8 DVDs a month for $20 and I actually watch them for a change!

I also invested in getting my garden set up so that I can start growing my own foods.

There are dozens of fruit trees that are already bearing fruit, as well as simple perennial veges like asparagus and silverbeet as well as simple crops of potatoes and tomatoes that keep my pantry stocked all year and save me a ton of money in grocery shopping every week.

And I don't buy without comparing prices and quality... learn to shop wisely. (I'll be adding a section page about that subject on the site soon)

As nice as it is to help your family in their time of need, make sure that you can afford to do so first.

If your retirement goals depend on you saving more money, don’t offer to help send your grandchildren to college or buy them a new car, no matter how hard it can be to say no.

Remember that your retirement should come first. If you can't take care of your own living costs, it will mean you can't help anyone else either, so take care of your own business first, then you will be able to help others without stressing yourself or risking your retirement.

Another easy way that you can save money after you retire is by making use of senior discounts.

I'm not 65 yet, so I don't get to take advantage of all these yet, but you can bet your bottom dollar that I will be as soon as I'm eligible!

This is no place for pride, it is not a hand-out, it is a well deserved discount that you are eligible for... and they will already have guessed that you are not 30 anymore, so don't try to hide your age by paying full retail price for things when you don't need to!!!

Many businesses, including retail stores and restaurants, do offer 'pensioner discounts' so go grab them.

If you know you qualify for a senior discount, ask for it if they don't offer it.

Do not wait for this discount to be offered to you.

And always check if you can get 'cash discounts' as a lot of retailers like to get cash and save the 4% credit card fees, and even more if you don't need receipts for work or products. Always ask if there is a discount if you pay cash, especially with Tradespeople.

An easy way to save money after you retire is to supplement it.

Are you still able to work? Can you comfortable move around or stand for long periods of time?

I have chosen to spend the past few years learning how to navigate around the internet in affiliate marketing and search engine optimising areas.

I'm very, very good at it, but I never made it rich yet, even after 9 years of working hard at it!

I'm not complaining. This work has helped to supplement my income from a few hundred dollars right up to a few thousand a month, but I have found that with the constant changing of the rules in web2 places like Hubs and Squidoo it is hard to build 'forever' properties to keep earning you money.

And search engines like Google are constantly destroying people's work and throwing the baby out with the bathwater, which makes creating a reliable secondary income from Internet Marketing almost impossible!

I recommend that if you like the idea of working on web projects, just create your own couple of websites in subjects that you enjoy writing about, and treat them as a hobby that sometimes earns you some extra lunch money.

That way, if you do happen to strike it lucky with IM it is a bonus, not something you are desperately relying on.

If you already know that you absolutely MUST find some supplementary income, consider getting a part-time job.

Many retailers need part-time employees who are mature and responsible.

Some of these employees are only needed to work ten hours a week.

There are also services that you can offer where you work from home and deliver your work onlne.

If you can string words together into a readable sentence, you can earn a tidy income from writing articles to sell as PLR content, or as a ghostwriter to online marketers... I'll add some more info about that soon to the site too.

This may be the perfect type of opportunity for you.

This is an easy way to make and save more money for your retirement.

Just make sure that you choose a job that you love and actually enjoy being at.

If you find yourself in need of more money for retirement, as opposed to just wanting more, it is advised that you examine your current living situation.

Is your home paid off? If so, you are at an advantage, but examine your maintenance costs.

Is the home in constant need of repairs? Are your utility bills higher than you can afford?

If so, you should consider relocating to a more affordable home.

In fact, you may want to consider renting.

If you are able to find an affordable apartment, the money from the sale of your home can do wonders for your retirement savings account.

Although I have invested a small fortune in getting my home to the point where I am secure and comfortable, I am also at the point of checking out gated communities for a retirement home.

There is even a good possibility that I will rent a unit in a retirement village, and enjoy spending the money from the sale of my house!

I haven't yet decided if I want to risk renting, or feel more secure in buying a unit, but I do know that I will not be struggling to maintain my home and property for longer than I want to as I get older.

The instant I feel it is getting out of hand for me, I'm shoving off to the well maintained, all inclusive gated retirement community, thank you!!!

As you can see from the tips above, there are a number of ways that you can save money after you retire.

In fact, it is recommended that you do. Your retirement goals can change at any point in time.

There is also always the chance of an emergency, such as a medical emergency.

Since retirement can be risky, you should be financially prepared.

And my most important suggestion is that you don't paint yourself into a corner when you make your investments or retirement planning decisions.

Leave yourself some flexibility for changing your mind, and making allowances for changes in your circumstances, your health, your relationships, and don't get pushed into corners when you don't need to!

Learn more here about how to retire in comfort by using sensible but simple retirement planning strategies.

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