How to Cut Expenses in Retirement
It is hard to raise source of income when a person is going to retire. Employees have to save from their fixed income before retirement. It is also difficult when bank interest rate is low. We have to find alternative way to raise income. The best way is to cut excessive expenses from day to day life. It’s quite difficult to do this in the retirement age when we want to enjoy fitness club, trip to the mall or a warm home in winter and lots more.
But many times it happens that we pay for those things that actually we don’t want. The following seven expenses may a retired person may cut from usual expenses.
Insurance:
Life insurance is not carrying more importance if you have grown children. People also check deductibles on home and auto policies. If a car is old more than five years, it is worthless to collision insurance.
Food:
According to the U.S. Department of Agriculture, average people waste about 25 percent of the purchased. Many families serve food in large quantity and scrap vegetables in garbage. Store left foods efficiently, serve smaller portions, and eat leftovers for lunch or dinner.
College Tuition:
If children are going to university rather than private colleges, they will get more opportunities in future. For example, job placement. Second benefit is no need of private tuition classes.
Vacation:
At the time of retirement, person has no more work. So he prefers to go on vacation or picnic. Go by air travelling when air fares are cheaper than normal. Avoid going during season like Christmas. Take an advantage of destinations close to home and not very far. Before booking hotels or accommodation and food, do visit on various websites such as Airbnb or Cyber Rentals.
In Your Community:
Many more communities are offering educational classes, ballroom dancing; libraries, etc. take advantage of senior age while travelling, at movies, national parks, fun parks.
Go Green:
Our government organized various programmes on “Save Energy” theme. Participate in programmes and get knowledge how to save electricity. Turn off air conditioner in day time and take fresh air. Use energy- efficient bulbs than traditional light bulbs.
Now You are the Boss:
Reduce the bill of credit cards, cell phone and swimming membership if not using more. Focus on those activities that are important to you.
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