12 Simple Ways to Save Money in Retirement

12 Simple Ways to Save Money in Retirement

luxury lifestyle resort – retirement villages victoria – retirement lifestyle villages

How to save money in retirement

“Can I afford to live at a luxury lifestyle resort? Are there affordable retirement villages in Victoria?” These are questions that probably come to mind when pondering life after retirement.

Experts say that some people are reaching retirement age with fewer savings than they need to live a comfortable life. In fact, according to a recent report, there are retirees who have low retirement savings or no pension at all.

These statistics are concerning, but the good news is that it is never too late to save even after you retire.
Here are some simple tips on how to get on track once you’ve reached the golden age of seniorhood:

1. You can ‘work’ again

You can apply for less stressful part-time jobs in your area. There are temp agencies that can help you look to find short-term work.

Save money in retirement
Your experience and skills are marketable even in retirement.

2. Sell some of your stuff

Take a look at all the material things you currently own and then evaluate which ones can be sold.

3. Rent out a room

Do you have an extra bedroom or maybe an unoccupied guest house? Consider renting them out. Doing so can lower your bills, plus having people close by can be a nice thing too.

4. Track and trim spending

Track your purchases from the last month and cut down on things that don’t really matter in the bigger picture. Eliminate subscriptions you never really use. Opt to cook rather than ordering takeout are some great ways to save money in retirement.

5. Move somewhere cheaper

This one is not that easy, but it is that simple. Move to a smaller place or a different city with a cheaper cost of living.

6. Ask loved ones for help

If you have a good relationship with your family and friends, do not be embarrassed to ask for help. It doesn’t even have to be monetary assistance. You can ask them for jobs and other opportunities.

Retirement money saving tips
Family and friends can provide retirees with support and opportunities.

7. Look into benefits programs

Go to the Department of Social Services and enquire about benefits, grants, and assistance that you might be eligible for around transportation, medications and health care.

8. Find Bargins & Discounts

There are thousands of magazines and websites offering deals and coupons you could use to help you save money in retirement. Take advantage of these senior citizen discounts for meals, groceries, and even entertainment.

9. Ride public transport

Fuel is expensive. Car maintenance costs money. Buses and trains are more affordable, plus you can use your Seniors ID to get fare discounts and maybe even free rides. If you do decide to move to one of these retirement lifestyle villages, most are located close to public transport and also offer private transportation for group outings.

10. Holiday for less

If you have an affinity for holidays, perhaps you could try going someplace closer and friendlier on the budget. You can also book your trips during the lean seasons when the rates are relatively lower

11. Stay healthy

One of the best ways to save money is to avoid getting sick. It’s more difficult to achieve that when you are older. So you have to take better care of your overall health by eating right, doing light exercise, and avoiding – or at least limiting – vices

12 Simple Ways to Save Money in Retirement
Keeping fit in the gym at Aviva Communities Officer.

12. Try online selling

If you’re good at something, don’t do it for free. Are you a great cook, artist, or craftsperson? You can sell your wares online. If you are good at giving advice, telling stories, or making people laugh, ask a family member to help set up a YouTube or TikTok page. Who knows, you just might be the next viral superstar.

If you are looking for a luxury lifestyle resort or retirement village in Victoria offering flexible rates and financing, feel free to call Aviva Communities on 0447-641-770. One of Aviva’s New Home Living Specialists will be happy to assist with any questions or concerns you may have.

Aviva Communities Officer

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Aviva Communities Bendigo

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