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Still, its likely you wont be living yourretirementto the fullest.
Everyone has wants and desires that extend past their basic needs into the realm of fun and enjoyment.
Dining Out
Eating out is one of the first things to go.
If you think cooking will cost the same or similar, think again.
Stearn pointed out that the USDA expects grocery prices to decrease by 0.4% in 2024.
Meanwhile, they also expect the cost of dining out to increase by 4.7% over the same period.
That means that you could save big by cooking the vast majority of your meals at home.
Just be mindful of ingredient costs, added Stern.
And thats not including gratuity.
She said, Stop before you buy and ask yourself, are you purchasing this out of habit?
Out of a feeling ofobligation or guilt?
Can you get creative and make something or repurpose something instead?
Instead, he recommended replacing those costly shopping trips with free outings.
Hotels and airfareare usually the 2 biggest expenses when you travel, said Redfern.
To cut back on these, think creatively.
Can you pick a destination where you will be able to stay withfamily or friends?
Can you use points or miles?
Can you find special deals and discounts?
Could you drive rather than fly to wherever you are going?
Once at the destination, can you find free activities?
Redfern also said that it helps to think about why youre traveling in the first place.
Is it to see or experience something specific to that locale?
Many couples keep both vehicles after retiring without giving it much thought, he said.
According to Redfern, this is particularly true if you are leasing a vehicle.
… in your working years, you may have been able to afford a new car every few years.
When you are living on Social Security, thats probably not the case, said Redfern.
Eliminating a car payment can save you hundreds of dollars every month.
Thats pretty significant for someone on a fixed income.
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