14 Ways to Save Money When You Retire

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Retirement is an exciting time full of new possibilities and plenty of time to devote to your favorite hobbies. It’s also a time when you get to discover new passions. It can be a bit nerve-wracking, though, to move from having a steady paycheck to living on a fixed income. Many retirees want to find ways to save money without having to drastically change their lifestyle. Luckily, there are many good ways to do this. There are plenty of deals out there that are exclusively for seniors. There are also many simple ways that you can trim back your spending. If you’re getting close to your last day at your job, here are fourteen ways you can save money once you officially retire.

1) Test Drive Your New Budget

Soon after you retire, it’s a good idea to create a new weekly or monthly budget to follow. Having a set budget will make it easier for you to keep track of your spending. It will also show you places where you can cut back on your spending. If you want to be sure that your budget will work when you’re retired, try test-driving it for a month or two before you retire. During that time, live on the amount that you’ll get each month when you retire. As the month goes along, you’ll discover what parts of your budget do and don’t work for you. Then, you’ll be able to tweak it accordingly. Test-driving your budget will help you work out all the kinks in it before you retire.

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