After they retire, many Americans notice that their homes are much larger than what they actually need. As a result, they turn their eyes to downsizing.
When you say “downsizing”, people usually think about selling your home in order to buy a smaller one. And most of the time this is so. But downsizing doesn’t only apply to homes. It is also a great way to save money on other things, from utilities, to entertainment. And the best part is you can downsize without moving to a smaller home.
Here are some other downsizing tips besides selling your home.
Downsize household expenses
If you ask anyone, they’ll tell you that they spend a lot of money on mortgages or rents. But what they won’t tell you is that they also spend a lot on maintenance. Maintaining your home, heating it, cooling it, all of these costs add up and can be a really big burden on your finances.
So what can you do if you want to downsize these costs without moving to a smaller home? It’s simple. Start with lowering your outlays for maintenance. Do the landscaping and house cleaning yourself. It will save you money and the exercise will also help improve your health.
Additionally, if you’re not using all the rooms in your house, install thermostats and turn on the heat or air-conditioning only in the rooms that you use. And also remember to turn off the lights when you’re not using them.
Downsize entertainment spending
We all love to travel around the world or to spend all our weekends on the golf course. But, if you don’t have the money to sustain this type of lifestyle, it’s much better to turn your eyes towards something more affordable.
Of course, this doesn’t mean that you can’t eat out anymore or that you can’t have fun. You can, but you have to be smart about it. Don’t be afraid to take advantage of senior discounts if you want to travel somewhere. They can help you cut between 5% and 15% of the cost.
You should also think about getting rid of your cable. Try Netflix or any other streaming service instead. It’s cheaper and you’ll be able to see all your favourite movies without those pesky commercials.
Finally, try some inexpensive hobbies, such as fishing or other activities that allow you to spend time outside. They can also help you improve your health.
Downsize transportation costs
You and your spouse probably both have cars, especially if you both need to drive to work. But, once you’re retired, there’s not much need for two vehicles. Sell one of them. Or sell both and buy a new car, one that is cheaper to maintain and that doesn’t use as much gas.
Downsizing doesn’t just apply to homes. It can help you cut spending in a lot of different areas, and allow you to have a comfortable, quiet retirement.