When you're retired, good money habits become even more important. Here are some tips on making your retirement funds go further.
- Setting and keeping to a budget ensures you don't overspend.
- Concessions for seniors can help you save money.
- Keep an eye on your sources of income, which may vary from time to time.
- Keeping mentally and physically active will help you save on medical costs.
Set a budget
Set a budget and keep track of your expenses so that you live within your means. You can use a simple spreadsheet or apps to help, or jot down your spending in a notebook. Take note of areas with higher spending which you might be able to cut down on, such as frequently eating out at restaurants.
Here are some tips:
- Make use of subsidised courses and activities at your local Community Centre
- Use public transport like buses or trains rather than taxis
- Buy house brands instead of expensive brands
- Make full use of concessions for seniors, whenever possible
Monitor your income
If your income comes from several sources, you may face irregular payments in terms of timing and amounts. In this case, you may need to adjust your bank withdrawals to cover longer periods between payments.
If you have fixed deposits, mark your calendar so that you remember when to roll over your deposit or when to make transfers to your current account for daily use.
Take care of yourself
Keep a focus on maintaining a healthy and active lifestyle with a balance of social activities to keep you occupied. Staying fit and healthy reduces trips to the doctor, and unnecessary medical expenses.
