10 UNUSUAL Ways Retirees Cut Expenses

[@Highlander9740]

You save a lot of money just by staying home and being content with what you have. Every time you leave home, it costs.

[@prairiemark4084]

Very true. Keeping a vacation home in Asia has a certain effect on our retirement budget I have noticed.

[@kimrodriguez1698]

We subscribe to multiple platform services for sports and entertainment. There’s a huge plus side to staying home for us.

[@blue04mx53]

Sounds like a boring life mate. But hey, if it works for you go for it.

[@acornsucks2111]

@@blue04mx53 Some need more stimuli.

[@anitasimmons3599]

I don't agree, because I can leave my home and walk, or ride a bicycle to a trail or park. Free and good exercise.

[@beckysollesa1767]

I save money by giving homemade gifts. I love to sew, bake and garden. Friends and family appreciate the love and care I put in each gift. Of course I give quality goods only. If my sewing is a fail, I discard it or use for myself. I have given plant arrangements that I are still thriving and being enjoyed 5 years later.

[@wendylerner4639]

About three years ago, I cut the cord and no longer pay for TV. I bought 2 indoor antennas and have Amazon Prime. Since I am not a big TV watcher this works great for me.

[@jonathanmccarthy6126]

I retired to Cuenca, Ecuador and don't have a vehicle. Rent in a very nice, safe furnished apartment with a guard is $680 which includes high-speed internet and electric. Loving it here.

[@charleswatkins6402]

Everybody needs a liferaft. A place to live that is free of mortgage or rent. It could be a trailer, 1 br condo on up, but we all need a stable place to always have return to and call home. Plan for it and make it happen.

[@xpurposes]

A good way to save money that my wife and I use with the high gas prices. We have de-personalized our autos. Normally he has his and she has hers. In our case hers get 37 mpg and mine gets 23 mpg. Now unless it is truly local, whoever is going somewhere uses hers. If both of us are going different places, whoever has the longest trip takes hers, and whoever is going the shortest takes mine.

[@nixon2tube]

That's how I've done it for ages. I have an SUV that gets at best 25mpg on the freeway. That's hers because she's retired and drives little. I have a little highly efficient car to drive my long commute to work. If either of us need to go on a trip, we use the little car unless the trip needs the hauling capacity of the SUV, at which time that car justifies its existence.

[@christinelitvak6427]

Or, you could have one car between the two of you which is what we have done for the past 40 years, hence, our nice savings account for retirement.

[@bruceeigsti5274]

We are going to sell a vehicle next year when we retire no use to have 2😊

[@davidabbott1951]

Note also that most public libraries have more than just books available for checkout. You can borrow tons of movies and tv shows FOR FREE instead of paying to rent or buy (WTH?!) them from the Netflix, Prime and Hulu people.

[@tobirates916]

My late father was a lifelong devotee of public libraries. Loved that suggestion as it made me think of Dad.

[@bigbooklisa]

Our local libraries also have "things" to borrow. One library has fishing rods. Another has tool kits, a gardening tool kit, a sewing machine, baking pans, games + puzzles.@@tobirates916

[@doubledee516]

I sold my house and bought an RV. I set it up in an RV park and live at this park year round. I love it.

[@mytruthbekind5793]

I don’t know if this is commonly known but your local senior center is an incredible resource. There are activities including meals at low costs. If you have questions, then they can help you track down answers from reputable sources.

[@dianedee9529]

I agree with you in the senior center. If you join the center in New Jersey, where I live, it’s $5 for life!!!! Lol. They have lots of activities and exercise classes.

[@cassandramarie3099]

I have a suggestion. If you love entertainment, such as concerts or plays, volunteer at the local venue. Most volunteers get to see the shows for free.

[@owggarage723]

Working as an usher. Get payed to attend!

[@maximac222]

GREAT advice here!

[@rclose23]

I volunteered at the symphony and the opera for several years. Got my fill of classical music!! Haven’t really gone since.

[@dinbx917]

Re: classes As a senior student, you should gain access to the student gym, pool, etc.

[@wendyw4023]

A warning about taking in a renter. Check your local laws about eviction. I found out that I couldn't force the person we had allowed to stay with us to leave, even though she wasn't paying rent and her behavior had become dangerous. We would have to go to court, and evictions had been put on hold during the pandemic. It took her overt violence and an arrest to get her out of the house. So check the laws in your state.

[@akontilis1792]

Yikes!

[@robinfrances8409]

Oh my goodness! Thanks for the insight

[@Tantasqua68]

Make sure you have a rental agreement

[@Happybidr]

As a longtime landlord of rental properties, I would NEVER EVER make this choice UNLESS it is someone you already know well. For example, a friend from church or a relative. In those cases, you still need to lay out in a formal agreement how the household will run, when the rent is due, late rent, etc. Otherwise, what started out to be a way to bring in extra money will become a charity that costs you extra money. But there are plenty of cases where it turns out out very well. Buyer beware!

[@wendyw4023]

@@Happybidr It was my son's girlfriend. She'd lost her job. I was guilted into letting her stay here. Never going to happen again.

[@DC-rd6oq]

The most helpful thing for me was to engage in hobbies and activities that are free. I bike ride more than I used to. I garden a lot. Both are good for my health, and I probably save a little money by growing vegetables. And both gardening and bike riding are far less stressful for me than playing golf!

[@MW-ty1dv]

I do grocery shopping once a week on the day the store offers senior discount. Don't forget that you can turn an older TV into a smart one using something like Amazon fire stick, much cheaper than buying a new smart TV.

[@GratefulDeb270]

Our senior center keeps a list of workers who have been checked out for home repairs or house cleaning etc. Saves a lot sometimes. Ty for this video!

[@mvp019]

I wish I could get myself to rent out a room, but at my age, I just don't want to deal with a roommate situation. That was fine 35 years ago, but not now.

[@cherylT321]

I hear ya; I live alone. I couldn’t imagine having a roommate at my stage of life!

[@UnkleAL1962]

its simply too dangerous especially when we are seniors there are FAR too many mentally ill people trapsing around out there, like a horror movie.

[@mvp019]

@@UnkleAL1962 I agree, and even short of that, I don't want nor need the drama. My only roommate needs to be my dear wife.

[@uncareid5557]

It is all about getting the right person. My brother lived in my basement for years and was an asset to our family both with repairs and with costs.

[@mvp019]

@@uncareid5557 Right person and right setup - we don't have a basement, and for many, the "right person" doesn't necessarily exist. Great that it worked out for you.

[@susandunn1352]

I don't know about other states, but here in Connecticut we have an interlibrary service. You can request a book through that service and your book will be shipped from the closest library that has it to your local library. Also, check out library book sales. Our libarary has them every month and the hardcovers are $1.00 and paperbacks $.50. They also have movies and puzzles.

[@betsylatham5023]

Our library also allows you to borrow ebooks, including Kindle. The selection has really improved over time.

[@IronmanLIIII0]

I moved to the Philippines to save money. A decent 2 bedroom furnished apartment in a safe neighborhood runs around $200/month, food, clothing and basic living expenses are a third of what I was paying in the US. Healthcare is 10% the cost in the US and IMHO is equal or better quality and there is low-cost healthcare insurance to fit almost any budget. I basically maintain a similar lifestyle on Social Security and my military disability as I had when I was working full time before I retired. There are plenty of low-cost countries you can retire to, but the Philippines was my choice because there's no language barrier, English is taught as a second language here starting in kindergarten. You can easily live a comfortable life here under $1500/month.

[@bethiciaprasek9415]

Library is a great resource for anyone trying to save money or even staying where there is warm/cool rather than investing in AC/heat. Part of the reason I moved where I did is due to discounted courses at local college for those 55+ in years and had restaurants, pharmacy, and grocery store within walking distance.

[@humbleevidenceaccepter7712]

We maintain a separate credit card just for auto pay. No one gets in our checking account, it's a breeze to track, and I only need to make a single on-line payment each month.

[@maximac222]

Outstanding advice!

[@lessmith9641]

Love your stuff!!! I'm planning for retirement, and have purchased things that are free or inexpensive to keep me busy..... ie. Canoe, kayak, fishing rods/gear, tennis raquets, trail bike, hiking equipment, camping equipment, exercise equipment etc etc. I have a list of free or inexpensive things that I can do each day... which keeps my mind busy as well as keeping me fit. I've installed a putting green, chipping mat, fire pit and disc golf goal on my rather small property. I have to complete something on my list each day, which generally starts with a nice workout.... and then onto an activity. Fun and (for the most part) free or inexpensive. All while "reminding me daily" that I have to stay active while not spending a lot of money. Also, plenty of board games for my wife and I to play.... making the list really helps me to plan my days and keep in shape. Hoping this might help someone :-)

[@maximac222]

@Les Smith, those are great ideas! Seeing your list of things makes me think of my hubs and how a boy and his toys operate! LOL! I really like your routine ideas as well!

[@youngtimer964]

Use Mother Nature to heat/cool your home. Open windows, close curtains etc.

[@user-yj3ob9kd3l]

Good advice I'm in a warm climate and when the temperature is up in the summer, I don't open the blinds. It stays much cooler and the AC is only needed in the early evening. In the winter, I was using a space heater, but bought a high quality down comforter. Last winter, I didn't use my furnace or the space heater at all.

[@jamkpa]

Use a window A/C in your bedroom so that you don't have to use the central A/C at tonight to cool the entire house.

[@chessdad182]

I ride my bicycle almost everywhere within 3 miles of where I live. All the grocery stores I need are within this distance. I regularly carry the grocery bags on the handlebars Works fine. Besides gas savings, I don't need to pay for a health club. Writing this from the library which I rode my bike to.

[@chessdad182]

@@ks-1960rlm I have a Raleigh hybrid (for road/grass/gravel). Mine is over 15 years old and have ridden it thousands of miles. The only significant change I made to it since buying it is a more comfortable seat. LOL. After I closed in on 60, I went the comfort mode.

[@boggy7665]

Fit is most important. For me, 60+, this means an upright bike. Not bolt upright, just a slight lean forward. That's more aerodynamic and even more important, gives your legs a lever arm for applying torque to the pedals. "North Road" bars for more than one hand position, and a wider seat than with a drop bar bike. Accessories! Fenders for wet weather, lights for night riding (bright enough to see with), rack and panniers for carrying cargo. Check out bikeforums

[@marysmith5891]

To avoid the high cost of pet ownership consider fostering for a rescue organization or the humane society. Many organizations have a “seniors for seniors” program where seniors are matched with a senior pet who is unlikely to be adopted and they foster them long term with all food, vet and other expenses covered.

[@plantbasedsenior4240]

Thanks. I'll have to check if the humane society in Canada does the same thing. My husband would love a dog, but after seeing the amount of money our families keep having to spend on their pets, it has scared me off of pet ownership. I don't mind having to pay for the day to day expenses, it's the unexpected medical bills that scare me. I do offer to look after pets when family members are out of town.

[@spankynater4242]

Or consider not having a pet at all.

[@marysmith5891]

@@plantbasedsenior4240 I am In Canada and foster for both a dog rescue and a kitten rescue. I know the SPCA and Humane Society locally both have foster programs for animals which do not do well in shelters for many reasons. Call your local shelter and they will know of a program near you - often called seniors for seniors - but you can do regular fostering as well. Not only does it cost you nothing to foster a pet in your home, if it is not a permanent foster you can control when you want to have a pet and not foster when you want to travel. It is an ideal volunteer opportunity for retired folks.

[@nata3467]

That is my plan but I worry because I Foster dog once and ended up just making it my forever dog I can't be trusted

[@njcanuck]

@@plantbasedsenior4240 Each City is different because the Humane Society is essentially local. I have fostered over 40 cats in a major Western City. Usually stressed or post-surgery cats. Sad to see them go but glad to launch them into a furever home!

[@keithss67]

I usually agree with what he says. But be very very very careful about renting out a room in your home! Check state and local laws about the rights renters have. You could get stuck with someone in your home who not only doesn’t pay the rent, but who can’t be easily dislodged. Imagine being stuck in your own house with a stranger who refuses to leave and who you can’t force out.

[@nygardenguru]

Not legal Long Island

[@Mexicobeanpole]

This is absolutely true. Be careful.

[@rclose23]

Right. I think about this possibility a lot for my senior friends. It must be a short term stay-nursing students or youth pastor internship types who will only be there for the school term, etc. Japanese , Korean and Chinese students would be a good fit too and short term.

[@furyofbongos]

This is where Second Amendment tools come in handy. Totally legal, totally effective.

[@janetstonerook4552]

I never would rent out part of my home! I had very bad experiences just getting destructive, deadbeat relatives to leave. I've worked hard to be able to have a nice, peaceful home to myself in retirement and I'd rather skimp on other things rather than give that up!

[@mrskimmieg]

Another area for big savings is to shop your auto and homeowners’ insurance policies. By switching carriers, we’re saving $800/year AND have better coverage.

[@joecoyne5660]

I reduced my home and auto insurance by paying for the entire year when renewing also shopping around with insurance brokers for lowest rate.

[@johnwalsh8010]

I work part-time at my health club and get a free membership that goes with it. Saves $700/year for me

[@johnwalsh8010]

@Dee Santer My health club is affiliated with a Hospital and includes amenities, like indoor swimming pool, that you don't get for $10/month.

[@greghausner2834]

I pay all my bills once a year. This is a good way to not only the hassle once a month it helps you get unheard of discounts on them as well.

[@andreagrosinger3138]

Thanks, Geoff. Great ideas! We have a few to add. # 1 University property sales.: IT departments replace computers every year, they sell off 3 to 5 year old used computers, printers, etc at a very discounted price . #2 Tax refund programs, property tax programs may be available for lower income or over 65 home owners to apply for.

[@deepsea5107]

Before ditching your "land line" telephone/internet, make sure you have a reliable signal in your area. Surprisingly, some areas have poor cellular/wireless coverage; even though they are densely populated.

[@beatingobesity2410]

Staying healthy does save money and enhances your quality of life. I stay healthy by eating right, exercising and never going to the doctor.

[@jamkpa]

Health is everything! Without it you have nothing of value and nobody wants you if you are sick and need a caretaker.

[@DocJS]

Congratulations on being healthy...That said, you should still be going to your doctor for routine blood work and preventative maintenance, much like changing the oil in your car

[@DeborahCaldwell77]

Always go out for lunch. Never go out for supper. Half the price twice the food.

[@HolySchmidt]

Nice one!

[@robhaines3]

I've done this all my life. It's also generally healthier to eat your larger meal at lunch than for dinner.

[@j.m.7056]

And less crowded!

[@RoadieWingZZ]

Excellent!!!

[@williamschoemann4209]

That works if you eat out regularly. I save by rarely eating out. If it's a special occasion (e.g. holiday, birthday, haven't seen in a long time) It needs to be a decent restaurant (not fast food or pizza) and Saturday night.

[@clwest3538]

For 'younger' retirees be sure to check out 'free' checking accounts for 'seniors' - I had no idea they started discounting so young! (I believe my bank actually started at 50 - 55 y/o); Additionally, our town will 'cap' property taxes at certain age (not sure but I think it is 65 ...) which helps because our little town raises water and taxes every year. Not a lot at once but cumulative effect added to all other savings helps. Landlines - we get ice storms and have cable go out all the time - landlines seem to the only reliable phone - although it is getting better (I live in a small rural community).

[@user-yj3ob9kd3l]

I agree about land lines. They are much more reliable than internet based service.

[@kwilliams2239]

Credit unions are almost always free. No junk fees and most have agreements with other credit unions around the country for free ATM access, too. We've been dealing with the same CU for 50 years and haven't lived there in 30. There's little need anymore. Also don't forget online banks and your brokerage company. The big three, at least, have great credit card deals (no fee, 2% cash back) and pay decent intrest.

[@gordonkoves3690]

Consider the big picture before getting rid of the landline. Probably good idea for many, but not all. 1. We live in a hole and our cell service is inconsistent. Relying on cell service only would probably be a mistake when we need it the most. 2. Our landline and internet are with ATT. We get a 'discount' equal to the monthly cost of the landline. If we drop the landline the cost of the internet increases to the cost for both.

[@lindadorman2869]

This might not be so unusual but I save a lot of money shopping at thrift stores. I'm always surprised when I find brand new clothes, shoes and home furnishings for a fraction of the retail price. Items like drinking glasses/mugs, picture frames, vases, chairs, and serving dishes are particularly good. Some items are preowned, but a lot are closeout or overstock from big box retail stores like TJ Maxx, HomeGoods, Ross, Pier 1, Crate & Barrel, Pottery Barn, etc...

[@sct4040]

Just be careful not to over buy, on things you don’t need. It’s so tempting.

[@susancook1448]

Or antique and charity shops.

[@debbieramseyer4653]

I agree. Thrift stores can be a real treasure trove. If you sew, you can alter clothing you like. Thrift stores can also satisfy that need for retail therapy.

[@hahamasala]

TJ Maxx is the best for clothes and gourmet foods like coffee, olive oil, fruit preserves, snacks...

[@darcysalmon7781]

Exactly... I have been thrifting for decades. It always amazes me what I find and how little I pay... 😁

[@susanh326]

I live in FL. I try to get the biggest bang out of my taxes paid. FL has so much park infrastructure. I use the library, all the parks, beaches, the trails... they belong to ME! I have always paid for them. And they give me so much joy.

[@briangabeycom]

One method I have seen folks using is retiring in cheaper locations, outside of the US. There are several countries that have much lower cost of living, with much lower health care costs with superior health care. It can be hard to move away from friends and family, but you can save a lot of money. My wife are doing it before we retire to build up more money for retirement. (I am lucky and can work from anywhere). I would be interested in seeing a video from you about that and hearing your thoughts of living abroad to save money.

[@resourcefulqueen]

I am an Airbnb hostess. I only rent out my guest room with private bath to long term guest (minimum 4 months). My guest are usually graduate guest, interns or nurses that are coming to Washington, DC to advance their career. I feel safer having someone else in the house, plus it provides income. I have been doing this for over 10 years.

[@Savannah-ed4rv]

Wha if they cause problems? What do you do if they refuse to leave? It seems tenants gave more rights than a honeowner does.

[@resourcefulqueen]

Thanks for asking. I have never had an issue. Airbnb customers have reviews written by previous hosts.

[@tedrudder136]

Very good video on expense management. Your comment on the #10 way to cut expenses, "keep your credit score up" was right on. In fact, I would recommend that you create a video about "Credit Scores". What is a credit score, what is it used for, etc. Your comments about the benefits of a good credit score (in this video) could be reiterated. Also defining what a "Good" Credit score is, could also be interesting. You maybe have already created this video and maybe I just missed it. At any rate, I like your videos and have watched several of them. I am soon to be (2 months) retired (63 years old) and am enjoyed the topcis you discuss. Thanks TR

[@Erginartesia]

One of the metrics I looked at when I downsized is cost of home maintenance. I pay a high HOA on my ccondo, but I get free hot water, my home upkeep costs a a LOT lower, and my energy bill has half and has hardly gone up, even in this inflation. I made a spreadsheet of all the costs, including intermittent costs like replacing water heater every 10-15 years. In short, even with a high HOA my home expenses are much lower.

[@Happybidr]

In your current situation do you have to replace your HVAC system? Other retirees who pay off their mortgage loans forget they also had to pay for that and the new water heater you mention, plus the property taxes and any other home maintenance costs (flooring, furniture and mattresses that have deteriorated significantly, etc.). For them, I’m not suggesting that that they don’t make that choice, I’m just saying for them to make sure they account for those costs.

[@LindaWesthoven]

to raise your credit score, pay towards it 2 or even 3 times a month. We raised ours from mid-700's to mid-800's by using this trick. Also pay it down right before due date, that also helps. another idea on renting out a room.....if you live in one of the mild winter states, (Florida) rent out a room to a snow-bird for 3 - 4 months a year. That will off-set your property taxes and insurance. my friend did that, found a fellow tennis player from our club and every year he stays with them. Pays great money and she only has to deal with less privacy a quarter of the year.

[@StephenOshea]

you could turn off the hot water . a little dramatic in winter , yet it works

[@RonnaHarlow]

Many libraries allow you to borrow ebooks! You might have to wait a while for a best-seller but ebooks via the library is a wonderful way to get books. I love ebooks because I can enlarge the font and take the book with me on my cellphone.

[@grannygoes7882]

We've done airbnb for 10 years. It's easy money and you make way more than if you rent out long term. Never had a problem guest in 10 years. Some aren't that nice but most are very nice.

[@Armychuck]

Stop buying food that you don't eat. I raised 2 kids and my shelves (and refrigerator) had to be well stocked at all times. I got used to buying extra and in quantity to feed my family. Now that I live alone, it is very difficult to see empty shelves and buy small (one box of cereal instead of three). Unconsciously, my mind keeps telling me to buy more as I always feel like as a parent I am responsible to feed a family even when they are gone. Now I make a list and ask myself "will I really eat this before it goes bad?".

[@SM-ji1qe]

Regarding books, we use the library but also have a book exchange in town that gives you credit for books you donate, and you can use those credits to get more books. Great resource!

[@williamschoemann4209]

I save by driving older cars. Since I'm retired, I put few miles, and therefore spend little money for fuel or repairs, on them. Whatever I spend occasionally on repairs is nothing compared to monthly payments on a new car.

[@christinemeers4858]

Me, too. I have a 1991 car that runs just fine. My “new” car is a 2003, lol drive ‘‘em until they die

[@cherylT321]

I have a friend who is 76 and retired five years ago. She insists on leasing her vehicles! I keep telling her what a waste of money that is when she could buy a used car and just be responsible for the insurance....She doesn’t want know!

[@alanduff2205]

Buy clothing when the stores are changing over for the season. I just bought four Izod Cool Fx short sleeve shirts. Regular price of $55, I got them for $19 each. Saved over $140.

[@randolphh8005]

We haven’t bought any clothing since retiring, in fact have been giving our work clothes away. Don’t see the need to buy anything for several years, except the occasional pair of shoes and socks, and maybe some underwear. LOL

[@joycemaurer3588]

If you are not close enough to a library, Kindle Unlimited is great. Only about $12 a month and you can "borrow" up to 20 books at a time.

[@lindadorman2869]

One of the most creative cost-saving ideas I've heard is to cycle streaming subscriptions. Instead of paying for multiple services, pick one to subscribe to for a month and watch everything you want, then cancel and subscribe to the next one. Repeat this throughout the year. I save hundreds of dollars a year with this tip!

[@blackfootdaisy]

I can't believe I never thought of that. Great idea!

[@GNX157]

It’s actually more beneficial if you have two other friends that can use a different streaming service than each other and then you share your username and password with just those two other people. Most of the time you can stay under the radar with this and not get flagged by any of the services. I get my Disney+ off my son and Verizon and Comcast based TV app access thru my father that way.

[@barbarahollands6415]

​@GNX157 that really is theft.

[@darleneskupien9853]

This is an added benefit to the change in the way we eat. my husband and I both adopted the keto lifestyle which means very little eating out since we like to manage what we eat with the occasional binge. So, eating out is not a daily activity. Next, we adopted the OMAD {one meal a day} lifestyle. Wow… our grocery bill dropped by 2/3 … along with weight loss. The cost savings in food is amazing. Another cost saving centers around my nails. I loved my mani/pedis but the last time I got one I paid $95 ….and my regular technician wasnt there because she was on her 2nd cruise within 6 mos. hmmm….so, i warched some KZbin videos on how to do my own gel nail/manicure …. bot my own supplies and now do my own nails for a fraction of the price …. and thirdly, this happened during covid but I still do this…. i have a little bichon which needed regular grooming…. i invested in clippers, shampoo, etc to maintain his fur and occasionally will have dog professionally groomed saving hundreds of dollars.

[@maximac222]

Excellent ideas! I'm still working and have been a slave to the nail salon but on my next visit, I'm stopping the gel/dipping powder nails. I don't go into the office but once a month, so there's no need to have that polished looked daily, which I have maintained (executive assistant). I love the OMAD idea and keto. We're huge cooks and foodies and our grocery bill is astonishing. Now, if I could just get hubs onboard! 😂

[@Chiefkahuna2]

Mr Schmidt, I think a video about a person who has waited until age 70 to collect SS would be interesting. Their options. I know that the age of 70 to 72 is not recognized as being significant. But the Roth distribution does make it so. I think age 72 for many people is a milestone, and it opens up a lot of opportunities. It just depends on how you plan it out. (I am 67, single, and working in good health).

[@timpitcher288]

Two ways to save on dining: 1st. Learn how to cook. My fav. You tube is "Sip & Feast". 2nd. Supermarkets such as Food Lion here mark down meats twice a day: Usually AM and again PM ... Fantastic bargains e.g. Large Boston Butt @ $0.69/lb. In addition, find a home freezer on Craig's List to take advantage of bargains. Cheers!

[@nygardenguru]

Learn to cook

[@thomashenkler4969]

Here is how I as an insurance agent put deductibles to clients, take the difference in deductibles and decide by the savings. So if you increase your deductible from $500 to $1,000 that is $500 extra exposure and say the savings is $100, 500 dived by 100 is 5 so you have a 5 year payback to cover the deductible. No losses in 5 years you are ahead of the game. Add into that the fewer losses you submit the better your rate. As to libraries they have e-books too.

[@thedrummersclub3667]

Always know this guy is going to share good helpful info

[@TJD63]

Thanks for many great and informative videos. Like many others I'm considering retiring after 45 years of full time employment, 35 of those with my current firm. I will be 64 the week I plan to work my last day as full time. I'm sure I will need to work pt and keep it under the 18.9k . I started full time work at a retail store when I was 17 and went to college at night. Of course it's probably a common theme from most people approaching retirement that we say I wish I had saved more or at least started planning earlier. I've found from watching many videos that having no debt if at all possible seems to be a common recommendation, i.e. paying off everything. I've done that so hoping it all works out. I just wanted to thank you for all the information. With all my worry mixed with excitement regarding retiring I think all you can really do is educate yourself, plan as best you can, especially with regards to ss and tax related issues. If you do those things at least you can say to yourself you did your best. I decided to retire at 64 because I want some years without workstress. I decided the day after my healthy brother in law at 56, went in for routine medical appt after not feeling well, and was told stage 4 cancer. His prognosis thank God is good but it made me consider many factors. It doesn't cost very much to enjoy a day at the beach, visit friends, small inexpensive trips, volunteer at an animal shelter. It just feels like 64 is the right time for me. I wish everyone reading this blessings and a healthy long retirement. Thank you again for the information.

[@HolySchmidt]

Thanks for the inspiring words j

[@randolphh8005]

If you are going to work PT and don’t have a pension, at least try to hold off on SS a little longer if you have no debt. Every month you wait your check will go up. For most who take early the check is barely enough to cover expenses. I assume you have checked your benefit depending on when you take it it will be much higher

[@deemarch2089]

My aunt volunteersat her local library but Area gets very hot in the summer so she has air conditioning during the day and helps the library she’s a very active 90 year old also she works out at the gym

[@jenniebigley3521]

Apply for low income tax rate with your county assessors office. Our income cut off is $58,000 /yr. The savings can be $1000./ yr for some.

[@walterbazarewski2496]

Thank you for sharing those thoughts! There were a couple I have not thought of. Taking classes for no cost is a great idea. Also, like someone else pointed out , being a volunteer is also one to add to this list. Thanks

[@jerryburg6564]

Also you can qualify for “student discounts “ with a valid college ID

[@mikeyfoofoo]

Many public libraries check out the internet via mobile hotspots. Generally the checkout is two weeks, sometimes 30 days with no data cap. I know a lot of people that do this to save $60 or more a month.

[@thomasbruner854]

I recently found that "meal plans" at all inclusive retirement communities can run as high as 500/mo. This is definitely something that could be negotiated or maybe opted out of for many I would think. Some offer a "one main meal a day" plan that could save quite a lot each month!

[@randolphh8005]

That is only $16 per day, that is cheap if it includes 3 meals per day, for one maybe not so much.

[@thomasbruner854]

@@randolphh8005 Well, my point was that I only spend about 250/mo. on myself for food. So if you can prepare your own meals, it's quite a savings.

[@MIngegneri]

If you live in a city, many transportation systems offer heavily discounted fares for seniors.

[@christinemeers4858]

Many libraries have ebooks through Libby so you don’t have to go anywhere and still have access to millions of titles

[@dennisveerkamp2707]

you can get e-books thru the library to read for free and you can get it online.

[@elusiveeskimo3013]

Having a roommate is out of the question. But I am considering creating a couple RV parking spots on the property short distances from the house. Just a couple of concrete pads, with maybe water and electrical hookups to start. Most RV'ers are good people. Giving them a safe quiet option for parking overnight while on the road, in areas where RV Campgrounds are few and expensive, is a good thing. And there are existing websites to help RV'ers connect to such options nationwide. Most guests will be wanting a good night's sleep before returning to the road. Some may need a day of rest, or a place to do minor repairs/maintenance. I'll control when people can be here, how long they can stay. Get to maybe share some stories and music while at it. Having some fun with others, while making a few dollars. Sounds like a good retirement lifestyle. Plus when family comes in their RV's they'll have a ready parking spot. Which gives everyone added privacy options while they're here. If your family is like mine, you understand. And if you decide to try this; check local laws and your insurance coverage first. That way you're informed, which is always better then the alternatives.

[@akontilis1792]

Great idea! I wish my neighborhood would permit that.

[@truthmatters9594]

I am saving around $175.00 per month by cutting the TV cable service to Internet only. I set up an outdoor TV antenna and bought a device that can record programs from the antenna connection. We also have some low cost streaming services and there are a lot of free streaming resources. You should also calculate how much Internet bandwidth you really need, you may not need as much as you are paying for and could save more money by going with a lower tier of Internet service. We also cut out the Landline since we both have cell phones and use a Cell phone provider where we buy our phones but only have to pay for our actual phone usage and not a constant monthly charge.

[@johnlmorris2084]

Adding to you ways to cut monthly expenses, retirees can at least think about doing the following: 1. Cut out cable. Antennas have gotten a lot better in recent years so you may be able to get the major channels over the air now when you couldn’t once upon a time. 2. Get rid of your land line. Even if you live in a marginal cell phone are, one of the plethora of Internet options will let you make cell phone calls over the Internet. 3. Audit then either remove or legally share streaming services. If one hasn’t watched HBO Max since ‘Game of Thrones’ finished, it’s probably time to cancel.

[@lindawilson4625]

And be sure to mention your age and that you have AAA insurance when buying anything! Hotels are obvious, but many places (even fast food) gives age or AAA discounts.

[@tamib64]

I cut my husband's hair, sell stuff on ebay, thrift frames for art, cook at home more frequently, gave up buy beverages while out.

[@robertthomson1587]

Make sure you get any concession cards that are on offer for retirees. In my state there's one that gives extremely cheap public transport.

[@titanbubble98w13]

Thanks most all good ideas. We thought about renting rooms out in our house to stay in it but decided the risks outweigh the benefits. Just not worth the headaches. We’ve sold and moved in to a rental until we feel better about the housing market. Love the idea of renting an apartment or condo temporarily because now we have no maintenance costs. Love it.

[@youngtimer964]

Actually you are paying the maintenance costs. It’s in your rent.

[@youngtimer964]

@@s0ld4u I have seen this happening in my extended family.

[@spoosieoopsie1616]

@@s0ld4u That's not true for everyone. We want to travel, at least six months every year. We have no one to watch over our house and we certainly didn't want to come back to find squatters in OUR home. (A very real possibility these days.) We also would not have been able to afford a snow removal company to be "Johnny-on-the-Spot" in order to remove snow off our sidewalks before we incurred a sizeable fine from the city. We would have been very low priority; the company would clear our sidewalk only AFTER they had finished with their business customers. The 24-hour time limit that our city allows would have expired long before we reached the top of the list. (The situation would be the same for our lawn in the summer.) Depending on what a couple wants for their future, as well as their retirement income, determines whether apartment living is the route they should take.

[@penelope5500]

Whatever. The idea of renting in retirement holds absolutely no appeal to me.

[@nygardenguru]

Not legal technically on Long Island

[@gretchenlittle6817]

Guess I've seen enough of your videos to know how you think. Let me explain.😁 When you mentioned the classes at local universities, the first thing that came to mind was "when you're in class and doing assignments you aren't spending money"

[@HolySchmidt]

Nice! Like my old college professor told me, when taking a multiple choice exam, try to guess the correct answer before reading the choices and you will get straight As. She was right!

[@user-yj3ob9kd3l]

@@HolySchmidt yes, yes!! Reading the choices only causes confusion. Go with your gut!

[@corycole1003]

In some areas land lines are required due to 911.

[@RoadieWingZZ]

@@corycole1003 E911 provides the same functionality for cellular users. I’ve never heard of an actual requirement and was in IT/Telecom for a long time. How can they force you to have a landline?

[@corycole1003]

When I tried to cancel my land line from the house I owned, the major carrier told me every house required a l

[@bkanegson]

Parallel to cutting the phone cord and going wireless, would suggest cutting the cable cord and going to streaming. Big monthly savings there. Did this many years ago, do not miss cable at all. In fact, now have zero patience for cable/ commercials/ paying monthly for junk stations I would never watch. Stream and pay only for specific services you like, which you can cancel and restart at any time. Also, as a parallel to renting a room, perhaps add a tiny house or trailer to an existing property as a separate space to rent out for income. Whether monthly or perhaps as an AirBnB.

[@notroll1279]

For anyone living in an attractive area, homeswappping is a great travel option. I've been doing this for years and it's very popular with retirees who obviously have a lot of time for travelling and enjoy taking their time exploring places rather than rushing from sight to sight.

[@stephaniemundis2176]

If you enjoy theatre, volunteer at a theatre or performing arts center. You either get to watch the performance for free while volunteering or you get complimentary tickets.

[@reebeeable]

My county library in Minnesota offers thousands of audiobooks available for streaming or download, magazines, and Kindle ebooks. All free! I don’t mind the high taxes in Minnesota because of services like this.

[@markbajek2541]

In some areas you might still need a landline, depending on if you subscribe to a medical alert type alarm company or even a burglar alarm type company. Many are cell based but not all.

[@redgiantvan189]

Love your channel. I'm a fairly new retiree. I have some additional info on the landline point for those who might want a cell phone but still want to keep the land line number and can't afford to do both. My wife worked for AT&T as a customer service rep. A lot of those with land lines have had them for many years and dont want to lose that number. AT&T (and perhaps other cell companies) can convert a land line number into a new cell phone line. That way you don't lose your old number but get the benefits of a cell phone.

[@wernerdaghofer4056]

I converted my landline number to Google Voice, which is free (except for a 1-time $20 fee), and can be auto-forwarded to your cellphone. Also has voice mail, caller ID and a spam filter (not a very good one, though). It is a 2-step process since a landline number can't be ported directly to GV, you first need to port it to a mobile line and from there it can be transferred over to Google Voice. A search for "transfer landline to google voice" will bring up instructions on how to do it.

[@cherylT321]

I didn’t know that; thank you!

[@aureliaglenn2220]

I have both a landline and cell phone. The landline is bundled with my internet service, and the cell phone is a no contract cell phone which is $35 for unlimited text, talk, and 10 GB wi-fi.

[@Nemo-yn1sp]

My water heater is on a timer. When I was working, it turned on in time to be hot for my morning shower, turned off some time later. Otherwise, I turn it on 15-20 minutes before I need hot water, less time in the summer because the water isn't cold to start with. It's set to shut off every few hours just in case I forget to shut it off.

[@soysanto9939]

It's worth checking out public transportation. Taking a bus or train can is usually cheap for seniors and good for running errands or having a fun outing for the day or overnight. It's more relaxing than driving, and you don't have to worry about parking. And it provides an opportunity to talk to people, which can the trip more interesting.

[@Hawking1969]

Personally, I think the best way to save money is to identify and articulate what you want in life, which helps us avoid those giant emotional purchases that can really set us back. Think of each dollar as a public vote for a product and service. Do you stand behind your purchases?

[@HolySchmidt]

Great idea. Read the book: You Need a Budget, they say that exact thing

[@Hawking1969]

@@HolySchmidt will do! thanks for the rec

[@jazzk4072]

Also, what you want as opposed to what you need. Do you really NEED that gadget, or do you want it because …

[@thursdayswiththor8421]

My wife and I enjoy theater, we have several high schools close to our house. My wife signs up for the show calendar. Shows are less than $10 a ticket and the talent is really good. Fun date night out.

[@karinhart489]

Today is National e-Book Day! Also, the new branch of my county library has sewing machines to barrow. I didn’t want to buy one for a few items I wanted to mend.

[@richardc488]

Thank you Mr Schmidt

[@HolySchmidt]

My pleasure Richard

[@alphaomega203]

Relocating from your home is not necessarily ideal. If you downsize or move to a more affordable residence you could be very well unhappy due to where you move. Relocating to a better place is difficult and comes with a huge price and one should think long and hard on what they feel is acceptable in terms of new living arrangements before moving. You could be moving to an early grave.

[@christinebutler7630]

Careful of who you rent to, though! Good places to look for renters: your church, the local senior center (lots of older divorced/widowed women whose means are limited and who would welcome fhe security of living in a house with others)..

[@rachelmolina3995]

How about a property management firm.

[@woohunter1]

Do your research when buying vehicles, get ones that are practical and have a high resale value.

[@johnl7599]

What happens to SS if I retire at 61? Have no earnings for 3 years. Then start collecting SS at 64. I would use funds from 403b account from 61 to 64.

[@paulkuzia9236]

A simple suggestion, share garbage service with a neighbor you like. It should at least cut that cost in half. Also look for a service new to the area, they often run promotions to attract customers.

[@davidrudolph1102]

We'd love to get rid our landline but we live in an area where cell connectivity can sometimes be spotty. There are times I actually have to step outside my house to receive a cell-based call. It may be okay for routine calls but it's not so good for important calls such as doctors' offices calling back. There seems to be some notion that cell technology has evolved to the point of being bullet proof. No, that's not quite true (at least where i live:).

[@larryTX415]

Do you have a reliable internet connection? I had the same issue with my cell phone signal as you do. However, my cell phone company offered me a cell phone signal booster device that plugs into the internet connection in my home. Now I get an excellent cell phone signal! No need for a land line.

[@davidrudolph1102]

@@larryTX415 Wow! I was never aware of that. Actually, I do have a very reliable internet connection. I'm going to speak to my cell phone company about that. I would love to get rid of my landline! Thank you so much for the advice! Much appreciated! God bless!

[@maximac222]

@David Rudolph You can also install a "cell booster" to boost your cell signal. We did that when we were building our little mountain cabin in NE Alabama (built for weekends but we live here now). I would get so frustrated with calls dropping and the inconsistent signal here that we tried the booster. I've not had problems since!

[@davidrudolph1102]

@@maximac222 Thank you so much for the advice. I'm going to look into it. Enjoy your cabin! :)

[@waterydepths5584]

I saved $75 a month by eliminating the land line. Additional savings come from cancelling satellite TV, carefully selecting the on-line streaming services, paying annual subscription vs monthly and ruthlessly eliminating the ones that don't provide value to me. I don't mind waiting to see a full series, got other things to do with my time.

[@Abraham.Lincoln22]

You were paying $75/mo for a landline telephone? That company was ripping you off big time!!

[@hjs9td]

I bought a VOIP adapter for $100 and ported my landline phone number to a VOIP provider. The feature set is better than the landline provider and my pay per use charges run me about $100 per year. This assumes that you have at least a 10Mbit internet connection that you are already paying for.

[@tyroneshoelaces9742]

@@Abraham.Lincoln22 Exactly. I cut it out and only saved 10 bucks a month.

[@spankynater4242]

$75 a month for landline? SMH it’s only $25 a month with AT&T.

[@rebeccalindley153]

@@spankynater4242 Land line fees depend on where you live. Ours were going to be about $90.00 a month several years ago, so we switched to Vonage and it is under $40.00 a month, but you need internet service, ours is $81.00 a month that's the cheapest in this area. We also have two Trac Phones at $10.00 a month each for when we go out, and we have the one time fee of $35.00 Roku instead of cable TV, with our favorite news channel and old movies and TV shows for free, and you can pay for premium channels if you want with Roku.

[@catschannel4442]

We utilize credit card rewards to save money. We have several cards that give high rewards in specific spending categories, ie. grocery stores, gas stations, restaurants, specific stores, etc. We use the right card for the best discount when shopping and apply these rewards directly to the balance on the card. We make all of our purchases this way so that we always get some sort of reward for our spending. All auto-pay bills are paid on these cards as well, unless the vendor is going to charge a fee for using a credit card. We are on track to save about $1000 this year, just from using this strategy. This only works if you make sure you pay your credit cards off completely every month and never pay interest on them. We pay ours every Friday to ensure we don't overspend and we NEVER spend money we don't have with the cards.

[@user-yj3ob9kd3l]

Getting rid of a land line is good advice for some when it's redundant and the cost matters. I still have my land line, which I've had in my present location for more than 30 years. I don't ever recall it being down. In fact, if it goes down, it will still work, but it won't ring. Knock out a cell tower and a mobile device is dead. My service provider acknowledges that a land line is more reliable, but more costly to maintain. This is why wired land lines are being eliminated. Those that keep it will be able to keep it, but higher pricing will attempt to force people out. That's a cost that I can easily absorb and the quality of the call is much better. From a national security perspective, I don't understand why a stable land line system would be eliminated in favor of cellular service that can be easily compromised. Communication is absolutely necessary in any society. 🤷🏼‍♀️

[@debbieramseyer4653]

My landline is my security blanket. Should I ever lose, break, or have my cellphone stolen, I know I have a backup.

[@joycewright5386]

We got rid of our landline because every few minutes we were getting spam phone calls. Too annoying.

[@harnesshouse]

You can check out ebooks from most libraries and read them on your phone, tablet, or computer. I haven't bought a book in well over five years.

[@danarzechula3769]

1)tenant/ roommate chose. Carefully 2); raise deductibles for insurance as prudent3)stay healthy4) reduce travel expenses off season midweek off hours loyalty programs 5)downsize home 6)use library for entertainment and books 7) taking classes at local college if free or reduced rate to seniors 8)lose the landline (unless health concerns) 9)keep good credit score

[@deemarch2089]

In my county we have area agency on aging ~ you can fill out an application and a questionnaire to rent out one of your rooms if you have available the person looking for room has to do the same and they tried to match you up a few hundred dollars may help towards the cost of living

[@52CA]

My secret to saving money that isn’t related to products and services is keep a bank account at a local bank that doesn’t have any electronic access and is not linked to a checking account. You’ll be much less apt to pull from it if it’s inconvenient like having to drive there and go inside.

[@52CA]

I dumped the land line over 10yrs ago. And yes cell is much more reliable.

[@GaryCoxRN]

My wife and I have been using only one car for the last 13 years, once I retire next year we will have no car. A huge savings if you can pull it off