When Things Get Tight in Retirement
Most people struggle with money at one point or another in their lives. It’s not always pleasant when things get tight and you’re figuring out which bills to pay and inventing ways to stretch your take home pay. My wife and I still talk about our first years of marriage and how we could have dinner at home for less than five dollars. Macroni and cheese and a box of muffins was very filling, and we would have that at least once a week. We made the best of it and never let it get to us. Our children were unaware of our money problems and never realized that there were times when we struggled to figure out where we could go on vacation. The fact that we could have any vacation meant that we weren’t as bad off as some people, but it was a struggle during some of our early years.
I was always looking for ways to make extra money and tried to start a business numerous times. Even when my income increased to a point where we were able to make ends meet and save for retirement, I searched for a business that I could do part-time and still keep the work schedule that I had which included a lot of travel. Nothing ever worked out, but I found out a lot of things that I didn’t want to do. I kept searching because the last thing I wanted was to have money problems in retirement. We wanted to travel and dine out but when things get tight those are the first activities to cut back on.
A few of our friends have been forced to reduce their travel because of money problems. When you’re retired, your choices are a little more limited because, unless you have an area of expertise, you’re not as employable as you were when you were younger. But what most retirees don’t realize is that they do have certain advantages and the number one advantage is time. When you have the time, you can search for better deals on some of your expense items, especially food. You can almost make a game of it if you get serious about it because some stores run incredible sales. Try logging your savings each week to see how you do and keep track of every dollar you spend. Every item in your budget should be reviewed when things get tight. Some people do it regularly even when things are going well. Don’t automatically renew annual contracts without looking for a better deal. Take advantage of one of your biggest assets, time, and review all the offers that come your way. You may even find that you don’t have to stop traveling if you look for better deals and early or late bookings.
When things get tight, travel may be the first item to cut.
Take a look around the house to see if there’s anything of value that you can sell and don’t underestimate what a collector might pay for something that is collecting dust in your attic. I recently came across some amazing prices that were paid for old VHS tapes and some of the vinyl records of the fifties are seeing a revival in interest and an uptick in prices. When things get tight, a couple of hundred dollars extra here and there can make all the difference. If you’re creative, don’t overlook the possibility of selling a craft at a market or even online. You would be surprised at how many retirees start a little business in their golden years. Even better, they have fun doing it.
Even if you’re not having money problems, there’s nothing wrong with making a little extra money from a hobby or passion that you have. Many retired photographers have websites where they offer their best pictures for sale. I know that for a fact because we’ve purchased a couple from someone who lives in the community. He is semi-retired and wants to build this little photography business for when he takes the plunge into full time retirement. What’s really nice about the photography business is that some of the travel you do can be written off as an expense. The added income is nice to have as well especially when things get tight.
The financial experts will always tell you to consider downsizing and second mortgages and selling insurance policies but that’s not what I’m interested in, and I am not at all qualified to do it. I would rather be a little more creative and look for ways to bring in extra income that will provide a little enjoyment. Writing is something I enjoy doing and, if you have that passion as well, why not try your hand at a novel or break into the short story market. If fiction is not your preference, providing content for a publication or website is a growing market and it can be very enjoyable if you’re writing about something you’re interested in. You can start your own blog or, in this day and age, your own podcast. The internet is incredible in finding people who are interested in the same things that you’re interested in. Yes, there is a dark side to the internet, but if you exercise caution, it can be a very exciting undertaking.
The main point is that you should not let money problems keep you from enjoying life. When things get tight look for ways to leverage your interests and knowledge into a little venture that might bring in some money. Start by selling things you have no more use for to see if this is something you might want to do. A couple we know go to flea markets once or twice a month to sell some of the jewelry that they make and, even when they don’t bring in too much money, they have a good time doing it. The world is full of possibilities. Go out and give it a try. It’s time to Enjoy Retired Life!
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