Retirement forces a change in lifestyle. In the current bad economy the change is drastic. The retirement income of most people over 60 does not match their need, nor does it promise lasting future income. Portfolios have plummeted. So called safe funds have suffered. If the old folks own a home, the change in residential real estate values leaves many upside down on their mortgages. It has left them unable to take out loans to cushion their need temporarily. www.dayonestories.com/pdf/retirement_facts.pdf
What to do under these economic pressures? This short list has been gleaned from raising nine children on a shoestring:
1. Always pay your mortgage first. (If you can’t pay utilities, be aware the sun shines all day, the fireplace burns free wood, and in California, by law the water cannot be turned off). This is not to suggest you stop paying utilities. However, many charitable organizations that are unable to help with mortgages can help with utilities. http://money.msn.com/debt-management/how-not-to-pay-your-bills-weston.aspx
2. Pay your other bills next. Utilities, credit cards, maintenance (same link).
3. Review which bills are excessive or unnecessary. That means cut up that credit card and talk to the credit card company about lowering interest and offering a repayment plan. Quit gardening services, change to lower end cable programs and bundle them, switch to semi-annual instead of monthly bug service. Give up your maid. Delete duplicate phone services, for example decide on line phone or cellular service. http://frugalliving.about.com/od/frugalliving101/tp/Cut_Extras.htm
4. Cook your own meals. Eating out rapidly drains a budget. Cooking, on the other hand, allows full control of food expenses. Planning meals, shopping frequently, and limiting high end purchases prevent waste. It’s easy to get caught in the “sales” or “coupon” mentality, but buying bulk or unneeded items makes for throwing out things that go bad quickly. Also senior centers provide low cost meals (same link as 3). http://www.volunteerventuracounty.org/org/10245057753.html
5. Engage in cost free exercise programs. Take walks, do your own gardening, stretch out on your yoga mat. If you do plan on using a gym look for senior pricing, special sales, or month to month programs. Check community and senior citizen centers. They usually offer free or low cost exercise programs.
6. Consolidate your travels. With the high cost of gasoline, make sure you plan your trips to the grocery store, the hardware store, the park or gym together. Even visits to grandchildren can be part of a consolidated trip. One tank of gasoline will go much farther if you can include several locations at once.
7. Use public transportation and entertainment. Many low cost senior tours are available. http://www.denuretours.ca/ourtours_list.asp?id=18 They go to places like Reno, the Grand Canyon, Yosemite and other places of interest. Even local trains here in southern California, like the Metrolink or Amtrack, can provide a fun day in downtown Los Angeles or San Diego. Every city in America has its public means of mobility—subways, buses, senior vanpools. http://www.aarp.org/travel/travel-tips/info-01-2012/5-scenic-drives-california-wine-country.html
8. Make friends. Nothing makes retirement lonelier than isolation. Overeating, aimless wandering, and depression brought on by the empty nest syndrome become the biggest health risk for old-timers. A strong base of friends and family provides the psychological support that keeps seniors young and active. Visit children and grandchildren. Join your favorite hobby clubs (astronomy, model airplanes, chess, cooking, gardening, etc.). Make new friends (neighbors you have never visited before, friendly grocery clerks who share your interests, other old folks from your church community). http://ci.moorpark.ca.us/cgi-bin/start.exe/moorparkcity/index.html?entry=y&thid=75
Other simple cost cutters include cutting your own or husband’s hair, borrowing books from the library, and bicycling to nearby parks or shops. Even in a bad economy seniors can have their cake and eat it too.
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