Category Archives: Saving Money

Cost-Effective Ways To Enjoy Retirement

Funding Retirement, Saving Money, ,

This post was contributed to Leisure Freak by personal finance blogger Ted James.

Approximately 22% of Americans have less than $5,000 saved for retirement, according to a study cited by The Motley Fool. Additionally, 15% have no retirement savings at all. If you have very modest savings or none at all, you’ll need to live off your Social Security benefit during retirement. While the amount you’ll receive depends on your work record, the average monthly Social Security benefit was $1,509 in 2021. But you can still enjoy your golden years if you follow these tips, presented below.

Cost-Effective Ways To Enjoy Retirement

Photo Credit: Cottonbro via Pexels

Create a Budget

To create a budget, such as one following the 50/30/20 rule, first determine your fixed monthly expenses. These include your mortgage or rent, utilities, groceries and loans, and credit cards. You can’t eliminate these expenses, but you can reduce their payments. Try refinancing your loan for a lower rate, reducing utility usage, or negotiating a lower interest rate on your credit card.

Mixed Up Money notes that the most challenging part of creating a budget is finding ways to cut back on nonessential expenses because they’re difficult to track. These expenses can include dining out, buying gifts, taking vacations, and purchasing magazine subscriptions. Keep receipts and check your bank and credit card statements to see where you’re spending. 

Perhaps the most important aspect of your budget is planning for your retirement goals. You can be doing fine right now with your budget, but have you factored in the cost of retirement living or travel? When creating this document, project for the future. What income will you have after age 65? What are your primary goals once you retire, and how much will they cost to achieve? Once you factor in these components, you will be budgeting for more than now – you’ll be budgeting for your retirement.

Downsize

Downsizing means less maintenance and lower bills. It also allows you to find a property better suited to your needs as you age. Furthermore, if your home has increased in value over the years and your mortgage is almost or entirely paid off, downsizing to a cheaper property may leave you with a lot of equity. 

However, there are some potential disadvantages to downsizing. These include:

  • Fewer belongings. Some people get emotionally attached to particular items and may find it difficult to part with them.
  • No room for overnight guests. Family members who’ve stayed over in the past may now have to book into a hotel when they visit.
  • Lack of privacy. Smaller and fewer rooms make it difficult to get away from other family members when you want time alone.
  • Less recognition. Some people are more concerned with how others perceive them than with comfort and may find that moving to a smaller property doesn’t project the image of success. 

If you choose to downsize, you can also decide whether you want to sell your larger home or rent it. This decision will likely come down to money. Can you rent the property for more than you owe on it each month? If not, are you willing to break even in order to keep the equity? Or do you need the money in hand right now that would be available through a sale? 

Take in a Lodger

Taking in a lodger can help with expenses. Unlike tenants, lodgers are easier to evict should any problems occur. Lodgers also provide extra security for your home, particularly when you’re away. Check out the short-term rental laws in your area before considering renting a room to a lodger.

Part-time Work

Earn extra cash by freelancing to meet expenses and boost your bank account. One increasingly popular job is becoming a medical coder. In addition to performing critical behind-the-scenes tasks like accurately documenting patient data, medical coders determine a patient’s diagnosis and any procedures performed. By taking medical coding courses online, you’re equipped to learn industry standards, including how to use the Healthcare Common Procedure Coding System, (HCPCS) and Current Procedural Terminology (CPT) codes. 

Whatever type of work you pick up, if you decide to start a business using your skills, forming an LLC gives you tax advantages, flexibility, limited liability, and less paperwork. Avoid expensive lawyer fees by filling out the paperwork yourself or using a formation service. Check out your state’s rules for forming an LLC before proceeding, as they differ from state to state. 

Less Stress and More Enjoyment

Having a fixed income in your golden years doesn’t mean you have to worry about finances. Taking steps, such as budgeting, downsizing, working part-time, or taking in a lodger, can make your later years less stressful and more enjoyable.

 

Much thanks to Ted James for contributing this article that shares cost-effective ways to enjoy retirement.

Author Bio:

Ted James is a husband, father, dog owner, and rock climber living in the Pacific Northwest who devotes a large chunk of his time helping people get back in the driver’s seat of their finances. He created his site, Ted Knows Money, to share money tips and help people get complete control of their finances.

8 Money-Saving Tips for Large Families

Budgeting, Frugal Living, Saving Money,

 

A woman and her five kids having fun on a light blue couch

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This post was contributed to Leisure Freak by freelance content writer Charlotte Wyatt.  

Having a large family means constantly working on your spending discipline and finding different ways to save more money. After all, there is no such thing as a never-ending supply of money, and taking care of a large family can get quite expensive. However, even with everything you have to handle financially, there are ways to save extra money. In this article, we’ll let you in on eight money-saving tips for large families that will make your everyday lives that much easier.

Surprisingly simple money-saving tips for large families 

Many people dream of having a large family, but most of them end up quitting this idea due to financial concerns. After all, it’s not a secret that taking care of a big family can be very expensive.

A large family walking across a bridge during a sunset
Even though taking care of a large family is expensive, there are plenty of ways to make it work without having to sacrifice a lot.

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But even with all of that in mind, we often see many large families making it work with smiles on their faces. So, we did our research and found money-saving tips that might make you decide not to give up on your dream of having a large family.

#1 Set a budget and stick to it

The bigger the family, the more important it is to focus on determining your budget. Make sure to write down what money is coming in as well as what money is going out. Even the smallest expense should be on your list as it will help you understand your spending habits. More importantly, it will help you see if there is any more room to save.

By creating a budget, you’ll be doing yourself, as well as your entire family, a huge favor. There’s no better way to save money than rationally and strategically deciding how to spend it.

#2 Live simply

Most people think that having more kids means needing extra space and more things. But many large families do quite the opposite – they downsize their belongings and live a simpler life. This helps them save money and still live comfortably.

Four siblings hugging in the middle of a field and looking at the sunset
Living a simpler life will help your kids learn and nurture strong core values and become good people.

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Thus, you don’t need to wait to downsize after retirement. Your kids can learn to share rooms, and even if you don’t have a backyard, we’re sure there’ll be great parks in the neighborhood. Your holidays will still be magical without spending too much on decor, and your kids will still feel happy and loved.

Living simpler will surely help you save money. But, more importantly, it will help you teach your children the value of togetherness over material things.

#3 Save while shopping

Shopping for a large family is very different from your regular weekly visit to the grocery store. In fact, it usually requires thorough planning and detailed considerations.

Here are just some of the ways large families save money while shopping:

  • Many large families buy in bulk. 
  • Shopping online allows you to stay organized and curb impulse buying.
  • Visiting thrift shops is a great way to find cheap treasures your entire family will love.
  • Research coupon and promotion websites and take advantage of good offers.

#4 Don’t run away from hand-me-downs

Hand-me-downs are not something that’s reserved only for large families. Even in families with two kids, hand-me-downs are entirely common. We completely understand if you want all of your kids to have their own things, but just remember how expensive kids’ clothes can be and how fast they outgrow them, and you’ll realize you can spend that money on something more valuable.

If you want to save even more, consider sharing with other families. This way, you’ll not only save your money, but you’ll also help another family save theirs, too.

#5 Dine-in and prepare meals

Taking a large family out to eat is not just an expensive experience, but it can also be quite stressful and frustrating, especially if younger kids are involved. And even if you choose more affordable restaurants, the bill quickly adds up.

Preparing meals together and eating at home is one of the money-saving tips for large families
Cooking family meals together is a great way to teach your kids responsibilities while strengthening your relationship at the same time.

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This doesn’t mean you can’t make your home dining experience fun and meaningful. For instance, you can have a “make your own pizza” night and watch a family movie together after. You’ll still have a great meal, but you’ll also spend quality time together, and your kids will learn new skills.

#6 Look for free activities

Every kid wants to participate in different activities, join classes, try sports, and similar. However, these things cost money, and these expenses are much bigger when a large family is in question.

Luckily, there are ways to save money by doing a little research. You may find that your town or city is hosting free events for kids, or perhaps the school district offers different classes at reduced rates. You can never know until you start digging and asking around.

#7 Teach your kids to place a higher value on experiences than on things

Take a moment and think about your childhood. We are almost sure that you most remember fun family trips, movie nights, and even family dinners that were enriched with some silly anecdote. We’re also sure that you probably don’t remember most toys you begged for and quickly lost interest in them.

Your kids will likely remember the same things. They’ll cherish precious family moments and always happily reminisce about the quality time you’ve spent together. Sure, there will always be a toy or a gift with a special meaning to them, but we guarantee that, for most people, experiences are much more memorable and meaningful than any material thing. The best part about them is that they’re mostly free!

#8 Remember – there’s always room to save more

Lastly, always keep in mind that no matter the situation, there are always ways to save more money. The trick is in thinking outside the box and looking for creative alternatives for otherwise expensive solutions. And trust us, if you put your mind to it, you’ll be able to get a lot of things done more or less free of charge. 

For instance, let’s say you and your family are moving. Sure there are costs that are unavoidable but saving money when moving is not impossible. A good way to cut costs during the process is by asking family and friends to help you instead of hiring movers or using things you already have at home, such as blankets as moving supplies.

Final thoughts

On top of everything we’ve listed, there are plenty more money-saving tips for large families you can test. Always have in mind that every family is unique and specific in its way. Therefore, it’s always good to think outside the box and come up with creative ways to boost your family’s budget. If you put enough effort, soon you might even be able to start thinking about ways to fund your early retirement.

Much thanks to Charlotte Wyatt for sharing these timely money savings tips when squeezing some discounts out of daily life has never been more needed.
8 Money-Saving Tips for Large FamiliesAuthor bio:

Charlotte Wyatt is a single mom living with her two kids in Washington D.C. She is working as a freelance content writer which gives her flexibility to spend a lot of quality time with her kids. Being that she’s supporting her family on her own, she learned many money-saving tips and she’s always happy to share them in her articles. 

Life Realities: 7 Beginner Saving Tips for Retirement

Retirement Plan, Saving Money,

This informative post providing several beginner saving tips for retirement was contributed to Leisure Freak by writer Roni Davis. 

If we didn’t have many financial responsibilities on our shoulders, we would start saving every penny we could right from our first paycheck. However, having the discipline to put your finances in check in your younger years is not always possible. When they are just striking out on their own, many people are unaware and just trying to find their place in this fast-changing world. 

It is natural to want to be better and find greener pastures – so don’t panic! Even if you’re already in your golden years and searching for a good retirement community to spend the rest of your days, you can still kick off your plan to improve your finances for the better before that time comes. Let’s discuss how to do it:

Life Realities: 7 Beginner Saving Tips for Retirement

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1 – Know Your Benefits

No one is a master at everything. Before settling on a plan, speak to your employer to see what, if any, benefits you receive. Some employers don’t have pension plans for their employees. Knowing this beforehand will help you understand the benefits you will get and if you need to change workplaces to better companies that look into their employees’ future. You might also be the key to your company considering making plans towards this if it doesn’t have plans for this. 

2 – Set Goals

Besides speaking with your employer, you should also talk to a financial advisor who can help you set goals to make your money work for you. As soon as you get all the information you need, devise a realistic plan to start saving your money. The most significant parts of this plan are how to start, where to save, your saving rate, investment ideas to boost your savings, and the deposit days. Make a solid plan to follow through and build up the required discipline. 

3 – Review Your Investments

There are two groups here; those who already have investments and those who don’t. If you already have investments in place, this is the time to re-evaluate them and see if they’re making the returns you had aspired to. If they’re bringing in more losses than profits, then it’s time to re-strategize and choose to either drop them or find ways to make them work. 

The investments could be right at times, but they could not be working because you don’t give them much-deserved time. Balance it all out and decide if you need to keep them or drop them. Alternatively, have you considered passive income? These will save you time. Weigh your options and conclude. 

If you haven’t started an investment plan yet, consult your financial advisor to guide you through it, preferably long-term ideas that will linger on even after retirement. These will undoubtedly boost your savings by a substantial margin.

4 – Automate Your Savings

If you look closely, this has been a lifesaver for many. Most people do this by setting a fixed amount of money taken off their paycheck before receiving it. Many people out there have a hard time saving their money, but with such systems in place, it makes it easier for them. Automating your savings saves your time and helps you plan accordingly for the remaining balance without wasting it. 

5 – Make Adjustments to Your Lifestyle

We all agree that unnecessary habits end up draining our bank accounts for nothing. It could be your drinking habits, traveling, buying expensive clothes, name them! It’s not easy to cut down on some of these, especially if they’re peer-influenced or if they have been part of your lifestyle for a long time. 

There’s always a starting point, and these are some of the challenging adjustments you will have to make. You can take the extra cash into an emergency fund to save you during the rainy days and to clear your debts, if any. This is not to say that you can’t spoil yourself once in a while, but this time around, do it with a plan. 

6 – Add To Your Working Hours

While you’re still energetic enough, it’s not a bad idea to put in the work to boost your income. Get that extra job if you need to, or consider extending your working time beyond the recommended retirement age, even if it means getting a part-time job. With this, you’ll comfortably meet your expenses as you save up. 

7 – Delay Your Social Security Benefits

In the financial world, you use all the tactics available to keep your finances aligned as long as you do it the legal way. A common mistake made by many is taking their social security too early. Delaying your retirement could make a significant difference to your more income and boost your survivor benefits for your beneficiary. 

 

Start making plans for your retirement life as early as now to avoid regrets. If you make your plans early, you will look forward to your retirement life without fear. Don’t also forget to be alert on the changing market trends to readjust accordingly to secure your retirement fund safely. 

Thanks Roni for contributing this article to Leisure Freak detailing some beginner saving tips for retirement.  The sooner we start, the sooner we develop the personal finance discipline and habits while leveraging time to build a better future for ourselves. 
V Baxter is now Roni Davis-Leisure Freak Contributed PostAbout the Author

Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.

Steps to Pay off Debt and Save for Retirement

Managing Debt, Saving Money

This post was contributed to Leisure Freak by attorney Camron Hoorfar who specializes in issues of debt.

The current uncertain economic situation is making many Americans rethink their finances. The figures about consumer debt are a concern for many people. So, if you are thinking about paying off debt and saving for your retirement, you are not alone. 

The ideal approach is to look for ways to settle your debts and focus on a savings plan. You can then use the savings for investments to create a source of income when your paycheck stops rolling in after your retirement. 

So, here is a step-by-step guide you can follow to pay off your debt and save a substantial amount for your retirement. We have divided it into two parts, wherein the first one focuses on bringing down debt while the other one tells how to increase your savings.

Ways to Reduce your Debt Burden

Debt reduction and retirement savings are connected. Unless you settle your debts, you will not have enough money to save for your retirement plan. Therefore, the first thing you need to do is pay off your debt. Here are some ways through which you can achieve the goal of reducing your debt.

  • Pay off Expensive Debt First 

Firstly, list down all the debts with a high-interest rate, such as credit card debt or student loans. It is vital to understand that not all debt is bad. If you have a mortgage or a car loan, it is eventually contributing towards your retirement savings. 

However, debts with high-interest loans will quickly drain your finances. 

Therefore, your priority needs to be increasing payments to get rid of those debts quickly. Once you clear out all your high-interest loans, you can divert those funds towards an investment plan to have a significant amount when you retire.

  • Create an Emergency Fund 

Emergency funds are essential in case you have to deal with an unforeseen expenditure. There is no saying when you have an urgent bill or medical expense to deal with.

 If you don’t have a pool of resources available to deal with it, you will have to turn towards high-interest loans, which can further plunge you into more debt. 

But with a backup plan, you can effectively deal with the expense without taking on more debt. The ideal amount in an emergency fund should cover around 6 to 9 months of your basic expenses. Also, it needs to be as good as cash since you will need quick access to the money.

  • Revise your Budget to Cut Down Expenses

Updating your budget can primarily help you reduce your debt, but it can help in also increasing your retirement savings. You can kill two birds with one stone if you can revise your budget and look for ways to bring down your expenses. By doing so, you will have extra cash in hand. 

You can use it to pay off your high-interest debt, or if you want, you can add it to your retirement savings as well. If you don’t have a monthly budget, then it is high time you create one to find out how much you are making, spending, saving, or investing. If you already have a budget, you need to revise it. 

Also, when creating a budget, you need to consider a debt reduction plan and a savings plan. You need to allocate some money for both of them, so it will be easy for you to maintain a balance in saving and paying off debt.

Ways to Increase your Savings for Retirement 

Now that you know about the steps to reduce your debt, you can use the saved money and channel it towards your retirement plan. Here is how you can increase your savings in 3 easy ways.

  • Take upon a Side Hustle 

If you have the time and energy, it is better to invest those valuable resources in creating a new income stream. With the extra cash in hand, you can save it up and use it for your retirement plans. 

Although it will be challenging and tiring to take up a second job or a side gig, it is still better than being in debt or with no money in your retirement. The extra pool of resources can help you build an emergency fund sooner. 

You can also use the extra cash to pay off your debt. However, it will be best to save it rather than spend it on anything else. In addition, taking a side job gives you the advantage of stretching out your working life and getting health insurance to cover the time to your Medicare age.

  • Set Incremental Saving Goals 

It is best to go for an incremental strategy by setting small targets for your saving plan. You can’t save all the money in the short run if you plan to have a substantial amount in your hand upon retirement.

 So, it is better to set achievable saving goals and duration to achieve them. It will not burden you too much and will give you a plan on how to proceed with your savings.

  • Take Advantage of your Employer’s Contribution in Retirement Planning

The best way to save up more money without any hassle is by contributing more towards your retirement plan. If you have a 401(k) or 403(b), your employer will give you the same amount you are saving.

 So, if you are saving up to 10% of your income, the employer will match it by giving the exact figure. 

You should work towards raising the proportion of contribution to retirement savings. You can take advantage of it till you’ve reached your employer’s optimum defined contribution plan. Also, check the duration of the time before your employer can vest into your retirement plans.

In a Nutshell

By following these easy steps, you can settle your debts in no time and have an ample amount of money for your retirement. To summarize, all you need to do is pay off the expensive loans first. Next, you need to use the saved up money to invest in your retirement plans. 

You can always take the help of financial advisors if you are not sure where to begin from. These advisors analyze your situation and give you a pathway to reduce your debt and increase savings for your retirement.

Much thanks to Camron Hoorfar for sharing his steps to pay off debt and save for retirement.
About the Author:

Steps to Pay off Debt and Save for Retirement

Camron Hoorfar is a licensed attorney with vast experience in consumer debt, litigation, bankruptcy, tax, business laws, criminal laws, and non-profit organizations. He is also the spokesperson of DebtConsolidationCare – the Internet’s first get out of debt community.

My Shameless Anti-Economy Sins of FIRE That Can Benefit Anyone

Financial Independence, Financially Free, optimism, Saving Money, ,

To be clear, for what I’m about to confess, I remain fully unrepentant. I understand that I’m considered deplorable in the eyes of some government, economic, business, and corporate authorities. I shamelessly stand by my anti-economy sins of FIRE. Although what I confess may cause authoritative scorn, I share my path because I know that anyone can benefit from adopting my sinful examples. But do so knowing what you may risk taking this path of wickedness.

My Shameless Anti-Economy Sins of FIRE That Can Benefit AnyoneImage Source

The Anti-Economy Sins of FIRE Of Which I’m Guilty Of

Time to lighten things up. I find that in today’s divisive and anti-everything environment that the only way to get some people to pay attention is to join the darkside. So on that note, here are the anti-economy sins of FIRE that can benefit anyone who dares walk this same path.

My biggest anti-economic sin is practicing the dark arts of frugality with purpose.

Spend-baby-spend is the call of this consumer based world economy. My anti-economy sin goes beyond frugality, it also includes a heavy dose of purposeful spending. I only buy what I need and only from sources I like. Oh my, it’s my personal sinful dabbling into cancel-culture. All the laughable political screaming about “cancel-culture” has me deciding that I am willing to play in this sin to personally feel better about, wait for it…. MY LIFE. 

I admit there are some businesses and products I purposely refuse to spend money on or at.

Freedom baby! I don’t go around screaming who and why, nor wearing a provocative hat or T-Shirt to make a big deal about it. I just quietly stay on budget and purposely choose where my money goes. If a business, whether at point of sale, corporate or owner level acts like Jack-Holes or goes out of their way to promote Jack-Holes, they are cancelled from my budget.

My spending moto: Only do business where they act decently. I don’t want or need to hear about their perversions. Not everyone wants to know you enjoy humping active beehives.

Inflation has me cancel some product purchases until either prices come down or I change my mind on whether it represents a good value. 

Funny thing about all of this. We haven’t been left feeling for want or deprived. There are always alternatives. My money, my choice! 

Frugality with purpose adds the huge financial benefit of being able to live my life of freedom on less money. I needed less in my portfolio to fund my economically sinful early retirement lifestyle so I could ditch the rat race without first acquiring a massive portfolio. On top of that, because of my lower yearly income needed, I’m able to pay far less in taxes. 

Next on the anti-economic sin list is my refusal to work.

Oh the wicked horror of practicing this sin in a time of business complaints over the lack of people to hire. During this time of the anti-work movement and the great resignation where there’s a huge need to fill job openings, I’m passing on opportunities to chase carrots to build even more wealth. I must be some kind of economic heretic. It must be economically selfish and sinful when an able bodied and skillful person purposely refuses to work for the good of the consumer centric economy, profits, and the tax base. 

I’m committing the sin of breaking  the commandment that when the economic beast is hungry none shall escape except when “they” don’t need you anymore. It’s funny to me how other times it’s not a sin but totally cool with the economy gods to voluntarily lean out. As was the case when I retired young in 2009 among the masses of the downsized.

I’ve actually enjoyed working since I first retired 12 years ago.

I’ve been able to learn and do rewarding work that has been on my bucket list while increasing net worth at the same time. But I only take on retirement work when on my terms. Not all jobs are opportunities. Being picky is something FIRE sinfully allows to be the highest priority. It would take a very special retirement job pitch to get me back in the game. Shameful, just shameful, NOT! 

That said, my refusal to work isn’t set in stone as never. Just not now.

I sinfully use my credit card but I never pay interest.

Plastic, the easy way to buy whatever you want and need. Many do it as designed. Buy more than you can payoff each month and pay high interest for the privilege of being allowed to do so. Banks don’t provide credit cards out of kindness, but some do offer rewards to lure you to use them. It is easy to assume that they do this knowing most will slip up and spend more than they can clear. Then becoming locked into paying monthly interest on their unpaid balances. 

My sin is using the hell out of our rewards credit card and winning their game by always paying the balance off each month. For over 25 years I’ve paid no interest but have reaped cash rewards. We cash out credit rewards to cover 35% to 50% of our overall Christmas budget each year.

Not my biggest anti-economic sin but perhaps considered the worst: Promoting my sinful ways to corrupt others to join me.

I shamelessly promote my anti-economy sins of FIRE here on Leisure Freak and every chance I get. Although I never word it in this dark tainted manner. I’m just talking about the same personal finance habits that get pitched in a positive tone everywhere else but trying to appeal to those who are better motivated by having an adversarial emotion to do something that’s actually positive. 

Do any of the economic overlords really care about my promoting these sins? I doubt it. They know most people won’t pay attention and will continue on their normal consumer, employment, and debtor path that has systematically been laid out. Sadly, that is something I know they’re right about.  

Beware the sins of FIRE risks

Walking this wicked economically sinful path doesn’t come without risks. 

Those with the power to hire set the commandments. No matter how accomplished you are in your field, take time away and you may be punished. Skills will be seen as diminished. Your escape can be used against you if you ever wish to chase new opportunities in the future. 

You can never complain about low, lax, or incompetent service. There is a risk of over challenging your patience capabilities. If you sin against the economy then you must accept labor shortages and their impacts. You will have to lower expectations and still feel gratitude towards those who are obedient to the mainstream consumer economic system. 

There’s the risk that there may be times when you feel yourself being a hypocrite. Preaching the benefits of your anti-economy sins of FIRE while knowing full well that if everyone joined you the economy would crash. That would certainly destroy the benefits of your economically wicked ways. Nah, I think keeping personal finance and the freedom it provides a secret is the far greater sin.

Does Your Credit Score Matter After You Retire?

Managing Debt, Retirement Plan, Saving Money, ,

Retirees, and especially individuals looking to retire early, may wonder if their credit score matters after they retire. The short answer is that it does. You may still need to borrow in retirement, and your credit report significantly affects your ability to do that. 

Individuals with good credit scores get more favorable interest rates on loans. They are also more likely to be approved for loans, to begin with. Higher credit limits are allotted to people with good credit, allowing you to enjoy more of your golden years. 

While your relationship with money may change dramatically upon retirement, it will still be a necessary part of your life. The following are some things your credit score will affect even in retirement. 

Does Your Credit Score Matter After You Retire?

Photo by Elena Saharova on Unsplash

Buying A New Car

Your credit will be checked when purchasing a new vehicle. Many people buy new vehicles after retiring for either travel purposes or to downsize. You may even decide to sell your home entirely and purchase an RV home in which to travel. 

Fortunately, you are unlikely to be denied a car loan even if your credit isn’t stellar. This is because vehicles are easier for banks to repossess should you default on the loan. However, a vehicle will cost substantially more due to higher interest rates if your credit is bad. 

Buying Property

You may still purchase property in retirement, even if you aren’t planning to. For example, you may downsize from your existing home into a condo. Health issues may necessitate moving into an assisted living facility. A better credit score will make it easier and cheaper for you to buy a property of any kind. 

Even if you plan to rent, landlords check credit as well to evaluate the risk of taking you on as a tenant. In fact, your income and credit history are two of the biggest factors landlords evaluate when reviewing your application. Be sure to budget appropriately for your living costs in retirement. 

Refinancing A Mortgage

If you are still paying a mortgage in retirement, it may be a smart idea to refinance your house. Doing so can help you save significant amounts of money on your monthly mortgage payments. However, to get a good deal on refinancing, your credit score has to be good. 

Remember that borrowing against your home equity can affect your credit score. Go in with the best credit score possible and a solid understanding of how a refinance can affect your credit. Your lender can even cancel your refinance loan if your credit score falls below a certain level. 

Keeping Low Insurance Rates

Certain states do not allow credit rating to affect insurance rates, including California, Hawaii, and Massachusetts. If you live anywhere else, insurers can take your credit rating into account when determining your rates. The lower your rating, the higher your rates will be. 

You cannot afford to live without certain types of insurance. In particular, the costs of not carrying adequate homeowners insurance are too high to be worth the risk. Car insurance is legally mandatory. You may also need to carry insurance on items such as boats or RVs. 

Facilitating Better Travel

The freedom to travel is one of the biggest perks of retirement, especially retiring early. Some credit cards give you incredible rewards you can use to travel for cheap or free. However, these cards all require a very good credit score to be approved for them. 

It can also be difficult to travel without a decent credit limit. Doing so can take away money from other necessary expenses. This can create a cash flow problem that could be a real issue under the right circumstances. Never charge more than you can comfortably repay. 

Avoiding Identity Theft

If you haven’t checked your credit score much in retirement, you may be at higher risk for undiscovered identity theft. Identity theft is particularly high among seniors because there are many scams targeted to that demographic. Knowing the status of your credit and being in control of it is key to detecting identity theft immediately. 

Credit cards also offer protection against fraudulent purchases that other forms of payment do not. Aside from guarding against identity theft, credit cards can also come with added warranties for items you purchase. 

Starting A New Business

Upon retirement, you may decide that you don’t want to actually stop working. Retirement can be an excellent opportunity for pursuing a lifelong dream, hobby or passion. To do this, you may be considering starting a small business. 

Many businesses will require loans to set up. Like other loans, you will be charged a higher interest rate the worse your credit score is. This added expense will be a burden on your business from the beginning and make it more difficult to remain in business. It will also be much more difficult to get a business loan at all if your credit worthiness is poor. 

Existing Debt

If you have outstanding debt upon retirement, you will want to maintain a good credit score to keep interest rates low. Credit card issuers regularly change the interest rates of cardholders depending on how their creditworthiness changes. 

Interest can accumulate quickly and put you in a bad financial situation. This is especially true if your interest rates suddenly or gradually increase due to a decreased credit score. Do not let this happen. Continue to pay off debt and maintain a good credit score, and you will pay less in interest over time. 

Getting A New Job

You may not plan to get another job after you’ve retired, but plans can change. Perhaps you decide you need something to do or could use the extra income from a part-time job. Neither of these situations is uncommon among retirees, and you should be prepared for the possibilities. 

If you do get another job at any point, your credit score will be something your potential employer views. While it certainly isn’t the only factor in determining whether to hire someone, it can be a red flag for an employer if you fail a credit check. A hiring manager is going to view someone with strong credit as a more reliable candidate. 

Supporting Family Members Financially

You may be financially well-off, but your family members, especially your children and grandchildren, may not yet be. This often results in parents giving their children a little financial help every once in a while. Unfortunately, doing so can become more difficult and costly if you have bad credit. 

Being able to cosign for children who need help to get loans of their own is a major way parents help their kids. Doing so can help ensure your children get loans and at favorable rates. You can be a cosigner on things such as leases, car loans and more. However, you need to have good credit to be a cosigner. 

Preparing For Healthcare Costs

As you get older, you will often run into increased medical costs. Even if you have saved for retirement responsibly, medical expenses incurred due to age-related conditions can add up quickly. 

A high line of credit, which you can only get when you have and maintain good credit, will help you pay for these medical expenses. Hospitals are also more likely to agree to a favorable payment plan if your credit history is good. 

Preparing For Emergencies

A good credit score will give you a higher line of credit to cover the costs of any emergencies when they occur. You need to be prepared to financially cover emergencies no matter your age. Unexpected expenses are sure to occur at some point during your retirement. 

Emergencies where having good credit and a higher credit limit can pay off include car repairs, home repairs, medical bills, and other possible necessities. You may need to borrow to cover these costs, and the loans will cost less if your interest rates are lower due to good credit. 

Other Places That Check Credit

Other places check your credit you were probably not even aware of. For example, cell phone companies will give better deals to individuals with good credit. Utility companies will also do a credit check when you set up services with them. 



Your credit undeniably plays a major role in your life at any age. It is one of the best tools you have to prove your financial reliability in a wide variety of circumstances. Maintain good credit so it won’t affect unforeseen areas of your life. 

Retiring is ultimately no reason to stop monitoring your credit score. Check it regularly to ensure your score is good and that there are no issues such as fraud occurring. Maintain good credit by paying bills on time, keeping a budget and using your credit responsibly. 

Do you have a question or anything else to add? Be sure to leave a comment.

Thank you John Blakely for this informative article contribution to Leisure Freak

About the Author:

John Blakely has had a passion for all things personal finance for over a decade. He is a firm believer in having big financial dreams and executing on a plan to realize them. He is an Education Ambassador for ScoreSense where you can find more of his writings.

Is Early Retirement Using Stealth Wealth Gaming The System?

Retirement Plan, Saving Money, Taxes,

I have been told by some people who I’m routinely in contact with that I’m hard to figure out. I’m always dressed casually, drive some older but uniquely memorable cars, and they know I don’t work in any conventional sense. Yet I am able to live in a somewhat high-cost area. I am seen all over town and at events enjoying the heck out of life. I do stick to what they see as a financially measured routine. Just an average friendly guy on a budget. It works great for me because that’s exactly who I am. I’m not purposely using stealth wealth to fool anyone I encounter. As I get to know people better I clue then into the ways of early retirement.

For me, practicing stealth wealth isn’t about hiding my net worth from my family, friends, and community, although I don’t talk about it with people. It’s about how I want the government to see me. Based on my taxable income, I live below average median income levels. A type of stealth wealth strategy to live beneath the government tax and benefits radar. Am I gaming the system? Good question. I’m of sufficient net worth to retire early, yet I’m indistinguishable from the lower-income working class. I simply live the same frugal lifestyle that I enjoy and used to reach my early retirement financial target. I just look like most everyone else in this income centric society and its current economic rules.

Is Early Retirement Using Stealth Wealth Gaming The System?

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Is My Use Of Stealth Wealth Gaming The System?

I shamelessly admit that I use stealth wealth tactics to my advantage. As far as I am concerned I’m just using a different flavor of what the worshiped rich do. I use every legal means possible to pay less taxes and make myself able to take full advantage of qualifying benefits. Some people who I talk about early retirement with feel that some aspects of stealth wealth seems as unfairly gaming the system. I have to explain that “the system” they feel uncomfortable about gaming is based on rules and laws. None is being broken. For some crazy reason the thought of any of us common folk doing what the worshiped rich do is somehow unethical. I wonder, where do these kinds of thoughts come from? Well, I refuse to feel any shame and here’s why –

Using Today’s Most Worshiped Rich Guy As An Example To Make My Point

This guy proves why using stealth wealth to game the system must be alright with today’s world. He flaunts his wealth. It’s well known what was revealed during the presidential debates. In one of the only dug up tax returns, even with millions in income, he used tax loopholes to pay no income taxes. He famously proclaimed, “that makes me smart”, yet it wasn’t held against him. He obviously received the electoral-college edge to become president and has millions of ardent followers.

So, if the worshiped rich do it and it’s seen as OK, why then is it held against or thought unethical if the working class takes advantage of any tax laws and benefits that are available? Is gaming the system only acceptable for the worshiped rich?

Obamacare – Affordable Care Act (ACA)

Having a decent net worth and doing what it takes to qualify for low-cost Obamacare health insurance is the issue some folks lose their minds over. That’s why I always start with using the most famous, or as some prefer, infamous, of today’s worshiped rich guys as an example.

Yes, if you use stealth wealth strategies to keep your taxable income low enough in early retirement, you can get federally subsidized health insurance. Why is stealth wealth retirees using subsidized ACA healthcare different from when billionaires pay no or very little in income taxes? They certainly receive the same benefits of being an American as the working class people who do pay taxes every year. Answer: It isn’t! If purposely structuring your income to qualify for taking ACA subsidies is being an unethical leech, then so is the billionaire president or any of the many others for paying no or ridiculously low federal income tax on millions in income.

It’s perfectly legal and within the rules to be an IRA millionaire and apply for Obamacare subsidized health insurance. For many people, early retirement before age 65 and starting medicare must find a way to overcome the huge healthcare challenges. If your income amount qualifies, the ACA should be considered without shame, regardless of anyone’s overall portfolio size.  

My Early Retirement Healthcare

I’m not on the ACA and I pay $1064 a month (2018) for my health insurance from an employer retirement benefit. I’m one of the dwindling few Americans who after 30 years of service had something like this available. But it has changed to a use-it-or-lose-it for life benefit because of company mergers and is under threat of being cancelled every year. Based on our taxable income I could get a subsidized ACA silver plan for half what I’m now paying. But the ACA is under constant political threat. So, even though I could save substantially, I won’t give up my retirement benefit. I’m on my retirement benefit healthcare plan until it gets killed. But I see no shame in going to the ACA If anything happens to my retirement health plan.

Purposely Lower My Tax Rate

When working there was little I could do to lower my taxable income beyond what a 401k and IRAs could do. After that I was just left with Schedule A deductions. There wasn’t a legal way that I could substantially reduce my taxable income. I paid in taxes nearly what my yearly retirement budget is now. Once I retired and started living off of my portfolio I had some control over taxable income. My biggest stealth wealth move is looking like I live on a lower income and thus pay little in taxes. It comes right out of the billionaire handbook – Pay the least amount of taxes possible.

Tax Efficient Income Strategy

I purposely use a tax efficient retirement withdrawal strategy to control my taxable income and improve portfolio longevity success. Instead of trying to find tax deduction loopholes as the worshiped rich do, I use a mix of both taxable and non-taxable funds during the year to get my total budgeted amount. It lowers my taxes and is what allows me to be eligible for ACA subsidies if I ever need them. If I were to go on the ACA I would need even less taxable income from my portfolio and will pay even less taxes. A win-win!

Delayed Tax Payment

Not only do I keep my taxable income low but I only pay the minimum taxes through the year without getting hit with a underpayment penalty. I make the government wait to the last-minute to get what’s fully owed. The amounts I hold back go instead into an interest paying account. Why shouldn’t working class folks, the dwindling middle class, collect interest on their money by saving it instead of prepaying more than they need to? Even if it’s a small interest income amount earned, it’s more than zero. I never overpay through the year. Refund my own overpaid money, interest-free, only when they are good and ready to – Forget that!

The recent tax cuts threw us a few peanuts and gave the big cuts to the worshiped rich and corporations. That alone is reason to think about ways to game this part of the system in our favor just like the folks who dreamed up this new scheme. What’s good for the wealth flaunting elite is good for the stealth wealth early retiree and everyone else.

Living Well Without Shame

Early retirement is all about living well, very well, for the working middle class. There are many things that should be considered. Some are less known than others, like the retirement loophole to get IRA money before age 59 ½ without penalty. Using stealth wealth strategies both in how we live and how we structure our finances isn’t gaming the system. It’s taking advantage of a financially sustainable lifestyle within the existing rules and laws so we too can live well.

Gaming The System? Hardly!

As to those who feel stealth wealth retirees are gaming the system, we need to get over squabbling with each other over the peanuts that the worshiped rich message we are only worthy of. What next, tell us that the Social Security and Medicare we were forced to pay into our whole lives should be cut to cover the growing deficit.? A deficit made worse from the worshiped rich tax cut.

We have the same rights to pay lower income taxes and collect any qualifying benefits as the billionaire ruling class and mega corporations do. It isn’t gaming the system at all. It’s about putting our money towards our retirement freedom, the causes, charities, and the people we care about. And, for me that list has absolutely no worshiped rich folks on it.

I do love being the regular ordinary guy that’s hard to figure out by folks. After decades of paying into the system a higher percentage of my income than the worshiped rich do, I love even more being seen by the government as a lower-income working class taxpayer like most everyone else. I do admit there may also be enjoyment that goes beyond financial in my tactics. Sometimes it’s the little things that we amuse ourselves with that adds a little fun to life.

Do Your Retirement Plans Include A Passion For Gardening? Retirement Gardening Tips

Frugal Living, Passion, Saving Money, ,

While I was a working stiff one of our hobbies was working in the yard and gardening. It was a welcome escape from a Tech job of sitting in front of a computer and talking on endless conference calls. It was something my wife and I would do together on weekends chatting and pulling weeds or picking the literal fruits of our labor. We both looked forward to spending our increased available time in retirement to feed our passion for gardening and living a healthy lifestyle. But over the years of our retirement we have learned a few things. Here’s some retirement gardening tips and our observations for anyone planning to retire and spending more time in their yard and garden.

Do Your Retirement Plans Include A Passion For Gardening? Retirement Gardening Tips

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Retirement Gardening Tips to Save Money

Having a lush green lawn and a large garden can be costly in both time and money. Many working people have weekly lawn care to trim and mow, raking leaves, trimming bushes. Then there are services for fertilizing the lawn, aerating, spraying and/or pruning fruit trees, and spraying around the house for invasive pests like spiders and beetles. Some of these may have an ongoing contract where they just show up, do it, then send you the bill. When all added up this can run into a lot of money spent to save you time. Time that may be available once you have retired.

Chances are you already have the mower, line trimmer and other tools already sitting in your garage. Buying a couple of tank sprayers, one for weeds and one for insects, and a fertilizer spreader is not very expensive. There are multiple sources online to provide advice on what types of things to use in your area. Not only do you save a considerable amount of money but you also have knowledge and control over what is sprayed in your environment.

If plants get sugar aphids, professional companies would spray chemical insecticide. The problem is it would also kill any ladybugs that may be feeding on them. The aphids can be easily killed if you want to take the time by spraying them off the leaves with high pressure water from the hose. Try to use natural ways to remove pests and lessen the introduction of harmful chemicals to yourself and beneficial insects like bees and ladybugs when you can.

Retirement Gardening Tips to Save Time

Once I retired our lifestyle gradually evolved and we chose to spend much of the summer in our 5th wheel on our lake property. That has pretty much doubled the yard work but cut our time in half to do it.

As for saving time there are things you can consider. As most people, we have automated home sprinklers. That alone still required hand watering certain areas of the yard and garden based on watering needs. So a few years before I retired  I expanded my old system. I had extra zones on the controller box so I separated zones for flower beds, garden and lawns because of their vastly different water requirements. That way I can water my flower beds and garden twice a day for just a few minutes. My lawn is set for longer but only every 3 or 4 days.

This not only conserves water and saves money but also saves time. No more dragging a hose to water-starved plants. Through experimentation I know in the hottest part of the summer just how much water to give my lawn so that it stays green and yet only grows enough that it needs mowing only every 10 to 14 days. I have gladly given up a weekly lawn mowing routine.

Retirement Gardening Tips For Travelers

If your retirement plans include summer travel you might want to consider planting bushes and perennials that bloom at different times and let them become established. They can keep color in your yard year round with minimal care and to the casual observer it will appear you are home. Adding bark mulch around can keep the soil moist. It then requires less water and slows the weeds, or at least make it easier to pull them. Our city has organic mulch and wood chips available at the landfill at very reasonable prices. We have found that between metered watering of our lawn for slower growth, use of mulch to reduce if not eliminate weeds, and strategic planting of flowering bushes, automatic porch light sensors, and light timers within the home, that our home looks occupied for our extended travels spent at the lake.

Planning Your Garden For Your Evolving Retirement Lifestyle

In the past we grew a large garden with many varieties of vegetables. Coming back from the lake to find 20 giant zucchini too big to eat was irritating. Instead of being happy with a bountiful harvest filling the kitchen it just looked like a huge amount of work. We now only plant as much as we plan on eating with the exception of tomatoes. We harvest and either blanch, peel and freeze for use throughout the year, or we can (jar) salsa, chili and pasta sauce.

When planning your garden, check for vegetables that are cheap at the local farmer’s markets or grocery stores. Let them grow it for you instead of wasting your time, money, and garden space. We love homemade pickles. We used to plant pickling cukes and have them mature 5 or 6 at a time and sit in the fridge until we get enough to can. Now when we see them on sale we buy enough to make a dozen quarts of pickles.

We have a small patch of our garden area dedicated to herbs, garlic, green onions, chives and leeks that will grow almost anywhere. We have parsley, sage, rosemary, and yes thyme, as well as oregano and arugula. In the summer we can get a big pot of basil that we harvest 3 or 4 times and use it fresh or freeze it.

Spending Less On Fruit

Another patch in a less visible spot that used to be garden we planted some raspberry and blackberry bushes. They aren’t especially pretty but they provide a steady supply of berries. We have a small peach tree and a dwarf plum. Neither of which require spraying in our area and only have to be pruned once a year. We enjoy the fresh fruit and also make jam with it.

We enjoy many other types of fresh fruit without having to grow them ourselves. That’s because we have neighbors that have apples and pears and we exchange fruit with them. Look around your neighborhood. Ask your friends and family about setting up a fruit exchange and optimize your fruit variety without increasing your spent time and money.

 

We have found that we can still enjoy our yard and get a bountiful harvest while spending a minimal amount of money on it and only as much time as we would like. These are but a few money and time-saving ideas to consider in your retirement gardening plans. Once retired and your retirement lifestyle becomes more clear, find ways to evolve your gardening passion to align with it.

This article of retirement gardening ideas and tips was written by friend and Leisure Freak reader Ralph Arnold who retired early 8 years ago while in his 40s.

Regardless of your age, there’s nothing better than getting outside, digging in the dirt, and working in the garden. For more gardening info see Gardening Resources for Seniors.

How To Improve Your Financial Situation Today For A Better Future

Financial Independence, Frugal Living, Managing Debt, Retire Early, Retirement Plan, Saving Money, , , ,

Money is something that not everyone is comfortable talking about. Either you’re doing well and you don’t overly want to go into your situation or seem like your boasting, or you’re not doing so well and you don’t want to have to think about it. Despite which option applies most to you, you may find that you just don’t want to have to think too much about money. But if you want to be able to let your finances really flourish, you just have to. You have to be okay with thinking about money, coming up with ideas, and planning what you’re going to do for a better financial future. There’s no way around it. Because if you are going to enjoy a healthy financial future, you have to start putting the wheels in motion today. And this is something that not everybody realizes.

So, you want to enjoy your retirement or have a more comfortable standard of living in ten years time? Well, that all starts today. Today is the day that you really need to be okay with making changes to your current circumstances, habits, and actions. When you can work on making improvements now, you will find that you really turn things around. Even if you’re not struggling and you have your sights set on being in an incredible situation. If you want that to happen, you need to get real about it all today. If you’re not sure where to start, let’s take a look at some steps that can help you to do it.

How To Improve Your Financial Situation Today For A Better FutureImage source

 

1- Be Real About Your Financial Situation

 

When you’re looking to make any kind of change in life, the first thing you need to do is access where you are. So think about your current situation. Whether it’s negative or positive, you need to understand what position you’re in now, so that you can work out what it will take for the better future you want. From living frugally to investing in yourself more, there are so many solutions to consider. But first, you have to really get to grips with where you are.

 

2-Deal With Debts

 

One thing you absolutely have to address is any debts that you have. If you are debt-free, then move on to point three. But if you do have debts, no matter how big or small they may be, you’ll want to work on paying them off as soon as possible. So speak to your providers and see if you can work out a repayment plan that is going to be as favorable to you as possible – no matter how long it takes.

 

3- Ensure You Have The Funding Available For Now

 

From here, you will want to make sure that you have all the funds you need to live today. This means that you will need to know that you can pay your bills and afford food for the time being. If you are in a short-term financial bind you can consider borrowing money. This is easily done if your credit is decent. But, you can get a small loan for bad credit too.  Just something to consider as help to cover a short-term gap. By working out a rough budget that you can stick to for now, you should be able to cut back on things that aren’t necessary, so that you are always living within your means going forward.

Improve Your Financial Situation Today For A Better FutureImage Source

 

4- Increase Your Income

 

Now, you need to work on increasing the money you earn. These ideas to drastically increase your income are always worth considering. Yes, this is going to take work. But if you want to improve your future, it will always be worth it.

 

5- Get A Side Hustle

 

Another option is to get yourself a lucrative side hustle, as seen in that post. Sometimes, you won’t always be able to earn the money that you want from your job. But doing something on the side will allow you to get the extra income you need.

 

6- Save Today To Benefit Tomorrow

 

Now, you may struggle to cut back today, because you think you need all of those things in your life to live comfortably. But if you really want to be able to enjoy your future, you will want to make sure that you’re living frugally today, so that you can enjoy more tomorrow. This may be something you need to do for a few months or a few years, but if you’re serious about your future, this will always pay off.

 

7- Start A Savings Plan

 

To help you do exactly that, you’re going to want to come up with a savings plan. Think about the amount of money you have free to pay towards your goals for the future (more on this in point ten). When you create a plan, you should find it much easier to start putting money away automatically, rather than seeing it as difficult to part with the cash.

 

8- Think About Your Retirement

 

Now, a huge part of your future will be retirement. You’re likely here because you want to retire early. But how early are you talking? Do you know what age you’d like to retire and how you’re going to do that? Maybe it’s time to sit down and really plan out what you need to do with your career to make this happen.

 

9- Watch Your Money More Closely

 

To really help you to make this work, you have to keep an incredibly close eye on your financials at all times. Check in with your accounts daily, assess your spending daily, and make judgments going forward to help you to keep things in line.

 

10- Set Financial Goals

 

Lastly, you should find that it really helps you if you can set yourself some financial goals. Now, they don’t have to be huge, but you should ensure that you have some kind of guide in your mind about what you want to do with your money. This could be to save a set amount of money to go on a vacation or it could be to commit to a certain payment each month to a 401k. As long as you have goals in place, you should find that you can really improve things for the future.

How Multi-Purpose Skincare Can Help Contribute To An Early Retirement

Budgeting, Health, Saving Money, ,

In the last three months alone, 1.35 million Americans spent $500 or more on skincare products. As we age, we tend to spend even more on products that promise to keep our skin looking vibrant and youthful. Those trying to cut back on costs or budget for an early retirement know the importance of considering every angle to increase savings, but being frugal with skincare products doesn’t have to mean sacrificing overall skin health. For those looking to enjoy an early retirement, here are some cost-effective strategies to maximize your skin’s appearance while keeping your wallet happy.

 

How Multi-Purpose Skincare Can Help Contribute To An Early Retirement

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Apple cider vinegar for internal and external benefits

When you think of apple cider vinegar, chances are a salad pops into your mind. While apple cider vinegar is commonly used as part of a dressing for some leafy greens, it also boasts many internal health benefits, such as aiding the digestive process. If you already have a bottle of this vinegar in your home, you can easily incorporate it into your skincare routine as a topical treatment for skin health. Simply dilute the apple cider vinegar with equal parts water and use it as a cost-effective toner. Once it dries, just rinse, pat your face dry and enjoy your glowing skin!

 

How Multi-Purpose Skincare Can Help Contribute To Saving For An Early Retirement

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Coconut oil in cooking and as a moisturizer

While coconut oil can be more expensive than sunflower or canola oil, its multi-purpose qualities make it a better bargain in the long run. As a medium-chain saturated fat, coconut oil is actually the ideal type of oil for cooking in high heat as it does not oxidize, making it healthier overall. It is also an ingredient in many delicious dessert recipes, making it a 2-for-1 in terms of use. However, the benefits of coconut oil don’t end there. It can be used as an effective face and body moisturizer and also offers a modest SPF of 4. One container of coconut oil can be efficiently used in delicious savory and sweet recipes, and as a replacement for unnecessary and expensive moisturizers with its natural skin benefits.

 

Enjoy coffee and exfoliate with the grounds

Many skincare products include caffeine for its numerous benefits on the skin, especially as a result of its anti-aging properties. But you can simply reuse your coffee grounds once your coffee is made to energize and exfoliate your skin–from head to toe! Once you’ve made your morning coffee, simply let the grounds cool off and put them aside in a container. Mix in some coconut oil and apply generously to your body and face after a shower, letting it sit for a few minutes. Rinse it off and enjoy skin that is not only smooth and free of dead skin cells, but also soft and moisturized. An added bonus is that caffeine also combats cellulite, making this scrub all the more useful.

 

As we plan for our future and the not-so-distant prospect of retirement, it is important to take a hard look at our spending habits if we truly want to save money. As skincare alone accounts for so much of our hard-earned income, using natural products that are multi-purpose not only prioritizes our savings but also our skin.

 

This article is a contribution to Leisure Freak from freelance writer Jackie Edwards. Thanks Jackie for these money-saving natural skincare tips!
Now working as a full-time freelance writer, Jackie Edwards is also a busy mum of two small children. In any free time she has (which isn’t much) she likes to volunteer and do charity work and take the family greyhound Bertie for long walks.