Tag Archives: Budgeting

Passing Another Yearly Retirement Budget First Quarter Test

This is my 15th yearly retirement budget first quarter test since I retired young at age of 51. When I mentioned retirement budget challenges with every new year’s first quarter to a yet to retire pal, they had no idea what I was talking about. With that in mind I thought I’d elaborate in case others might not have given much thought to this retirement financial aspect of life when on a fixed monthly income. The first quarter of every year brings a lot of high cost because they all come stacked within a short time-frame. It’s something that requires contemplation when looking at our retirement funding plan. 

Passing Another Yearly Retirement Budget First Quarter Test

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Successfully Passing The Yearly Retirement Budget First Quarter Test

When we look at our retirement planning it’s fun to figure out our yearly expenses and match it to our retirement lifestyle funding from our portfolio, any pensions, and at some point Social Security. We run our numbers against a good retirement calculator and figure that things look great. 

Dividing a yearly budget by 12 and establishing monthly income means there’s always the need to stay on budget and set aside any extra money each month. Not all of our retirement lifestyle expenses are divided evenly over the entire year nor are they a fixed amount month to month or year after year. It can be a detail that may become lost in the celebratory fog of retirement leisure if we aren’t paying attention. We can easily overspend in low-cost months or underestimate future cost increases.

For many people, myself included, the first quarter of the year is heavy with high cost obligations. 

It’s stuff that comes all at once. Passing this test requires setting aside enough cash each month throughout the year to meet it. Failure means dipping into the emergency fund, requesting an additional distribution from a retirement account, or having to use credit. 

Don’t get me wrong, a failure of this yearly first quarter test is an emergency. That’s why having an emergency fund is important. But tapping it is the same as using credit. Either means additional budgetary hardship going forward to replenish the emergency fund or clear the debt. It adds to the challenge to save enough to pass the budget test in next year’s first quarter. Everyone’s situation is different. Here are some examples of my yearly retirement budget first quarter test challenges. 

Holiday Spending Comes Due

We have a $1,500 Christmas holiday budget. But saying that means having that $1,500 set aside to cover it. Although we do use cash for some, there’s much that gets put on the reward credit card. That credit card billing cycle will ultimately put the balance due in January of the next year. We always have a higher than normal credit card bill to pay in January. Well after the holiday celebrations are over. 

Medical Insurance Deductibles Reset

Like most people, we have some medications that we have to take. A new year means we are paying full-freight through at least the first quarter until our deductible is met. The same goes for any doctor visits. Just one of my daily medications costs over $700 for a 90 day supply. The first quarter for us means higher medication and any medical visit costs over what comes the rest of the year after deductibles have been met.

Property Taxes

If you still have a mortgage then a notice comes out regarding any property tax increases causing your monthly mortgage payment to increase. We’ve paid our home mortgage off so we get a property tax notice for the amount due. In normal years this is bad enough. But post pandemic property evaluations have not only increased our home value and net worth, but also with it comes a larger property tax owed. Most places allow a one time full amount or at best split into 2 close together payments. Because the exact amount is unknown until we get the notice, this is always a big yearly retirement budget first quarter test challenge. The test questions that we need to pass- Did we set aside enough and did we estimate close enough to what it might be.

Income Taxes

My goal is to always have just enough withheld to not owe much but to never have an income tax refund. That means I purposely go into the first quarter of every year knowing I will owe something. I try to keep it low but sometimes things happen to change the taxability of our income and it can be larger than budgeted for. For example, a year where you transition to Social Security while also lowering IRA distributions. I have to analyze and adjust my withholding every year to keep this from being a yearly retirement budget first quarter test failure. 

Personal Property Insurance

We have autos and home property insurance. I have yearly homeowners insurance due in September to separate it from the first quarter property tax costs. To save money we have our auto insurance billed biannually in March and September instead of monthly. 

Although I budget and save to cover my auto insurance twice a year, this year’s renewal  popped 50% higher due to climate change auto losses (hail, fire, floods) across the country along with other factors like repair cost increases. It was definitely a first quarter challenge to meet this year. I now know that I have to increase the money I set aside to cover September’s increased auto premium. It also adds uncertainty as to what the homeowners policy increase will be. 

Living On A Retirement Budget

I purposely retired early to a frugal lifestyle and pulled it off without a million dollar portfolio. It was always the plan and has been worth every bit of it. But some financial aspects are beyond our control. When we retire we can’t just coast on routine or past costs. 

  • We have to remain disciplined in our spending.
  • Always set aside any extra money from our monthly fixed income. 
  • Be aware that there is always the chance of unexpected cost increases.
  • Always plan for a stacked set of large annual or semi annual financial obligations as the first quarter brings. 

It also illustrates the importance of having enough money overall in the portfolio to allow for retirement income flexibility. I don’t automatically raise our income distributions by the yearly inflation amount each year. We first try to make lifestyle, service, or budget adjustments. The time may come for a reevaluation of the portfolio and distribution amounts. 

There’s also staying open to the option of accepting an opportunity, picking up a short-term job to meet financial surprises if things ever warranted an infusion of earned income.

How much did I need saved this year to pass the first quarter test?

Passing my yearly retirement first quarter test meant having a bit over $7,000 set aside to meet my obligations this year. $7,000 is a lot of money when looking at our overall frugal retirement lifestyle cost. When it comes to managing our retirement lifestyle budget, we must always stay frosty

Thankfully this good economy has provided higher income from CD savings interests and portfolio returns. 

Remaining debt free, maintaining year round spending discipline, and having a sound income distribution plan will always be a retirement financial superpower. It allows us to safely adjust our income to make major cost increases and stacked expenses easier to successfully manage passing the first quarter test.

Financial Planning for a Seamless Move: Budgeting Tips for Relocating Seniors

This post was contributed to Leisure Freak by Quintin Beaumont of Verified Movers. 

Embarking on a new chapter in life, seniors often face the challenge of relocating. Managing this process smoothly requires a well-thought-out financial strategy. So, let’s explore the essential budgeting tips for relocating seniors, ensuring a seamless and stress-free move while safeguarding their financial well-being.

A senior and a financial advisor going over budgeting tips for relocating seniors.

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Assessing the current financial situation

Assessing your current financial situation is the first step when planning your retirement relocation. Careful finance management is necessary to spend your retirement in leisure. Start by reviewing your income sources, such as pensions, Social Security, and investments, to understand how much you have available. Next, calculate your monthly expenses, considering all your bills, healthcare costs, and other necessities. Doing so lets you determine how much you can allocate towards your move and living expenses in your new location. 

Setting a realistic budget

Once you’re done assessing your finances, the next of our budgeting tips for relocating seniors is to sit down and hash out your future spending. It’s crucial to create a detailed moving budget that takes into account all potential expenses, both expected and unforeseen. When crafting your budget, consider factors like packing materials, transportation costs, and any professional moving services you may require. Additionally, don’t forget to allocate funds for unexpected expenses that may arise during the moving process. By being prepared for contingencies, you can prevent financial stress down the road! A well-thought-out budget will serve as your financial roadmap, helping you stay on track and make solid decisions throughout the relocation. It’s a vital tool to keep your finances in check and ensure a seamless transition to your new home.

Downsizing and decluttering

Downsizing and decluttering are important budgeting tips for relocating seniors. It’s a strategic move that both eases the transition and also provides financial benefits. Seniors often have accumulated possessions over the years that may no longer be necessary or suitable for their new living arrangements. By decluttering and letting go of items they no longer need, seniors can reduce the volume of belongings to be moved, potentially saving on transportation and storage costs. Moreover, selling or donating these items can generate extra income, which can be allocated towards the relocation budget. Downsizing streamlines the moving process and allows seniors to start fresh in their new home, with only the items that truly matter to them, creating a more comfortable and organized living space. So, while it may seem challenging, downsizing and decluttering are valuable steps for a smooth and financially savvy senior relocation.

Exploring housing options

Exploring housing options directly impacts your ability to create a retirement lifestyle you’ll enjoy. Therefore, take the time to research and assess various living arrangements available for seniors. Consider factors like cost, location, amenities, and the level of care and support provided. Whether looking at independent living communities, assisted living facilities, or downsizing to a smaller home, choosing the right housing option is essential for your overall well-being and financial stability. Your new living situation should meet your current needs and offer room for growth and comfort. By carefully evaluating your housing choices, you can ensure that your retirement years are spent in a setting that enhances your quality of life and aligns with your budgetary requirements.

Legal and financial documentation

When it comes to senior relocation, addressing legal and financial documentation is paramount. Updating your wills and estate plans ensures your assets are distributed according to your wishes in your new location. Reviewing insurance policies is also essential to guarantee you have the right coverage for changing circumstances. If necessary, consider appointing a financial or legal guardian to assist with financial decisions. Having these essential documents in order provides peace of mind during your relocation and helps safeguard your financial future. It’s a proactive step to ensure you’ll protect your finances and manage your assets effectively as you embark on this new chapter of life. By addressing these legal and financial aspects early on, you can navigate the relocation process smoothly and with confidence.

Hiring professional movers

To recommend hiring professional movers may seem like a bad approach to budgeting tips for relocating seniors. However, overall, this lets you save money, not to mention how much it reduces stress. Besides, obtaining multiple quotes from reputable moving companies allows you to compare costs and services. This easily ensures you get the best value for your money! Understanding the various moving insurance options is also essential for protecting your belongings during the transition. Negotiating costs and terms with your chosen movers can also help you stay within your budget. Ultimately, hiring professionals saves you time and effort, making your senior move a hassle-free experience.

Exploring senior relocation assistance programs

Exploring senior relocation assistance programs can greatly benefit you. Government programs designed for seniors offer valuable support and financial aid, helping to ease the burden of relocating. Nonprofit organizations also provide essential assistance, offering services such as packing, transportation, and help with finding suitable housing options. They can even help with things like shipping your car, making the entire process more manageable. By researching and applying for these programs, you can access various resources that address your specific needs and financial circumstances. These programs aim to ensure your senior relocation is as stress-free as possible. This lets you focus on enjoying your new chapter in life rather than worrying about the logistics. It’s a wise decision to explore these options and take advantage of the assistance available to seniors like you!

Timing the move strategically

Strategically timing your move is extremely helpful for easy senior relocation. This is because choosing the right time for your move can have a significant impact on both your budget and the overall experience. First, consider the season: avoiding peak moving seasons can save money and reduce the stress of busy schedules. Additionally, pay attention to the local weather conditions in your new location, as adverse weather can affect your move. It’s also essential to coordinate things with the availability of professional movers and any assistance programs you may be using. By carefully planning the timing of your move, you can ensure it goes smoother and minimize potential setbacks.

Tackling senior relocation confidently

With our journey through budgeting tips for relocating seniors, you can ensure a well-planned move that will alleviate stress and financial worries. By following these guidelines, seniors can confidently embrace their new beginnings, enjoying an easy transition to their new homes.

 

Thank you Quintin Beaumont for sharing your budgeting tips for relocating seniors with Leisure Freak readers. 

Quintin Beaumont of Verified Movers ReviewsAuthor Bio:

Quintin Beaumont has been a trusted Verified Movers Reviews team member for years. Nowadays, he’s an integral part of this company and shares its goal of helping individuals overcome relocation challenges by connecting them with the best movers for their needs. Thanks to the arsenal of tips and tricks up his sleeve, Quintin has positioned himself as the go-to source for a stress-free moving experience for countless individuals.

Savvy Strategies for Seasonal Financial Triumph

The holiday season is here. This post was contributed to Leisure Freak by Jim McKinley, a retired banker and the creator of Money With Jim. Having fun while staying on seasonal financial track is a win.

Financial planning for the holiday season is a vital aspect of ensuring a stress-free and enjoyable celebration. As the holiday season approaches, it’s essential to recognize the significance of smart financial management. In this article, explore practical and proactive tips for achieving financial success during the holidays. By following these strategies from Leisure Freak, you can ensure that your festivities are filled with merriment rather than money worries.

Savvy Strategies for Seasonal Financial Triumph

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Create a Realistic Holiday Budget

When it comes to holiday financial success, creating a comprehensive budget is the foundation of your strategy. Consider all the expenses that the season entails, from gifts to decorations, travel, and hosting. A well-thought-out budget will help you keep track of your spending and avoid overspending on impulse purchases.

Start Saving Early

The early bird gets the worm, and the early saver gets the stress-free holiday season. Start saving for the holidays well in advance to build a financial cushion. Consider opening a dedicated savings account to separate your holiday funds from your regular savings. This will help you stay organized and committed to your financial goal.

Budgeting for Hosting a Holiday Party

When planning your holiday party budget, it’s essential to account for hosting expenses, and among them, you’ll need to consider any necessary home repairs. To streamline the process and ensure your event preparation is efficient, you can explore the convenience of using a home maintenance and repair app, such as the Frontdoor app to help manage your home. This app not only allows you to easily schedule service appointments but also keeps you informed about the repair status. Furthermore, you can connect with service professionals who can provide repair quotes and offer assistance with maintenance tasks, making it a valuable tool for your holiday party planning.

Gift List and Spending Limits

To avoid the common pitfall of overspending on gifts, create a gift list for your loved ones and set spending limits for each recipient. This approach ensures that you stay within your budget while still spreading holiday cheer. It’s the thought and love behind the gifts that truly matter, not their price tag.

Capitalize on Sales and Discounts

Holiday sales events like Black Friday and Cyber Monday offer great opportunities to save on your holiday shopping. Keep an eye out for discounts and deals on items from your gift list. By shopping strategically during these sales, you can maximize your savings and get the most out of your budget.

Monitor Spending Closely

It’s essential to track your holiday expenses regularly. By monitoring your spending, you can identify any potential budget overruns and make adjustments as necessary. This proactive approach will help you stay in control of your finances and avoid any last-minute financial surprises.

Starting a Side Business for Extra Income

If your regular income doesn’t cover your holiday expenses, consider starting a side business to generate extra income. Whether it’s selling handmade crafts, offering a service, or any other skill you possess, a side business can help bolster your holiday budget. Be sure to look into any necessary licenses or permits for your business to stay on the right side of the law.

Marketing Your Side Business

To make your side business successful, you’ll need to market it effectively. Utilize free marketing channels like social media to reach your target audience. Additionally, consider using an online logo maker to create a professional and appealing logo for your business. A well-designed logo can help your business stand out and leave a lasting impression on potential customers.

 

Achieving financial success during the holiday season is entirely within your reach. By following these proactive strategies, you can create a realistic budget, start saving early, budget for hosting, set spending limits, capitalize on sales, monitor your expenses, explore side business opportunities, and effectively market your endeavors. Implementing these tips will ensure that your holidays are filled with joy and free from financial worry. So, take charge of your finances, plan ahead, and enjoy a season of celebrations without the burden of financial stress.

Much thanks to Jim McKinley for sharing these timely tips on how we can stay on seasonal financial track through the holiday season. 

Author Bio:

Jim McKinley is a retired banker with almost 30 years of experience. He created Money with Jim to share his advice and other resources on a variety of financial topics. In his spare time, Jim spends time with his family and his dogs and he maintains his website. It’s a very lovely life that he is grateful for every day.

Some Fun Stuff When I Made The Transition To Medicare

One of our major life changes is making the transition to Medicare. There is both good and bad news that comes with it. The bad news is we’ve hit the traditional elderly status age of 65. The good news is that healthcare costs could be vastly reduced, at least it was in our case. But there are some challenges, I mean “fun stuff” that needs to be dealt with whenever reaching this milestone. Fun stuff of which I hadn’t considered until it became a reality. Everyone’s situation is different and I’m no Medicare expert, but I can share a few things I experienced while making this retirement healthcare jump.

Some Fun Stuff When I Made The Transition To Medicare
Medicare, lots to read about and decisions to make

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Retirement’s Magical Transition To Medicare

Reaching Medicare eligibility was something I was looking forward to after over 13 years of early retirement paying for my health insurance. In our case, my old corporate world career’s retirement benefit health insurance premiums consistently grew over the years. The last of which was $1,640 a month for the both of us. It came with a $2,400 deductible before it would enter into the 80% / 20% payout phase and a $4,800 out of pocket maximum. It was changed to a use-it-or-lose-it benefit so we didn’t dare leave it over the past 13 years.

Since we would come close to or hit the yearly out of pocket yearly max, I was budgeting $24K a year just for healthcare. 

No need to express how much I was looking forward to ending that high amount of retirement healthcare costs. Here are a few fun things we dealt with during our transition to Medicare.

Becoming Disowned 

My past 31 year career company started sending warning letters 6 months before my 65th birthday. My birthday is in June and I was receiving  warnings that on May 31 my retirement healthcare benefit will end. I replied (verbally to the universe), don’t worry, I’m more than happy to ditch you and sign up for my transition to Medicare. 

Timing Is Everything, So Is Social Security/Medicare Personnel Funding and Staffing

If you’re not already collecting Social Security, in which case you would be auto applied to Medicare part A and B, you can apply for Medicare 3 months before turning 65 to 3 months after. If you applied before your birthday, your Medicare coverage starts on day one of your birthday month regardless of when in the month your birthday is. 

With my having a June Birthday, February was the earliest I could apply. I went online and applied on Feb 2. It responded that my application would be reviewed and I should get my Medicare cards in 2 to 4 weeks. 6 weeks turned into 8 weeks and it was still not finalized. Running out of insurance coverage time, I had to call and wait out a queue lasting over an hour.

The Social Security-Medicare agent was nice but couldn’t assist because a local agent had my case.

I let them know I was within weeks of losing health insurance so they gave me another telephone number to call the office where the local agent worked. That did ring through and answered quickly but my assigned agent wasn’t at their desk. The person who answered my call said hold on and they would look at it for the hold up reason to spare me phone tag with the other agent. They returned within a minute and said, done. Should get your cards in a week or 2 at most. They did come before my regular insurance ended and I was able to get my Medicare number in enough time to pick and establish my additional medicare insurance coverage. 

Applying for my wife’s Medicare 6 months earlier went far smoother. She applied online and her cards came within 3 weeks without drama or delay. But her transition to Medicare began in fall of 2022. Apparently Social Security/Medicare staffing and funding fell behind and they have been trying to catch up ever since. 

My advice, apply at the earliest date and set some followup reminders on your calendar. Phone calls and patience may be necessary.

OMG! The Mail And Phone Solicitation Calls

Medicare is big business and a lot of people are ready to earn their bucks guiding you through the process. How do they all know we are about to turn 65 and who shared all of our contact information? It was a relentless attack of sales calls and junk mail. We went through all the material provided by the Medicare folks and from their online portal or other sites. We also talked to people in our community who were already on Medicare to get a feel for their experiences. 

I did end up talking to such a Medicare consulting group tied to my old corporate retirement benefit plan. Frankly they didn’t offer any magical information above what we had figured out on our own. More about that below.

My advice, pay attention to the mail from the Social Security/Medicare Administration. Talk to others in your area about their Medicare choices and experience. Their experiences carry weight because as all of the annoying Medicare TV commercials say, it’s all about your Zip Code as to what is available to you. What people warned us about, sometimes available doesn’t necessarily equate to great.

Making The Drug and Medigap vs Advantage Decision

Some of the fun in all of this is having the choice to pick your healthcare insurance based on your unique situation. It’s super important to understand what Medicare does and doesn’t cover and there are some important decisions to make. 

As mentioned, I did go through everything that Medicare sent and what is on their online portal. I also looked through most of the advisor-consultant mail sent to us to see what additional information that they had to offer. But I really appreciated and took to heart what others in my area said about their Medicare experiences. 

Basically, Medicare Part A and Part B doesn’t cover everything, mostly hospital stays and doctor’s visits. To get coverage for drugs, lab work, things Parts A/B don’t cover you can expand with a Part C Medicare Advantage plan that takes the place of Medicare A/B and beyond. 

If a Part C route isn’t your thing, then you can decide to stay with Medicare A/B and add a Part D (Drugs) and a Medicare Gap plan (Part G).

These C, D, G plans are offered by private insurance companies. The Part C Advantage plans are geared around being In-Network to save money on your premiums and offer extras that the regular Medicare doesn’t offer, like Dental. Once again, think In-Network with these which depending on where you live or travel to, can be limiting.

The Medicare consultants seemed to really push the Part C Advantage plans in their mailings and conversations.

It smelled to me of higher commissions causing bias. Perhaps they work great in some Zip Codes where their Part C Advantage networks are more robust but most people we talked to locally warned us to stay clear for many reasons. That advice and our being sick of In-Network insurance hassles had us go the standard A, B, D, G plan route. So far so good. I am saving $1K a month in premiums and thousands in deductibles over our pre-Medicare retirement days. 

Good Luck With Any Specialized Medical Equipment

I happen to have what is considered specialized equipment to treat Central Apnea. Basically a BiPAP and the wife uses a CPAP. I was in the middle of a replacement period where my insurance set up a goofy 9 month lease-to-own arrangement.

That insurance company is now gone and out of the picture where they were covering  80% since my meeting my deductible. There’s still 4 months of payments left and Medicare doesn’t cover these. That’s all up in the air for me now. Checking the my portal account on the medical provider’s billing shows I owe zero but I think they are still trying to rework things. I did see a Medicare denied coverage billing statement to them. Like I said, FUN stuff with this transition to Medicare.

Starting All Over- I’m Talking Deductibles

Depending on what month your birthday is in you may be meeting 2 full-year deductibles within a single year for 2 different insurance plans. In my case I have a June birthday so I had just met my insurance deductible in the first 4 months of the year. Just as I was getting some insurance coverage in the 80% 20% split I have to start all over again with the Medicare deductibles. Fortunately they are small in comparison.

My advice is proactively try to plan any non critical Medical procedures using a deductible management strategy. Also take the time to update all your prescription providers and doctors of your insurance change.

 

With only a couple of months into this it’s all still shaking out. I do love not seeing the big $1,640 Health Insurance debit hit my bank account anymore.

The smaller Medicare debits are much easier on the eyes and budget. I anticipate that it will take 6 months to understand exactly where I’m at, budgeting wise. 

The one time we had to go in for an outpatient surgical procedure for my wife was much smoother on Medicare too. Before they would insist on an up-front payment because of questions on deductible coverage. Now they just later bill what isn’t covered by Medicare.

In essence what I think is important to take away, making the transition to Medicare isn’t a lights on/off situation even for something that happens thousands of times a day in this country. It’s still not all that fluid or seamless. Go figure. You have a lot of decisions to make and live with until the next open enrollment period. It’s important to stay involved with everything with followups until it’s all established and settled.

All in all I will say Medicare seems to be a lot better to deal with once you do get it setup. 

I Wondered, Could We Live On Social Security Alone? 

I take great pride in the way we chose to live a frugal life so that we could retire early. It not only allowed us to save a higher percentage of our income when we were still working, but also resulted in needing a smaller portfolio capable of supporting us. I wondered at this time when many people have little to no retirement savings, even with our frugality, whether we could retire and live on Social Security alone.

Of course frugality is subjective and personal. It is also unique to all kinds of parameters. Frugal living in Colorado is different than it is in California. I was a little surprised at where we stood with what many say is impossible to do without severe lifestyle deprivation. I agree it seems challenging. But many people find a way to pull it off out of necessity and unfortunately for some it’s done with a dose of desperation.

I Wondered, Could We Live On Social Security Alone? 

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Can We Live On Social Security Alone?

The first obvious requirement to meet before answering this question is knowing exactly how much our retirement lifestyle costs. Since I retired early over 13 years ago, our retirement budget is clearly known. 

As I will soon hit age 65 and Medicare eligibility, we will see significant healthcare cost reductions. We do have to make some assumptions as to the advanced cautioned property tax, homeowners insurance, and auto insurance increases coming on the next renewal. That said, we can come close to setting a realistic retirement lifestyle budget going forward. We do have many years of retirement budget history behind us.

OK frugal retirement lifestyle, where do you stand against our ability to live on Social Security alone? Close but no cigars

Starting With Our Numbers

Neither my wife or I are yet at full retirement age. When looking at  Social Security estimates for age 65, we could expect a combined yearly benefit of $50,100. Is it enough? It could be in many parts of the country, but we live in a beautiful but higher cost area

Even with our own flavor of frugality, based on our well honed retirement lifestyle and anticipated budgetary changes we do come up short. About $9,600 a year short. That’s without cutting anything from our already defined frugal lifestyle. An enjoyable lifestyle that happens to come in below half the local median household income for where we live.

Based on this shortfall and a commonly followed 4% withdrawal rate, the down and dirty calculation for our portfolio needs to close the gap on this Social Security alone challenge is $9,600 X 25 = $240,000. Still a tidy sum for many to attempt reaching, but that portfolio savings amount is in line with what a 2022 Vanguard study found for people today between the age of 55 and 64 regarding retirement savings. Their study came in at an average savings of roughly $256,000. That amount can provide $10,240 a year of available retirement funding based on a 4% withdrawal rate.

Fortunately our Social Security Alone failure isn’t detrimental. 

I did this exercise out of curiosity. Our portfolio has things covered if we didn’t want to make any retirement lifestyle changes to line up closer to living on just Social Security. 

That doesn’t mean we won’t cut back. We’ve already begun to see budgetary places where we won’t spend as much going forward very much longer anyway. We’ve constantly experienced changes in our attitudes about things over the years of our retirement. 

We only come this close to being able to consider living on Social Security alone because we paid off our mortgage over an 18 year period several years ago. We bought our modest older home when I was corporately forced to relocate to remain employed midway during my primary career. It was a bad job market so we bit the bullet. Having mortgage obligations in retirement would certainly make this task far more challenging if not impossible. 

Prior to retiring we did a lot of necessary things to get this close to living on Social Security alone. We paid off all debt and stayed out of debt. We also created a frugal yet rewarding lifestyle by cutting all spending waste while prioritizing what is important to us. 

A few more tweaks and possibly our consideration of some other moves could get us to living on Social Security alone without any reliance on savings or feeling like we are living a deprived life.

A few retirement budget and income strategies come to mind that are worth considering  –

Delay Starting Social Security 

This exercise I just did is based on claiming my Social Security at age 65, not FRA or age 70. Social Security would be higher by holding off. Any increase in received Social Security payments not only narrows any retirement budget shortfall but also for someone who is still employed there’s added time to increase retirement savings. 

Being that I’m already retired, delaying Social Security would mean relying on my portfolio to carry the load a little longer and possibly having less to work with later. It’s all the things that need to be considered. It is always best to run the different scenarios against a good retirement calculator

Move Somewhere Cheaper

Where we live plays a big role in our retirement cost. Being open to moving to a different town, city, state, or even country can play a role in reducing retirement costs. We do love where we live. Being close to our children and grandkids is important to us. However, we would consider moving somewhere different if staying here meant not being able to afford our desired retirement lifestyle.

Tap Home Equity

We’ve all seen the commercials on TV about Reverse Mortgages. It’s a way to use home equity to help fund retirement. It isn’t high on my list because of the high costs associated with doing this. That and the restrictive rules that can jam you up if you run afoul of them. But it’s something that can be considered if the worst financially happened to us.

Rent Out A Room

We are like many retirees who now have empty bedrooms that have been converted to exercise rooms, offices, and storage that can be changed back. It provides the option to rent out a room or two for retirement income in this high rental cost housing market. 

Apply For Senior Benefits

Aside from getting discounts at restaurants and hotels, there are some senior discounts that we have to apply to get. For example, we did apply to receive a senior property tax break. We meet the age and requirement of living in our home at least 10 years. This is a regional type benefit that is worth looking into to find out what the benefit is and what rules must be met. Our savings are yet to be determined since the huge jump in property tax appraisals over the last couple of years also takes effect this year. 

Cut Transportation Related Costs

I have a problem, a car problem. I just love cars and have been active in the hobby for most of my life. I’d consider cutting back on my automotive hobby and shave down auto insurance costs. That and bank the money received in a sale of one of my babies. 

We do see our world shrinking. There are far more opportunities to use our bicycles to get to town venues, cafes, and shopping. Although it is limited to weather and seasonal conditions. Aside from that, there’s always a way to become a single car household if we need to cut expenses.

Start A Retirement Gig

One of things many retirees find themselves doing is returning to a little retirement gig for the social aspects and earning a little extra to get by. Nothing wrong with that. I’ve had some rewarding paid retirement adventures during my retirement. Picking the right opportunity can be the ticket for closing the loop. 

If you’re collecting Social Security before reaching full retirement age and decide to work, just keep monthly income under $1,770 ($21,240 a year) to avoid bumping into the Social Security pre-FRA earnings limit. Unless of course you find a cool gig doing something that makes a ton of money and you don’t need to worry about the Social Security benefit clawback.

What does this all mean?

Well, what we need is nowhere near the routinely hyped million dollar retirement portfolio. Having no or little retirement savings isn’t necessarily a guaranteed doomed situation. Everyone will have their own unique needs based on where they live, how they spend, the amount of their Social Security benefit, and whether they have room for and are open to making more cuts or generating new income if necessary. 

What’s evident is that all of us had better know our expenses. We have to take control of our spending, have little or no debt, save something for retirement, and prioritize what’s important in our lifestyle. We should also be prepared for necessary changes to meet the inevitable retirement funding challenges. 

This also points out the importance of setting up a low lifestyle cost before retiring. If saving a huge portfolio is unattainable, then we best take care of where and how we want to live at the lowest cost we can joyfully do it. 

If you’re thinking, great, this exercise to see if we can live on Social Security alone only matters if it stays somewhat funded as promised. Well, I think we’ll all have bigger problems to deal with if Social Security collapses. That said, it is always better to save more than you will need based on whether everything else goes great. You know, just in case.

Cost-Effective Ways To Enjoy Retirement

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.

Financing Tips for Home Maintenance Emergencies

This informative post was contributed to Leisure Freak by freelance writer Sierra Powell. 

Regular maintenance comes with a home. Owners spend 1% of their annual budget on repairs, which hurts if you don’t prepare for unforeseen circumstances. To help avoid this, here are some financial tips to prepare for home maintenance emergencies.

Financing Tips for Home Maintenance Emergencies

Photo from Pexels 

Perform a Home Repair Audit

A home repair audit isn’t much different from what a business does. It’s an examination of your property’s infrastructure. The results of the audit reveal your financial needs.

Focus your repair audit on frequently maintained items. These include the kitchen appliances, plumbing, roof, and HVAC (heat and air conditioner) system. Secondary items are electric wiring, doors, windows, and walls.

Examine these areas for noticeable issues. Consider asking professional agencies if you’re uncomfortable in certain areas. For instance, if you don’t want to go up to the roof, hire a contractor to check its quality.

Create an Emergency Fund

Vacations and spontaneous purchases are not the purposes of your emergency fund. Instead, the fund helps pay for unforeseen issues. Further, it also helps establish peace of mind around repair emergencies.

One thousand dollars is the average amount to have in your emergency fund. However, the value varies depending on your home’s size and the state of current repairs. Although it may not pay the total amount, the emergency fund should have enough money to make a sizable dent.

For instance, a severe storm could cause damage to your roof’s shingles. The emergency fund would help pay for a storm damage roofing company to come out and assess the problems. The emergency fund would probably take care of shingle replacement. In a worst-case scenario, it would take a chunk of the bill if the entire roof needed to be redone.

Create a To-Do List

The number of regular maintenance projects can overwhelm a homeowner. They may forget to do something over the years. As a result, an unexpected issue could appear that takes a chunk out of the emergency fund.

Minimize this risk with a maintenance to-do list. Enter items by their frequency. For example, replace the HVAC air filter every month, have the plumbing checked twice a year and examine the driveway for cracks two years after a resurfacing project. Put the information into an online document and set calendar reminders.

Handle DIY Repairs

You won’t need to hire a professional for every maintenance project. Take care of some of these issues through do-it-yourself (DIY) methods. Usually, they cost little to fix and take minutes to repair.

Air filter replacement is a case in point. These items cost a few dollars and take less than five minutes to swap in the HVAC unit. Regular repairs minimize the risk of frozen air conditioner components and other mechanical issues.

Take Care of Things Before They Get Worse

It’s never too early to address issues before they get worse. In the end, something that seems minor can become an emergency in a few hours or days. It could be severe enough to cause extensive damage.

Take care of things before they get worse. Don’t place a bucket under the sink to catch leaks from faucet pipes. Call a plumber to check the issue. The same goes for missing roof tiles, water stains on the walls and ceilings, or clogged gutters.

Hire Professionals for the Important Jobs

There’s a difference between fixing a leaky faucet and a pipe. The former is an easy repair if you follow the directions. Conversely, you cause damage if you don’t know how to fix a leaky pipe. It may result in necessary repairs to walls, ceilings, or the entire plumbing system.

In other words, hire professionals for home repairs that require more than an air filter or new washer. Hire subject matter experts to repair items related to electrical systems, plumbing, and your roof. Although they cost more, proper fixes are assured.

Purchase Maintenance Plans

Maintenance plans are one way to reduce the cost of emergency repairs. The return on investment translates to regular check-ups of your home’s mechanical and structural components. Additionally, maintenance agreements cover part costs. At most, you only pay for labor.

Plans and warranties are part of replacement packages for HVAC units and roofs. However, these may have a limited scope. Contact the vendor before warranties expire to learn how to extend coverage and reduce your monetary liability.

Overall, there’s a way to prepare for home maintenance emergencies. It could take some money away from funner activities. Nevertheless, the peace of mind received is worth the investment when you can’t make the repairs.

Thank you Sierra for contributing this article to Leisure Freak. Your tips to be prepared for the inevitable home maintenance emergencies is something all homeowners should consider. 
freelance writer Sierra PowellAuthor Bio:  

Sierra Powell graduated from the University of Oklahoma with a major in Mass Communications and a minor in Writing. When she’s not writing, she loves to cook, sew, and go hiking with her dogs.

 

Best Financial Advice for Recent College Grads in 2022

The article was contributed to Leisure Freak by freelance writer Tracie Johnson. 

For most people who’ve done it before, starting life after college is cited as being one of the most overwhelming times in their adult life. While some get out of college and into a laid-out financial plan for them by their family, most people have to get out on their own and just figure it out. It’s, however, not all doom and gloom, thanks to the wealth of both formal and informal information available on the internet about starting.

Best Financial Advice for Recent College Grads in 2022

Image Source: Pexels

Pre-Graduation Financial Tips

As if starting life after college wasn’t already difficult enough, you now have to do it while in the middle of an ongoing pandemic and worrying global tensions. Before you finalize your studies and officially head out into the world, here are some tips you could embrace to help you set up a soft landing for yourself once you graduate.

1. Embrace Budgeting

Even from the allowances afforded to you while in college, it’s never too early for you to embrace a budgeting culture. Especially in these social media times where you’d never run out of influences on ways you could spend your money, living on a budget can at times be your saving grace from living in debt.

2. Plan for Your Retirement

Just as it’s never too early to live within a budget, likewise, it’s never too early to start planning for your retirement. Some of the options to work on your long-term financial security include saving exclusively for your retirement and investing in long-term investments like life insurance and real estate.

3. Aim for Good Credit

As you get out into your post-college life, a bad credit score will quite often have the effect of denying you opportunities for financial development. Though it may not come easy, clearing your debts, including your student loan, should be top of your priority list as you head out into the world.

4. Prioritize Saving

With every little income that comes your way, normalize setting aside percentages of the same into different savings accounts. You can set aside some money for your rainy-day fund, your retirement, as well as short-term expenses that would require cumulative storage of cash.

Post-Graduation Financial Advice for Recent Graduates

Once the hype around graduation dies down, you’re left in a state where you have to, all alone, contend with the uncertainty that is your post-college life. Here are some tips to ensure that your finances are in check once you step out of college and into the real world.

1. Don’t Buy that New Car

Though getting that new car may seem like a priority when you have the cash ready, more often than not, you’ll probably come to regret this decision a few months down the line. Instead of getting that expensive new car and exhausting all your savings, you should consider checking out cars for sale online for offers on other affordable options.

2. Moving Back to Your Parents Isn’t That Bad

You should probably consider moving back into your parent’s house to cut down on your living expenses at the cost of losing some of the freedom you had while living alone. If this is not an option, getting a roommate is another approach that can help you ensure you cut down on costs.

3. Strive To Be Financially Literate

While there are formal financial courses in college, you may have had other ideas about what you wanted to study. This notwithstanding, you should make an effort to make yourself financially literate through online or physical classes.

4. Take Risks on Available Investment Opportunities

While you’re young and not tied down by too many responsibilities, you have the luxury to take risks in financial investments. Though there’s always the risk of some of your investments not going as planned, you should always take this as a step towards learning what works and what doesn’t for you.

Out of College and Into the World

While getting out into the world after college may be a scary affair, you should take comfort in that many have come before you, at times with more unfavorable odds. You should try to reach out to other people and learn from their experiences as you go about charting your course. Just because it won’t be easy, it doesn’t mean you should give up on trying altogether.

 

While you’re young, use the internet and try to learn as much as you can and open yourself up to new experiences. Make the most of your finances by trying out different investment opportunities even as you pay your bills.

 

Thank you Tracie Johnson for sharing these timely tips as many people are ready to move into their well earned adventure of post-college life.

Author bio:

Best Financial Advice for Recent College GradsTracie Johnson is a New Jersey native and an alum of Penn State University. Tracie is passionate about writing, reading, and living a healthy lifestyle. She feels happiest when around a campfire surrounded by friends, family, and her Dachshund named Rufus.

 

8 Money-Saving Tips for Large Families

 

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

Image Source

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. 

8 Easy Tips for Saving Money for Travel

This  post was contributed to Leisure Freak by Aatish Khanna of Money Club. Bringing some timely tips for navigating these financially challenging times to those who dream of travel.

Travelling to beautiful European villages and the world’s most beautiful islands is a fantasy most people have but cannot afford. Money is not a limitless resource, and that’s a crushing reality. You may have every intention to travel to your bucket-list destination, but your slim savings doesn’t seem to support your intentions. However, with a little planning and a few lifestyle changes, you can easily save enough to book a fabulous holiday for yourself and your loved ones.

6 Easy Tips for Saving Money for TravelImage Source

Here are a few simple tips for saving money for travelling:

1- Start a dedicated travel fund

Most people use their emergency fund for travel. Your emergency fund is to be accessed only in case of an emergency; travel is a planned event and hence doesn’t qualify for an emergency. So, don’t confuse your emergency fund for the travel fund. Create a separate travel fund and feed it monthly, weekly, or daily.

2- Assess your financial situation

Figure out if your trip is feasible considering your current financial situation. While you’re researching, find out how much airfare, food, accommodations, and other activities will cost. Once you have an overall cost estimate, create a spreadsheet and list down your income vs your expenses to see whether the trip is doable or not.

3- Create a budget

Write down the total estimated cost on your calendar for your intended departure date. Count how many months/weeks you have until your departure. Divide the total cost by the time you have on hand to save. This will give you an estimate of how much you need to save each month/week in order to afford your trip. Once you get the ballpark figure, start saving.

Here are a few money-saving tips that ensure you stick to your budget and save enough to have a trip you have been dreaming of for so long.

4- Slowly eliminate your wants 

Your daily/monthly expense spreadsheet should have two columns: “Needs” and “Wants“. Start eliminating the wants slowly from the things you purchase regularly.

5- Eat out less often 

Trim your food costs by cutting down on the number of times you go out for food. Cook meals at home and stay in at night. Going to bars and clubs at night can easily shatter your travel goals. Instead, invite your friends over. 

6- Sell your unwanted belongings

Consider selling clothes, appliances or any physical possessions that you are not using anymore. Sell them online or trade them in for cash. Eliminating the clutter will provide you with the much-needed cash and also give you a vast amount of mental freedom.

7- Online side hustle 

Consider working part-time on freelancing projects and use your skills to save and earn money. Also, loads of apps allow you to earn money online by doing various easy tasks using your mobile phone. 

8- Buy in bulk

Buying in bulk doesn’t always make sense. But for things you regularly use in the house, buying in bulk is the best way to save money. Things you can buy in bulk include paper towels, butter, soap, laundry detergent, etc.

 

All the above money-saving tips are easy to follow. With determination and a sprinkle of optimism, you can easily save up for your dream trip.

Thank you Aatish Khanna for sharing these 8 easy tips for saving money for travel. 
Author Bio:

Aatish Khanna works with the Content Marketing team at Money ClubAatish Khanna works with the Content Marketing team at Money Club – a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He’s the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.