How baby boomers can save money and enjoy their golden years

Posted by Scott Stueber on Mar 29, 2022 11:18:58 AM

Financial tips for living as seniorsBorn between WWII and the mid-1960s, the baby boomer makes up 21.9% of the U.S. population. Just after the war ended, there was a notable spike in birth rates — hence the name of this generation. Fondly referred to as boomers, they had a huge impact on the economy.

Boomers are typically conservative, sensible, and self-assured, and they believe hard work gets results. As they reach retirement age, they naturally have a more conservative outlook on life. In previous decades, most things came at a cost. Nowadays, a diverse, competitive market makes it easy to have fun while still preparing for a rainy day.

Here's some tips on how to save money while still enjoying life.

  • Sell and buy vintage items. It's become ultra-cool for younger people to shop at thrift and antique stores for furniture, jewelry, and clothes. Consider selling items you want to discard, as some of them could be worth a fortune. Alternatively, you can join the trend and spend less by shopping at second-hand stores.
  • Rethink holidays. Instead of going on a vacation, opt for a local, self-drive holiday and live like a tourist in your own backyard.
  • Dine out on a budget. Once a month, find a new restaurant to experience. When selecting a restaurant, keep an eye out for special promotions or seasonal discounts.
  • Join a sports club. When you join a sports club, you'll often find discounted meals, specials, and plenty of social events with prizes. This provides plenty of opportunities for socializing in a beautiful setting while enjoying members-only discounts. Ideas include a bowling club, tennis club, or golf club.
  • Review your payments. If your car insurance and home insurance premiums increase, give your agent a call to discuss coverage options. If your cable bill is quite high, give their retention department a call to see if discounts are available.
  • Refinance your home. You can also save money by refinancing your home when the interest rate drops, as this will lower your monthly payments. Veterans with a VA loan can apply for a VA IRRRL refinance, which is often simple to apply for and fast to close.
  • Consider housesitting. If you're up for an adventure, see if you can housesit for people in an area where you'd like to go on vacation. You might be required to feed the fish and look after other pets, but as long as you enjoy animals, you could explore a new area without footing the bill for accommodations.

Boomers can learn how to balance planning for the future and living it up by working smarter, not harder. There are plenty of creative and clever ways to embrace life without spending too much. Whatever generation you fall into, it's important to prepare for the future but also to enjoy life. 

Do you have any tips or ideas you’d like to share? I’d love to hear them; please share them in the box below.

This article was written by a guest author for West Bend. This article is intended for general educational and illustrative purposes only and should not be construed to communicate legal or professional advice. Further, this article is not an offer to sell insurance. Please consult with your licensed insurance agent for specific coverage details and your insurance eligibility. All policies are subject to the terms, conditions, limitations, definitions, and exclusions contained therein.

Topics: Home Safety

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