How to Baby Boomers Can Balance Financial Savings With Life Satisfaction
If you were born between 1946 and 1964, you know how to pinch a penny. However, worrying too much about finances can mean missing out on the simple joys of life. If you are baby boomer on a budget, here are some ways to save without sacrificing your happiness.
Stop Worrying About Healthcare Costs
For many baby boomers, sticking to a strict budget is all about being able to afford their healthcare. However, proper planning can actually go a long way in ensuring those costs do not come directly out of your pocket.
For one, you need to know all the ways that Medicare can help offset any healthcare financial burden. Medicare can cover quite a bit when it comes to preventative and wellness care, and some options can even provide assistance with prescriptions and other secondary care expenses. What Medicare does not cover are long-term bills. This kind of custodial care is exempt from Medicare coverage and is rarely covered by private healthcare insurance. This is why savvy boomers should research the benefits of long-term care insurance, which can provide additional help for assisted living or nursing home costs in your future. To make sure you find insurance options that are right for you, use Consumers Advocate and similar sites to research trusted long-term care insurance companies prior to signing up for peace of mind.
Find Simple Ways to Curb Costs in Your Daily Routine
Frugality in retirement is a great way to make sure you can cover living costs as you age. However, cutting those costs early on can be a much less stressful way to pad your retirement. Often, even the most financially savvy seniors can get trapped into paying for services and things they do not need. So, take a look at your cable bill, subscriptions, and even food costs to see if there is are any areas you can comfortably cut.
Lowering energy costs is an easy way to save money while lessening your carbon footprint. Properly maintaining your heating and cooling systems takes minimal effort but can have significant impacts on your power and gas bills. You can also look into investing in a smart thermostat to keep your home comfortable without increasing your energy costs.
Finally, if gardening is one of your favorite pastimes, you will be happy to know that this hobby can help you save money as well. By doubling your garden, you can effectively trim hundreds off your grocery bills and spend more time pursuing your passions in the process.
Take a Vacation to Take More Stress Out of Your Life
While foregoing a vacation may help put more funds into your retirement account, not taking time to enjoy life can put more stress on your health. When you spend more time stressed than happy, you are more likely to develop cardiovascular disease, as well as feelings of anxiety and depression. By cutting out your travel plans, you could actually affect your well-being.
Studies show that travel can bring more joy to your life. When you open up your routine to experience different environments and cultures, you can more effectively let go of worry, fear, and anxiety. In fact, experiencing more of the world can bring more happiness and contentment to your life than an abundance of money. Best of all, seeing the world doesn’t have to break your retirement budget. There are many ways to save on your adventures if you plan ahead. Make sure you research all of your options when it comes to transportation, accommodations, and activities, and think about taking your trips during the off-season to offset vacation costs.
Living a full life involves more than a full bank account. Mapping out a healthy savings plan, without taking away from your passions, can help you prepare for the future and get more happiness out of life. So, be savvy, smart, and willing to find more joy in life!
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written by Jim McKinley @ www.moneywithjim.org