Growing up, 57% of American adults got an allowance. Of those people, 90% had to do chores to earn their allowance, and 70% had to work for every penny. The point is, many of us are taught from a young age that we need to work hard for what we get in life. As you get older, however, you realize that working won’t be as easy as it once was. As you approach 63, the new average age of retirement, you need to be prepared with enough money for living a comfortable life.
For the workaholics out there, retirement doesn’t mean you need to stop being active, but working for every last penny in your late 60s is not something anyone should have to do. By now, you’ve probably heard everything you need to know about 401ks and saving for a rainy day, but let’s take retirement savings a step further. Here are some unconventional ways to save for retirement.
Cut Out Cutting Coupons
We are all taught to use coupons as a way to reduce spending, but does it really help? Many studies have shown that couponing in fact has the opposite effect on our wallets. In 2003, a study revealed that people who shop with coupons spend more on average than people who don’t. Who would’ve thought?
Thrift, Don’t Shop
Though it’s not entirely unconventional, most people wouldn’t consider their clothing budget as something that could have an impact on their budget. The average adult age 35-44 spends $209 per month on clothing. That is a lot of money. At thrift stores, spending the same amount of money would most likely get you more clothing than you could physically carry.
There are a number of foraging groups in most communities in the United States. They all get together and go into the woods looking for mushrooms and other wild edibles. This is not only a great way to source fresh produce that saves money from your grocery budget, but you will also be able to stay active and meet new friends.
As you get older, working might lose its luster, but that doesn’t mean you can just stop. In order to retire comfortably, you need to prepare accordingly. There are important financial steps any financial planner will tell you to take, but embracing a frugal state of mind is the best way to constantly be saving for your future.