Let Go of Frugality: How Baby Boomers Can Responsibly Invest in Enjoyment

Guest Article by Jim McKinley of moneywithjim.org.

Baby Boomers were raised by parents of the Great Depression, so frugality is in our nature. It’s one thing to be responsible, and it’s another entirely to live as if we are fighting poverty daily. For many of us, we can afford to indulge ourselves and truly make our lives enjoyable.

Help for Fixed Budgets

When we live on fixed budgets, following our dreams can be difficult. To free up cash, consider switching from traditional life insurance to a final expense life insurance policy. This is a more affordable option that will still protect your family in the future. These policies are easier to qualify for, yet give us the comfort of knowing our families will not go into debt over a funeral. Although this isn’t always the easiest step to take, knowing that everything is taken care of will take that weight off your shoulders and allow you to have a little fun.

Make a Plan for Your Health

Perhaps one of your most pressing concerns in your golden years will be staying on top of your health, so in order to grab life by the horns and enjoy this era of your life, take care early on to make sure your health needs will be covered now and in the future. Medicare is a boon for most seniors, so find a plan that meets your needs and budget if you haven’t already. Using a step-by-step online guide will help you make sense of the many different Medicare plans available to you, and show you exactly how to sign up for your perfect plan on Medicare.gov.

Travel Smart

One thing many of us aspire to do is travel. Unfortunately, costs can skyrocket, especially if we don’t take time to plan. Hotels are often unaffordable, but their rates drop when you visit during theoff-season. In fact, you don’t have to stay at a hotel; instead, why not immerse yourself in local culture by using non-traditional accommodation? This could mean using camper vans, Airbnb apartments, or even house sitting. Should you go abroad, book plane tickets in advance, and aim for a Tuesday travel date. Wherever you go, plan out what you want to do before you arrive. That way, you can find free or inexpensive attractions while exploring something new and exciting.

Go Secondhand

Have you always wanted to ski, but balk at the cost of all the equipment? Stop by your local thrift store and see what sporting goods they have. You may have longed for nice jewelry or a designer coat, but you don’t have to spend big on these pricey items. Instead, buy them secondhand. They’re often in pristine condition or need just a bit of cleaning. The best part is that no one will know you didn’t pay top dollar for them. Buying secondhand allows you to experience new things and remain fiscally responsible.

Adopt, Don’t Shop

Now that we’re of the age to retire, many of us have more free time than we’re used to. One excellent way to use that time is to adopt a pet. Pets of all varieties are beneficial to us. They keep us happy, energized, and active. In fact, being around pets relieves stress and can even decrease our risk of heart disease. However, don’t go out and buy an expensive puppy. Even if you want a particular breed, you can adopt a rescue for a fraction of the price. What’s more, rescue pets are often already housebroken, which saves you the effort of potty training. Best of all, you’re saving an animal from being put down, because shelters are perpetually overcrowded.

Transform Your Home

Are there projects you have always wanted to do, but could never justify? Now is the time. It doesn’t take a lot of money, and many jobs can be doneyourself. For example, you can transform the feel of each room by adding crown molding, or put in plantation shutters for a touch of class and to make cleaning easier. Look outside the home, too. You may want to transform a grass lawn into a lushgarden. This has added benefits, as gardening is a fun and healthy way to stay active.

While it’s smart to be sensible, we don’t need to deny ourselves fun. There are clever ways we can save money and have a great time, too. Plan accordingly, and soon, you’ll be living the life you have always dreamed of.

Image courtesy of Pixabay