Starting to think about retirement? You’ve been saving your hard-earned money since day one in the office, so now you’re thinking about how you want to spend it. That said, you want to make that money last and really make the most of it – new cars, luxurious trips, or whatever suits you. But look around you, are you really saving all you can when you’re still living in the same home that once housed your entire family?
At this point in life, your house is likely your biggest financial commitment, but it doesn’t have to be. Here are four moves you can make that will help you save money so you can enjoy your retirement.
1. Downsize, downsize downsize
First thing’s first, it’s time to move house! You don’t need that big house, no matter how much you love it, so it’s time to find a smaller place. When you’re looking for a new place, it’s exciting to consider all the little things that you won’t have to do (or pay someone else to do) around the house. If you’re tired of cleaning empty rooms, or tending a garden, consider an apartment building or retirement village. Just be sure to calculate the overall affordability of the property to ensure you’re getting a good deal.
Get more out of life by saving with downsizing when you don’t need the space!
2. Move out the junk
When you move places, you can get rid of all the junk that you won’t need (and that won’t fit). Sell everything you can and put that money into your savings account. Anything that you can’t sell, donate!
Consider the proximity to places you frequent.
3. Cut the routine commute
Luckily you don’t have to head to the office anymore, but you still make routine trips to places like the grocery store or even just the coffee shop. When you’re looking for a new home, consider the proximity to places you frequent, as cutting back on the commute – whether that be saving on gas because it’s a shorter trip or even because you can walk – will really add up month to month. You might even be able to get rid of your car!
4. Move to the action
What do you like to do for fun? Put yourself in the middle of it all! A retirement village will bring you closer to both new and old friends and activities so you won’t have to go so far to join in on the fun.
Here at First National Real Estate we’re here to help you make all the moves, either before or after retirement. Just contact us today and we’ll help you with all your retirement needs and questions about relocating to a more suitable neighbourhood.