3 ways to be more frugal

Frugal is in, and it seems like everybody and their mother’s brother has advice on how to save a few bucks. If you are looking for ways to make your income stretch further, consider some of the following ideas.

1. Downgrade your lifestyle. Consider selling your money-guzzling home and moving to a less expensive place. Doing so can save you money on monthly housing payments, utilities, and maintenance services such as lawn care. You can still be a homeowner, but if you have an empty nest and really need to make your dollars stretch further, it may be time to give up the McMansion. If you’ve been thinking of tapping your existing home equity by getting a Home Equity Conversion Mortgage (HECM), the proceeds can be used to purchase a less expensive home.
2. Focus on relationships and experiences. Instead of always splurging on big-ticket outings, look for free or low-cost activities that allow you to make new friends and spend quality time with family. Also consider volunteering or finding other ways to give back in your community. A recent MetLife Mature Market Institute study found that people who have meaning and purpose in their lives tend to be happier no matter their age.
3. Get help from a qualified debt counselor or housing counselor. A debt counselor can help you address any spending issues your have that may be keeping you a slave to debt. A housing counselor can discuss a variety of options that may improve your finances, including reverse mortgages, refinancing, loan modifications, and local community programs aimed at helping seniors.

Putting together an action plan to embrace frugality can help reduced stress related to money. It also can help you stay focused on the ultimate goal of enjoy a comfortable retirement.

This entry was posted on Wednesday, August 18th, 2010 at 12:15 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.