First Person: The Little Things That Can Add Up in Retirement

I've read many articles about ways to increase retirement income or cut expenses, but such advice often involves major lifestyle or investment adjustments. It isn't always just the life altering decisions that can save us a lot of money in our golden years. There are plenty of ways the little things we do can save us cash as well.

I have several relatives who are nearing or already in retirement. By looking at how or where they live and their particular retirement lifestyles, I have seen some of the little things that can save money or reduce expenses.

Fruits of Your Labor

A close relative of mine lives in a veritable Garden of Eden when it comes to the delicious treats that she tends around her home. From apple, cherry and pear trees, to blueberries, strawberries, grapes, and all kinds of veggie treats in her garden, she grows a multitude of delicious, healthy, and money saving produce.

With food costs on the rise, learning how to grow such items during retirement could save a bundle of money, possibly make for some good exercise and provide a little therapeutic outdoor time as well.

Transportation

My fear of senior citizens behind the wheel has recently been usurped by that of people texting or talking on their cell phones while driving. However, being able to ditch a vehicle in retirement can make for a great money saver. For the last decade, my mother has lived in a small town where she can walk to work, the store, library, post office, and a variety of other convenient locations.

Simply looking for ways to reduce travel in retirement can make for significant savings, especially with the cost of gas currently on the rise. Living in a small town can make reducing transportation costs easier, but even in bigger cities, utilizing public transportation, ride sharing, or even utilizing a cab service from time to time could eliminate hundreds or even thousands of dollars in vehicle upkeep and maintenance costs each year.

Kick Bad Habits

The three examples of bad habits I'm about to list all come from family members in or nearing retirement; and each bad habit costs them large sums of money that could be better spent elsewhere -- or better yet, saved.

My first bad habit example is that of a heavy smoker. His cigarettes run about eight dollars a pack, and he smokes two to three packs a day. This alone is a hefty cost for such a habit, not to mention the associated increase in insurance and medical costs.

My second example is of an eBay addict. She is a collector of numerous items and, from Micro Machines to old cookbooks, eBay is her hot spot for these items. She often spends hundreds of dollars or more per year on such purchases.

My third and final bad habit example is that of a relative who makes at least one trip to the casino a week. While he has won before, it seems that he tends to lose much more often than he wins. Slight obsessive compulsiveness mixed with a family history that leans toward addictive tendencies makes it a financially dangerous retirement pastime.

Community Resources

Utilizing community resources can create significant savings whether you're in retirement or not. But in retirement, you may have more time to investigate and take advantage of the many opportunities available to you in your surrounding area.

I'm a big advocate of making use of the multitude of resources that may be at your disposal in and around your community. From a library where you can check out books, CDs, and DVDs, get free publications, take part in classes or book clubs, or enjoy other free activities, to a community center where you may be able to participate in free or reduced cost events and activities, there are often numerous money saving community resources to be explored in a big city or small.

Retirement Partners

I've seen first hand just how much money can be saved by finding a partner with whom you can share costs. My wife and I have done this for over a decade now, and it can work well in retirement too. Being able to split travel costs, dinners out, or even just rides to the store can create additional savings in retirement. Finding people who are interested in participating in similar hobbies, going to the same places as you, or shopping at the same store can provide opportunities for bulk buying or expense splitting, not only allowing your to maximize your dollar, but possibly reducing waste as well.

More From This Contributor:
Tracking Expenses is Crucial to a Safe Retirement
Getting a Spouse on the Same Retirement Planning Page
What I Would Like From My Retirement

Disclaimer: The author is not a licensed financial or retirement professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is at the reader's discretion.