Wednesday, July 24, 2024

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Tips on How to Spend and Save for Frugal Baby Boomers: Control Your Finances

Baby boomers, much more than their peers in other generations, like to keep what they have in their wallets, be they retired or not. GOBankingRates spoke with Denise, a retired New York City teacher and self-identified baby boomer, about the things that make frugal boomers go no way near buying.

Avoidance of Dinner at Regular Intervals at Restaurants

Instead of going to expensive restaurants, Denise recommends using this opportunity to cook at home. She has been interested in cookbooks, so she searches for them in resale shops or online, studying different cuisines. Quite to the contrary, she does happy hours and lunch specials to socialize without spending too much when they go out.

Upscale Clothing and Household Items

Penny-pinching boomers typically avoid high-dollar luxury shops, but that doesn’t mean they will compromise quality in place of cost. Denise scores quality brands at consignment and resale stores that benefit other organizations. The recycling effort involves nonprofits.

Higher ed at a cost

While workers are often supposed to pay for their ongoing education and professional development if they hope to advance in their jobs, Denise looked for ways to bring art into her local community without paying for expensive professional classes. She joined and even led several art groups.

Overpriced Vacations

Now that Denise is retired, she knows how to see the region cheaply. She recommends day trips on Metro North or the Long Island railroad. Expensive destinations are peanuts out and hardly costly at all.

Activities and Entertainment

She gets creative with low- and no-cost activities, like visiting free admission museums, dollar theaters, concerts, and movies in Central Park, historic walking tours, and working in community gardens. She uses the local libraries for lectures and classes.

Medical Coverage You Don’t Have to Read the Fine Print

Denise advises fellow boomers to pay attention to any changes in Medicare coverage and to use in-network providers. She warns boomers to read the fine print on programs touting they are better for seniors and retirees; they normally are not.

Frugal boomers spend smartly and save wisely by avoiding high-dollar restaurants, indulging in upscale merchandise at resale stores, seeking low-cost education and entertainment, traveling the world around locally, and checking the fine print on medical coverage. According to Denise, “As a retiree or boomer, you are rich in time. It’s a great time of life when you can check off the bucket list of things you love to do. There are a lot of joyful activities that don’t cost a dime.”

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