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You may have done all the right things while planning for retirement, but when the time comes, you find yourself a little short. There is no need to panic, there are still ways you can preserve funds during retirement in order to maintain the lifestyle you had planned for.

retirement budget

1. Set a budget

A budget is the most important thing you can do for your financial health, and the best thing is, it can be completely customisable! With the help of a budget calculator or app, you will have a great starting point.

2. Cut your costs

When you've got your budget set out, double check to see if you can cut any costs easily. Do you need all your subscription services? Can you switch them out for free resources available online? There are many, many ways we waste money every day without even realising it.

cut costs retirement income

3. Increase your income

Just because you're no longer working, it doesn't mean you can't get any income another way! One easy way to make some extra cash is to sell old and unwanted items. You can do this on websites such as eBay and Gumtree, or you could hold a garage sale. By selling unwanted items, you will be able to hold on to more of your lifestyle!

4. Re-plan your activities

You don't want to have to cut all activities out of your life after retirement. It's still nice to go on holidays, out to eat, and on day trips when you can. An option for you is to cut the frequency of such activities down. Perhaps you go on a trip once a year instead of twice. Or you might cut a large trip down into two smaller, local trips. There are lots of ways to have fun out and about without sacrificing your budget.

downsize retirement save money

5. Downsize

It might be time to downsize your home. Selling and buying a smaller home will give you a bit of cash to sit on for the future. If you don't own your home, have a look around your area (or in a new area!), and you are likely to find somewhere cheaper to live. Relocating to a smaller home will also mean more furniture to sell and more cash in your pocket!

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