You Can Be Both Frugal and Happy in Retirement

Frugal. It’s a word some people wear like a badge of honor and one others dread. In fact, when building a retirement strategy, some people are working to avoid a retirement that requires them to be frugal.

But here’s a question that means something to a lot of people: Why not be both? Retirement is a reward for a lifetime of hard work, diligent planning and some sacrifice, and you should want to enjoy it. But being frugal doesn’t mean you have to go without, and it certainly doesn’t mean your retirement has to be constrained. In fact, it’s possible embracing frugality may make your retirement even more fun and full of potential.

Frugality can help to define your preferred lifestyle. A good place to start is with your home. Are you going to stay put in the home you raised your children in? Or is it time to downsize to a condo or single-floor townhome? Smaller homes require less upkeep and maintenance, which keeps more cash in your wallet. And by necessity, downsizing means you’re going to have to get rid of some of your stuff. While you might have to simply donate most of it, you may be able to sell some of it. Earning a few extra bucks here and there may make you frugal, and it may also make you happy.

Another way to take care of your retirement budget is to take care of yourself. Exercise regularly, whether it’s a long evening walk through the neighborhood or something more strenuous like pickleball or a senior softball league. A healthy body may mean you are able to keep more of your budget away from health care costs, making you frugal and smart. You’ve worked too hard to get to retirement only to find yourself sitting on the couch, day after day, without anything to do because you don’t have the money.