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12 Money-Saving Tips to Enjoy a Frugal Retirement



Adjusting to a fixed income in retirement can be a challenge — especially if you’re living off less money.

Just because you stopped working doesn’t mean you can stop paying the utility bills and buying groceries. If you’re planning vacations or trips to the golf course — those are extra costs to budget for.

“You could easily spend more money [in retirement] because you have more time you want to enjoy,” said Droucelle Ramage, a retiree living in St. Petersburg, Florida.

Embracing frugality throughout her life, however, is one of the reasons Ramage was able to leave the workforce in her early 60s.

“I used to say it’s against my religion to pay full retail,” she joked.

Ramage continues to keep expenses low by shopping at thrift stores, attending free community events and choosing community acupuncture rather than going to a pricey private practice.

“It’s $15 instead of $100,” she said.

Volunteering at her church and local senior center is another way Ramage stays busy without spending money. When she travels, she’s able to get free flights, a benefit of working for American Airlines for over 20 years.

Knowing how to cut costs is key to having a frugal retirement you can enjoy. Here are 12 ways to save money.

1. Get a Roommate or Two

Loneliness in retirement can have a negative effect on your health and quality of life. Not only will live-in company help you feel less alone, but you’ll reduce housing costs.

If you live alone, try sharing a place with a friend or family member who lives in the same town, or consider coliving with other retirees to save money.

2. Downsize to a Smaller Space

Maybe your idea of a frugal retirement doesn’t include sharing your living space. You can cut costs by moving to a smaller home instead. 

A small house has several financial benefits. You’ll pay less in rent or mortgage. Your utility bills will go down. You’ll have less home maintenance and repairs to worry about. 

And when you downsize, you can sell all that furniture you don’t need for extra cash. 

Pro Tip

If you’re looking to relocate, here are 11 of the best places to retire.

3. Rent Out Your Kids’ Old Rooms

If you don’t want to sell the family home or get long-term roommates, you can make money off your empty nest by turning unused space into short-term rentals.

Your kids can get their rooms back when they visit for the holidays — or you could make them pay the daily rate. 

This guide on how to become an Airbnb host will get you started.

4. Cut the Cost of Groceries

Slashing your grocery spending is a high-impact way to help you have a frugal retirement that saves money every month.

Clip coupons, buy generic products, start a garden and shop at stores that boast low prices, like Aldi or Trader Joe’s. For more tips, check out this story about saving money on groceries.

Bonus: When you feel like eating out for a change, read up on these 25 ways to save money at restaurants.

5. Be Proactive About Your Health

Your health is often intertwined with your wealth. Staying healthy in retirement means you’ll spend less on medical costs.

When it comes to preventative care, a balanced diet and regular exercise can lower your chances of developing certain conditions like high blood pressure and type 2 diabetes. But you don’t have to drain your bank account paying for expensive health food or a pricey gym membership.

These 10 ways to save money on organic groceries will help you eat healthy for less. Incorporate one of these gym alternatives into your routine, or build a cheap home gym for under $100. 

Pro Tip

If you’re 65 or older, enroll in Medicare. While Medicare coverage doesn’t eliminate out-of-pocket costs, you’ll pay less than with private health insurance.

6. Find Low-Cost Entertainment and Ways to Stay Social

Keep busy in retirement without emptying your wallet.

Fill your social calendar up with events at your local senior center, host potluck dinners with friends or start a murder mystery book club. Check out free offerings at your library, like sign language classes or museum passes

Turn to this list of 100 free things to do when boredom hits.

Volunteering is another way to make good use of your time, and it could come with neat perks, like free entry to a play when you usher at a theater.

7. Save Money on That Bucket List Trip

You can have a frugal retirement and travel. It just requires some smart planning and perhaps a bit of compromise — like avoiding the peak tourist season or driving instead of flying.

These travel tips will help you keep costs low.

8. Take Advantage of Discounts

Don’t be shy about sharing your age when it’ll result in sweet discounts. Dozens of companies — from retailers and restaurants to airlines and hotels — offer lower prices for seniors. Some offer discounts to customers as young as 50.

Pro Tip

Join AARP to enjoy a slew of discounts at a variety of places.

9. Continue Your Education for Free

All across the country, there are opportunities for seniors to take free or reduced-price college courses. Be a life-long learner and take a class in a subject you’ve always wanted to know more about.

10. Shop Secondhand

Instead of strolling through the mall for a new outfit or home decor piece, try thrift stores, consignment shops or online sellers to score a lower price.

11. Sell Unused Things

You know that china set that’s been collecting dust? Stop telling yourself you’ll pass it down to your kids. Get cash for it instead, along with all the other unused items lying around the house.

Organize a garage sale or register as a vendor at a local flea market. If you don’t feel like manning a card table for half a day, sell your stuff online on sites like eBay, OfferUp or Facebook Marketplace.

This guide helps you figure out the best time of year to sell all your unwanted stuff.

12. Pay Off Lingering Debt

The rewards are twofold when you become debt free sooner rather than later. You’ll pay less in overall interest when you pay off your debt early. You’ll also free up more cash once you no longer have that monthly financial obligation.

Paying more than the minimum, negotiating a lower interest rate and making biweekly payments can help you lower your debt load. Here are additional helpful tips on paying off student loans in retirement and eliminating credit card debt in retirement.

Nicole Dow is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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RBI’s 3 months Moratorium on Business Loans



हिंदी में पढ़े

Amid Coronavirus (COVID-19) outbreak and India’s lockdown, the Reserve Bank of India (RBI) allowed various financial institutions to offer a moratorium of three months on business loan, term loan or working capital loan. As this period ends, the deferred interest rate of three months will be collected immediately by the lender. RBI introduced this banking feature to help companies, enterprises, entrepreneurs and self-employed professionals facing liquidity issues.

The moratorium period that is effective from 1 March, 2020 till 31 May 2020 covers all EMIs or payments due for this period. This means that all financial institutions allow the borrowers to collectively pay their three-months EMIs for the month of March, April and May after 31st May 2020. If you opt and qualify for a moratorium, private or public sector banks, NBFCs, Co-operative Banks, Micro Finance Institutions (MFIs), Small Finance Banks (SFBs), Regional Rural Banks (RRBs), Housing Finance Companies (HFCs) or any other financial institutions shall allow a moratorium of three months for business loan borrowers.

Soon after the moratorium period ends, corporates or borrowers who opted for moratorium shall have to pay four months’ collective EMIs plus interest rates on their loans.

Paisabazaar advises you to avail this moratorium feature only if your income and cash flow has been severely impacted and you are unable to pay loan EMIs on time. Before availing Moratorium, please check the interest rate you need to pay that is collective of four months plus the EMI amount. We suggest you to pay regular EMIs of your loan, if there is not liquidity or cash flow concern.

Things to Know:

  • What is a Moratorium? Moratorium is a lawful agreement agreed to borrowers to postpone payment
  • Moratorium period announced by RBI is from 1st March 2020 – 31st May 2020
  • Moratorium is not a mandate; it depends on respective bank whether you qualify or not
  • Interest is accrued and EMI payments will accumulate, it’s always better to pay-off if there is no liquidity or cash flow issue
  • RBI has directed credit bureaus that due to moratorium, credit score should not get hampered or reduced
  • Customers has the option to discontinue the Standard Deductions (SI) for EMI’s deductions
  • To avail moratorium, loan borrower simply needs to write an email or contact the respective bank, NBFC or concerned lender
  • If EMI has already been debited by the lender, it will be refunded to borrower’s account
  • Availing moratorium will not change any terms and conditions of existing business loans, term loans or working capital loans

Example of a Moratorium:

  • Loan Amount: Rs. 10,00,000
  • Interest Rate: 18% per annum (fixed)*
  • Repayment Tenure: 3 years
  • Interest per month: 8,374
  • EMI per month: Rs. 27,778 (excluding interest rate)

Moratorium Availed vs Not availed

Date Details If Availed If Not Availed
31 March 2020 EMI to be paid Nil Rs. 27,778 (EMI) + Rs. 8374 (Interest rate) = Rs. 36,152
30 April 2020 EMI to be paid Nil Rs. 27,778 (EMI) + Rs. 8374 (Interest rate) = Rs. 36,152
31 May 2020 EMI to be paid Nil Rs. 27,778 (EMI) + Rs. 8374 (Interest rate) = Rs. 36,152
1 June 2020 EMI to be paid Rs. 1,44,608 (EMI + Interest rate of collectively 4 months) Rs. 36,152 and remains same for further months

*Note: Interest rate of 18% per annum is taken as fixed and GST and additional taxes shall be added on the mentioned amount. 

Impact on Corporate Accounts

As per banking rules, if in case the financial entity is unable to pay the collective EMIs along with interest rate, the entity’s account shall be considered as SMA 1 (Special Mention Account 1). If not paid in 61 – 90 days, the account is considered as SMA 2. If still there are delays in payments, the account turns into a Non-Performing Asset (NPA).

Also Read: Coronavirus (COVID-19) Impact on Indian Business

List of Banks offering automatic relief

Below is the list of banks offering default moratorium or automatic relief to its customers availing business loans. This means that customers who have taken business loans will not have to pay EMIs for the month of March, April and May. No automatic EMI will be paid to the bank or lender during this period. If in case you do not want to avail moratorium and wish to pay regular EMIs, you can visit the official website or mobile app, call the bank or send an email stating your request.

For the rest of the banks and NBFCs, customers need to visit the official website, mobile app or send and email to place the request of ‘Stop paying EMIs’.

RBI made this announcement considering small business owners, self-employed and SMEs of the country. This three-months moratorium period shall help business loan borrowers in managing their savings and not putting them in a cash crunch situation. Moratorium period is considered as a ‘pause’ or ‘EMI Holiday’ in which loan borrowers need to cautiously take financial decisions and diligently plan to invest in the coming months amid the COVID-19 crisis.

The post RBI’s 3 months Moratorium on Business Loans appeared first on Compare & Apply Loans & Credit Cards in India-

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Coronavirus Stimulus Check 2020 [how much you’ll get & who qualifies]



(The following is a transcription from a video I recorded. Please excuse any typos or errors.)

Quick little update for you.

The Senate and the White House reached an agreement on this big stimulus bill, the Trump coronavirus stimulus check for 2020.

Let me share with you who will be eligible, how much you will get, what the qualifications are, and when you can expect to receive the stimulus check from the U.S. government.

And so if you haven’t heard about this, it’s pretty cool because you’re probably going to be getting a nice fat check from the government.

Here are the details that you need to know.

It is expected to be up to $1,200 per adult and $500 per child, which is pretty fun.

These amounts are based off of your 2018 tax returns if you haven’t filed 2019 tax returns yet.

Taking Your Income Level Into Consideration

And according to this article from the Los Angeles Times, the amount received will decline gradually beginning with individuals who make $75,000 a year or married couples who make $150,000 total each year.

Individuals making $99,000, or above or couples making $198,000, or above would receive no check.

Which looks like this:

And here is another helpful breakdown of how big your stimulus check will likely be:

When will you get your check?

Stimulus Check Timeframe

The fun thing about is they’re expected to be shipping within the next few weeks.

So that’s really cool. And you don’t normally see the government move this fast on things, but the stock market’s been doing fantastic the last two days as a result of the expectation of this thing coming through.

While I’m not really excited about the long term effects of the government giving away all this money, I know a lot of people who will be excited to get a little bit of cash in their pocket.

So that’s the latest update for the Trump coronavirus stimulus check for 2020!

Let us know in the comments below what you plan to do with this Trump stimulus check that you will hopefully be receiving soon!

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The Best Interest Rates for April 2020



Finding the best interest rates is a lot easier today than it was even a few years ago. Here at Dough Roller, we track rates on everything from checking and savings accounts to mortgages to CDs. It occurred to me, however, that there was no one single page on the site where you could find the top rate for each type of account. So we created this page, updated monthly, to track the highest (or lowest) rates available.

Deal of the Day: CIT Bank has a 1.80% APY on their Money Market Account. $100 minimum deposit required and all deposits are FDIC insured up to the $250,000 per depositor maximum.

Best Interest Rates for November 2019, bank rates

We focus on those financial institutions that have low fees, great rates, and are typically available anywhere in the U.S. You can find local banks and credit unions that offer comparable rates, but their availability is limited geographically.

Best Interest Rates for November 2019

November 2019 Interest Rates Update: There were a few rate changes over the past month:

  • Betterment Everyday™ Cash Reserve account is at 2.04% APY.
  • Wealthfront Brokerage Cash Account Rate is at 2.07% APY.
  • First Security Bank’s Kasasa Cash account is at 2.51% APY on balances up to $50k; their Kasasa Saver account is at 1.31% APY on balances up to $50k.
  • First Foundation Bank’s Online Savings Account offers 2.40% APY with $1k minimum deposit of new money.
  • BrioDirect is offering a High-Yield Savings account at 2.30% APY with $25 minimum deposit.
  • Vio Bank’s High Yield Online Savings account is at 2.27% APY with $100 minimum opening deposit.
  • Fitness Bank is offering a 2.75% APY savings account rate for balances over $100 when step requirements are met.
  • Prime Alliance Bank is offering a 60-month CD at 2.48% APY and a 48-month CD at 2.38% APY, both with $500 minimum deposit.
  • First National Bank of America is offering a 12-month CD at 2.35% APY and a 60-month CD at 2.55% APY, both with $1k minimum deposit.

The average 30-year fixed mortgage rate comes in at 3.78%.

With that said, here are some of the best interest rates we’ve found for November 2019:

Best Bank Account Rates

Best Interest Rates Pin 2Savings Accounts: The top savings account rate goes to Vio Bank at 2.27% APY ($100 minimum deposit) (see table below). Several banks come in a close second, including UFB Direct at 2.15% APY , Popular Direct at 2.15% APY ($5k minimum), CIT Savings Account at 2.10% APY ($100 monthly deposit or $25k minimum balance) and BMO Harris Bank Money Market Account at 2.05% APY ($5k minimum). These represent some of the highest rates on a nationally available savings account.

Here’s a comparison table we update daily with current competitive rates:

Best CD Rates: The rates on certificates of deposit vary based on the term. The longer the term, the higher the rate. Keep in mind that penalties may apply if you close the CD before the end of the term. For a 1-year CD, the best rate we could find is from First National Bank of America at 2.35% APY ($1k minimum).

Checking Accounts: Most checking accounts do not pay interest. For online banks, however, you’ll find plenty of options where you can earn some interest on your funds. There are two things to keep in mind. First, many banks offer higher interest rates only if you keep a lot of money in your checking account. Second, the rates are lower than a savings account or CD.

Some top paying checking accounts that we like include FNBO Direct, which currently pays 0.65% APY. For those with at least $15,000 in checking, you can earn 0.60% APY from Ally Bank. I list Ally second because most people don’t keep that much cash in checking, but it’s an option for those who do. These rates are unchanged from previous months.

Bonus: I also keep a running list of popular checking account promotions you can check out.

Mortgage Rates

Mortgages: Listing the “best” mortgage rate is really impossible. Rates change throughout the day, vary by state, and are highly dependent on a number of factors including your credit score, debt-to-income ratio, and down payment. That being said, the average rate for a 30-year fixed rate mortgage is up this month to 3.78% according to Freddie Mac (from 3.64% last month). The average rate on a 15-year fixed mortgage is up to 3.19% (from 3.16% a month ago).

You can find competitive mortgage and refinance rates at LendingTree or on the table below:

Related: Compare mortgage rates online

Best Credit Card Interest Rates

Credit Cards: The longest 0% introductory period stands at 15 months on both purchases and balance transfers. You can find a current list of the best 0% credit card offers here.

If you find better rates on any of the above financial products, please let us know in the comments below.

Note that the above rates were as of October 31, 2019. Rates are subject to change, so please confirm the rates directly with the financial institution.Find the best interest rates on bank accounts, mortgages, and credit cards as of %%currentdate%%. Includes rates on savings and checking accounts, and CDs.

The post The Best Interest Rates for April 2020 appeared first on The Dough Roller.

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