Workable tips to retire on a small budget

Augusta

VIP Contributor
The truth is that not everyone will retire with big money and it is always good to plan and still live better even on your small money. It is possible and achievable you just have to follow the below tips:

  • Start by setting aside some money to meet future expenses
  • Then reduce your spending on frivolities
  • You can plan your meals in advance to avoid impulsive buying that can cost more when you are hungry
  • Continue to keep your current household, bringing more people will quickly deplete your budget
  • For travelling, try to explore cheaper travelling options
  • If you don’t mind, then go for a low cost setting
  • Sometimes go for fairly used items if they are still in good condition
Add your thoughts.
 

btaliat

VIP Contributor
I love your opening remarks. But every one will retire being rich. That is true but the fact is that everybody deserves to retire being rich. The only thing that do militate this is the fact that not everybody plans ahead their retirement. Some will only start planning when it is almost time to retire.
 

Sotherefore

VIP Contributor
Saving money is really important especially for people with small amounts of budget but it may not actually be easy if your monthly earning is not enough to take you a month, but even with this you should try as much as possible to save at least 30% of your monthly earning because this can actually help you a lot on so many.
 

btaliat

VIP Contributor
I would have preferred saving money as a way of preparing for the retirement but given it a second thought will never let me go for it. Let me give you a scenario, $1000 is ₦540 in 1980 and now $1000 is now ₦540000. Imagine someone that has been saving in naira. We should just invest.
 

kayode10

VIP Contributor
@btaliat it means someone is saving backward because the currency is losing its value by the day which caused hyperinflation in the country. I think the best way out is to look for an investment that can beat inflation so as to have edge over the economy of the country. Real estate seems to be one of the best but it is capital intensive. Cryptocurrency investment might be a good option.
 

btaliat

VIP Contributor
@btaliat it means someone is saving backward because the currency is losing its value by the day which caused hyperinflation in the country. I think the best way out is to look for an investment that can beat inflation so as to have edge over the economy of the country. Real estate seems to be one of the best but it is capital intensive. Cryptocurrency investment might be a good option.
I still prefer tangible investment to online investment. Crypto is a good way to invest as well but it must be long term investment. But the only problem is that we don't know the next coin that will be like bitcoins which make it very difficult to invest in cryptocurrency as a way of a saving for the future. That's why I will go with real estate
 

kayode10

VIP Contributor
@btaliat this is the reason why I said real estate investment is a good option to earn passive income. The only thing you need to do is to train your mind to support a profitable property at the right location. You can apply for mortgage to buy real estate property and repay back with the rents not your own money.
 

Good luck

Verified member
It is good to always get ready for the retirement,l mean to plan towards the time so as not to be caught unaware.It is advisable one start saving little by little before one gets to retirement level.I f you start saving something twenty years before retirement,you will have something reasonable to fall back to when you finally retired from service.
 

Augusta

VIP Contributor
It is good to always get ready for the retirement,l mean to plan towards the time so as not to be caught unaware.It is advisable one start saving little by little before one gets to retirement level.I f you start saving something twenty years before retirement,you will have something reasonable to fall back to when you finally retired from service.
Yesh I think a lot of people know this but sometimes life is unpredictable that you can get you let retirement money and. Just like that you are faced with life threatening issues that gulp a lot of the money so you just have to start managing the little left for you
 

Jonaville

Active member
The problem most people face when they finally retired is that they didn't know how to minimize their spendings. And by the time they realized this, it will be a little too late. So it is better to start planning for your retirement as early as possible to avoid future problems.
 

Augusta

VIP Contributor
The problem most people face when they finally retired is that they didn't know how to minimize their spendings. And by the time they realized this, it will be a little too late. So it is better to start planning for your retirement as early as possible to avoid future problems.
You are right the best thing to do is to start planning for retirement even From the first year of working.it will be difficult to make money after certain age so setting aside money or investing in a thing maybe landed property will just be it. Even depending on ones kids isn't even certain now with the way things are going
 

btaliat

VIP Contributor
@btaliat this is the reason why I said real estate investment is a good option to earn passive income. The only thing you need to do is to train your mind to support a profitable property at the right location. You can apply for mortgage to buy real estate property and repay back with the rents not your own money.
You are right. I don't think there is any other better offline investment that is better than real estate mamagement. But it is even better just like you said for someone that is planning of retiring to start invest in different coin. He may just be buying ad little he can buy for the future sake.
 
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