Frugal Ways

Frugal Ways To Fullfill Your Life

Frugal Ways to Fulfill Your Life: Tips for Baby Boomers

Baby boomers have financially benefited in several ways, enjoying healthy pensions and rising housing prices. But this generation is also facing an expensive retirement due to higher health care costs and longer life expectancies than previous generations. On top of this, CNBC reports that about one-third of baby boomers had nothing saved for retirement by the age of 58. Fortunately, baby boomers can still enjoy a fun retirement while living frugally. Here’s how to live it up responsibly.

Be Prepared for the Worst

You have a couple of important responsibilities to attend to before you can start having fun. One of these is ensuring your health care coverage can meet your changing medical needs as you advance in age. Many seniors rely on a combination of Medicare and supplementary plans to fund their health care expenses. Remember to sign up for Medicare as soon as you’re eligible or you may end up paying more for your premiums and deductibles than others. Fortunately, there are plenty of online resources, like, that can guide you through the sign-up process and help you learn about supplemental plans that cover things like prescription drugs or vision care.

You can also save a good chunk of money by not purchasing a life insurance policy or by canceling a policy. Though life insurance is invaluable for families who would face financial hardship in the event of a death, it’s not necessary for everyone. For example, it makes sense to opt out of life insurance if you don’t have dependent children or your estate is small enough that you won’t have to pay estate taxes.

Cancel Your Cable

According to Fortune, people who switch from cable subscriptions to streaming services save an average of $85 per month. These days you can find most of your favorite shows on streaming services like Netflix, Hulu, HBO, or Amazon Prime. These services can cost less than $10 per month — a significant difference from the price of cable. Plus, you’ll discover fun movies and shows you wouldn’t have thought to watch otherwise.

Plant a Big Garden

Gardening is a fun hobby with numerous health benefits, including exercise and mood improvements. But it’s also a great way to save money. Focus your gardening efforts on low-cost, high-yield plants that you will actually eat. Only grow plants that will produce well in your region since these will be the cheapest and easier the care for. Some of the most cost-effective plants to grow yourself include herbs, lettuce greens, tomatoes, cucumbers, and green beans.

Enjoy Low-Cost Activities

Several studies have revealed that spending time with friends, going on vacation, and participating in sports contribute to higher levels of life satisfaction. Engaging in leisure and recreation activities on a regular basis is a great way to feel more fulfilled in your life. Fortunately, going out for a date night with your partner or a reunion with friends doesn’t have to cost you an arm and a leg. There are plenty of fun things you can do for well under without undermining your budget:

  • Play board games or cards
  • Have a potluck dinner party with friends
  • Attend free events and shows in your community
  • Spend a day being a tourist in your own city
  • Get a group together and go camping
  • Have a movie night with homemade snacks
  • Go on a long hike


Volunteer for Something You Care About

According to Forbes, baby boomers have a hard time finding volunteer opportunities where they can provide meaningful help. Instead of helping at the local soup kitchen, skills-based volunteering may be a more exciting and fulfilling way to way to spend your time. These volunteering jobs use your real job training and life skills to help others. For example, you can volunteer at organizations that help unemployed people land a job and advance their career. Other great options include volunteering at your local hospital or joining a search and rescue team.

Like all generations, baby boomers have their own set of values that seem to dictate how they live their lives. A strong work ethic, a money-saving mindset, and a forward-thinking approach to life have given them greater financial security. Now it’s time for all this hard work to pay off!


This article was written by Jim McKinley at  If you would like more ways on how to save money email Jim directly.