16 Things Baby Boomers Shouldn’t Waste Money On
Don’t Make These Financial Mistakes
Managing finances during retirement can prove more challenging than people expect, especially for those who are just entering this new chapter of life.
If you’re a retiree on a fixed income, it’s important to think hard about where to spend your hard-earned money.
Here are 16 things baby boomers love to splurge on but should probably think twice about.
1. Expensive Vacations
Retirement is the best time to go on all those trips you’ve been dreaming of, but overpriced vacations can easily empty out your savings.
If you’re planning on doing a lot of traveling, choose budget-friendly options that won’t put a strain on your wallet.
Expensive Vacations (cont’d)
If you do want to splurge on a more lavish trip, you can still save some money by booking during off-season times. Booking well in advance of your tip and taking time to compare prices for flights and hotels will also save lots in the long run.
2. Elaborate Gifts
Giving gifts is a kind gesture but the cost of extravagant presents can easily add up. Setting a budget when shopping for gifts is one way to make sure you don’t cut too deeply into your savings.
