1. Downsize your house and locality
We all love to have that extra room with a view in a tony locality. But such things cost a bomb and more often than not they are just not worth it except for getting a kick out of putting money down the drain. As a general rule, the bigger your house, the more it costs to buy, operate, maintain, and insure. Property taxes are also typically based on the value of your home. Also you don 't want to be staying next to the who 's who of the city. That is a privilege that comes at a huge price. A large house that was essential for a family may be just too large when you are an empty nester. When you downsize your house and your tony locality, you will certainly reduce the monthly costs of running your home. In case you have two places of your own, look to monetize the larger one by a long term lease arrangement. These are simple ways to make your money last longer.
2. Use the first opportunity to get out of debt and also stay out of debt
Debt has a huge cost in terms of interest, your peace of mind, your credit rating etc. When you are servicing your debt you are actually paying today for something you bought at some time in the past. Firstly, this debt payment sucks up more of your cash flow each month and secondly it is not adding any real value to you. By cutting down on your debt, you reduce the monthly demands on your money and you can use the surplus liquidity fruitfully.
3. You don 't have to retire at 60 if you are fit to work longer
Working after 60 is not just about money but also about keeping yourself fruitfully occupied and engaged in your area of specialization. People like Warren Buffett and George Soros are still working actively at the age of 85. Just because you 're ready to give up the rat race doesn 't necessarily mean that you 're ready to be done working altogether. Money always comes back to you in different ways and your skill is one of them. If you have it and there is a market for it, you can as well use it. In the process, you can also plan your finances better.
4. Cut costs, target bargains; in short get more bang for the buck
Why should take a cab when you can take the sub way with equal efficiency. Cut out the frills and you will be surprised by how much you can save over time. In the era of internet, look at salivating bargains. By just going to a website, there are big savings you can make on hotels, airlines, travel packages, groceries, garments, furniture etc. Make the best of it. You can either spend less or get more for less. If you have the leeway of travelling in off-peak periods, try and make the best of that. Off-peak prices are generally lower, which saves you money. Because you 're dealing with off-peak timing, it usually means that whatever you 're using is less crowded, too. That is not a bad combination at all.
5. Be disciplined and stick to it
A lot of these secrets may be really pointless unless you have the discipline to persist with the idea and implement it day-after-day and year after year. This is discipline is a lot like losing weight. It is not how well you start but how well you sustain that really matters. It is the same case with budgeting. A budget works only if you stick to it. This is the rule that beats all rule because if you don 't have this discipline, then no amount of smartness can help you to make your money last longer.