Even if you've saved diligently over the years, it's still a good idea to cut back on some of the spending you may have done while you were working. You need your money to last, after all. It can be hard to change spending habits, but it's not impossible. Here are five easy ways to save some dough in your golden years of retirement.

 

1. Travel in off-peak times
Working stiffs often have to travel during the holidays, when kids are off school and the office shuts down. If you can travel other times of the year -- go to Florida in mid-November, for example -- you can save a ton, not to mention avoid the crowds. Some experts say you'll be able to cut your travel bill by 15 per cent.

2. Use senior's discounts
While many boomers are retiring with more money than their parents had, that doesn't mean they can't take advantage of the many discounts available to retirees. A regular movie at one theatre we investigated, for example, is $12.75; seniors pay $8.99. If you join CARP Canada, an organization for the 50-plus crowd, you can get all sorts of deals on travel, insurance, restaurants and more.

3. Buy cheaper investments
It's never too late to find funds or investments with low management fees. Mutual funds are often expensive to own. Talk to your adviser about exchange-traded funds or index funds instead. These securities track an index so you don’t have to pay a manager to run the fund. Fees are often half of what you'd find with a mutual fund. Buy a few and use the cash you’ll save on something else, or reinvest it into more ETFs.

4. Downsize

Even if you've paid off the mortgage on your big house, it may still be expensive to maintain in retirement. Hydro, heating, maintenance -- that all adds up, especially on a large dwelling. Consider selling your house and buying or renting a smaller condo. There may be some condo fees, but if you plan it right they'll be less than what you’re paying for upkeep now.

5. Sell your second car

Now that you're not working, there may be no need for two cars. You'll save big on not having to insure two vehicles and all that money you spend on gas could instead pay for your snowbird vacation.

There are plenty of other ways to cut down spending, but don't chop too much. After working so hard for so long, retirement had better be fun. But there are always cheaper ways to do what you want, with a little planning and organization. The longer your money can last, the better off you’ll be. 

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