We were actually thinking of writing this post for a retirement blog that we also run,(you can find it here), but then we thought that the idea of saving money fits well with this blog. The idea is to reduce expenses by doing a lot of your own maintenance and renovations around your home. If you can save even more money, you can retire early, take a trip or buy a new car. The main message is that you have far more flexibility about the decisions you can make. Retire early – mid course corrections is all about what changes you can make in your lifestyle to spend less and save for the future, whatever it is.

If you do retire early, life is going to throw curve balls at you which will or should cause you to re-evaluate what you need to do to keep your retirement as pleasant as possible. You may need to have money for unexpected expenses later in life which will cause these mid course corrections.

Retire early – Mid course corrections

This is a lost of mid course corrections that many people can consider. If you have others that make sense to add, let us know by leaving a comment. Pick and choose those that make sense for your family and your personal situation. Here is the list that we have so far along with the percentage of people who indicated they were interested in this area:

  • Make healthier food and exercise choices to save money later: 91%
  • Cut back on daily expenses: 90%
  • Reduce everyday leisure: 82%
  • Limit or cut back on donations to charities: 77%
  • Volunteer more and give monetary donations less: 75%
  • Work part-time in retirement: 75%
  • Downsize to a smaller home: 75%
  • Reduce or eliminate financial support to children: 70%
  • Purchase long-term care insurance: 68%
  • Move to a less expensive area: 67%
  • Postpone taking Social Security: 64% (though 60% said they’d “take Social Security as early as they can” — puzzling)
  • Develop a hobby into an income source: 62%
  • Reduce financial support to parents or in-laws: 59%
  • Take a housemate or become a housemate: 28%
  • Rent a room or part of my home on a short-term basis: 27%
  • Turn my car into a source of income: 24%

Whether it is renting out part of your home through AirBNB, VRBO or using your car to run an Urber business, there are many ways to earn a little extra income. Some people will start hobbies that they can turn into a small business.

Many will work online from home on various blogs like this one to earn extra income. It can be very emotional and difficult, but cutting support to your kids or to your parents, might be a big change or mid course direction to make.

Cutting back on daily expenses covers all sorts of areas. This could mean doing your own repairs and renovations as well as limiting or decreasing your entertainment expenses.

Notice that throughout this post that we do not say stop these areas. Instead we use words like reduce, cutting back and doing things that will help you spend less money and live more carefully.

Make a personal list that can help you achieve your own objectives for saving money and perhaps retire early as well. It will be worth it in the long run.

 

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