The earlier you start saving for retirement, the better. But if you’ve waited too long to start planning for life after work, it doesn’t mean that you’ll spend your retirement in poverty. By making some simple adjustments to your lifestyle, you can still live well on a smaller retirement fund.

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1. Pay Off Your Debt
You won’t be able to relax in your retirement years if you still have to budget every month for paying your mortgage or credit cards. If you pay off your debts before you retire, you’ll have more money to use as you wish once you’ve stopped working.
Plus, make the most of your money in any one of these 10 great places where you can retire for under $2000 a month.
Plus, make the most of your money in any one of these 10 great places where you can retire for under $2000 a month.

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2. Don’t Get Into Debt
Getting into new debt is a sure way of reducing your retirement savings. Before you buy anything that you can’t pay in full, such as a new car, think carefully about how much you really need it.
You want to do your best to avoid any of these 12 costly mistakes that can ruin your retirement. Alternately, here are 19 items worth buying that save you money over the long haul.
You want to do your best to avoid any of these 12 costly mistakes that can ruin your retirement. Alternately, here are 19 items worth buying that save you money over the long haul.

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3. Downsize Your Home
Instead of letting the upkeep of your large home eat into your retirement savings, consider moving to a smaller condo, apartment or a retirement community. The money you’ll make from selling that big property will give your nest egg a nice boost too.
Before long, these 20 cheap and stylish global retirement spots can be your reality, instead of just a pipe dream.
Before long, these 20 cheap and stylish global retirement spots can be your reality, instead of just a pipe dream.

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4. Share Your Home
If you’re single, a great way to save money on housing is to share with a like-minded friend or relative. This not only cuts costs but also provides companionship and a little more security.
You may also like: 20 ways to earn money while you're sleeping.
You may also like: 20 ways to earn money while you're sleeping.

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5. Let Your Home Earn You Money
If you don’t want to get rid of your old home just yet, find ways for it to earn you money. Rent out your kids’ old bedrooms on Airbnb, for instance, or register your house with a database of properties available for rent as a filming location.
For even more money, check out 15 high paying jobs to consider doing on the side. Alternately, you may want to avoid spending money on these 20 things.
For even more money, check out 15 high paying jobs to consider doing on the side. Alternately, you may want to avoid spending money on these 20 things.

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6. Consider the RV Lifestyle
If your retirement plans include that cross-country road trip you’ve always dreamed about (we recommend these Canadian road trips you need to take at least once), consider selling your home and investing in an RV. The RV lifestyle is a cheap and flexible way to travel and still have a place to stay.

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7. Move Somewhere Cheaper
You can make your retirement savings go much further if you move to a cheaper city. A growing number of retirees are now opting for living in cheaper countries such as Mexico or Ecuador, where the climate is less harsh and healthcare is excellent. If you're interested in staying in Canada, here are the top 20 cheapest cities to live in Canada.

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8. Give Up Your Car
Even with our list of 20 ways to cut your car costs, car payments and upkeep are an unnecessary drain on your finances. Walk or bike where you can, use public transportation or get rides with Uber or Lyft.

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9. Stay Healthy
Keep your medical expenses in check by taking care of your body. Adopt a healthier diet, exercise regularly and keep depression at bay by doing things that you find fulfilling.
Plus, don't miss 13 simple tips for getting rich.
Plus, don't miss 13 simple tips for getting rich.

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10. Eat Out Earlier
If you want to treat yourself to a meal in a restaurant, go earlier in the day. Breakfast is usually the cheapest while dinner is the most expensive.
Be sure to brush up on the 17 ways you're shamelessly bleeding money.
Be sure to brush up on the 17 ways you're shamelessly bleeding money.

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11. Find Free Entertainment
Find free seminars, movie screenings, concerts and other forms of entertainment in your community. The local library is usually a good source of information on free entertainment.

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12. Join a Club
Joining a club, such as a book club, diner’s club, knitting circle, hiking club or movie club, helps you to stay socially active. In addition, it provides a cheap form of entertainment and clubs often get group discounts.

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13. Take Advantage of Discounts
Seniors qualify for a variety of discounts, whether it’s on public transportation, meals or movies. Don’t be embarrassed about taking advantage of these.

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14. Arrange a Retirement Paycheque
Instead of giving yourself access to your investment funds any time you want, arrange to have an amount
automatically paid into your bank account once a month. It’s easier to budget on a monthly basis, just like when you still got a regular paycheque.

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15. Budget
Even in retirement – and maybe now more than ever before in your life – you need to budget carefully to make your money go further. Draw up a list of your expenses and see where you can cut back. An online budget calculator can be very useful in helping you manage how you spend your money.

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16. Buy Yourself a Gift Card
If you tend to overspend at your favourite store, buy yourself a gift card with a set amount at that store. Then be disciplined about only using the money available on your gift card to pay for purchases.

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17. Barter Your Skills
You don’t have to pay money for every service you need. Be creative and barter your skills where you can. For example, offer to babysit the neighbours’ kids in exchange for a lift to the shops or offer to tutor your grandkids if they’ll help you with the household chores.

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18. Find a Part-time Job
A part-time job will help you supplement your income while getting you out of the house. The great thing about working part time once you’ve retired is that you don’t have to worry about advancing your career; you can look for a job that’s fun and fulfilling instead.

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19. Become a Mentor
If you’re highly skilled, try asking employers in your field about mentorship programs. As a mentor, you get to transfer your knowledge and experience to a younger working generation while still earning a bit of income.

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20. Stop Bailing Out Your Kids
If you keep bailing out your children financially, it will eat into your retirement fund and may cause resentment. Let your kids make their own mistakes and find their own solutions to their problems.
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