Yahoo Finance 6 Things Frugal Boomers Never Buy
Baby boomers, like many other generations, have been looking for ways to curb their spending. Whether they’re retired or not, frugal boomers practice smart spending and wise saving to maintain control of their finances.
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Because of her personal experience, GOBankingRates spoke to baby boomer and retired New York City teacher, Denise, to learn more about the items she says frugal boomers never buy.
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Regular Dinners at Restaurants
New York has its share of pricey restaurants, which is a temptation Denise says that boomers should avoid. Instead, take advantage of the opportunity to whip up some sumptuous dishes.
“Now that I have more time, I have developed an interest in cookbooks,” said Denise.
“I’ve found endless, wonderful cookbooks at resale shops or buy them online. There’s more time to get into creative cooking and explore different cuisines that make it more interesting to eat at home; I actually eat 75% of my meals at home,” she added.
When she takes a break from cooking, Denise tries to go to happy hours and lunch specials to socialize in the community without spending a lot of money.
Luxury Clothing and Household Goods
Frugal boomers typically don’t shop at upscale luxury stores like Bergdorf Goodman and Neiman Marcus. But that doesn’t mean they need to compromise on quality.
Denise said she finds deals on quality brands in consignment shops and in resale stores that support different organizations.
“By purchasing a slightly used item, even if it’s an appliance, I’m supporting [a nonprofit] and contributing to recycling efforts,” she shared.
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Costly Education
Employees often have to finance continuing education to advance their careers when employers won’t foot the bill. Likewise, people with other interests — like writers and artists — enroll in costly classes to study their craft.
“As a fine artist, I’ve spent thousands of dollars on art classes and supplies over the years,” said Denise.
“These classes [cost] $200 to $300 a month each. Taking classes six or seven days a week can get expensive.”
After retiring, Denise explored more way to bring art into her local community without paying hundreds for professional classes. “I joined different art organizations and even ran [one],” she said.
Expensive Vacations
Many working teachers take long vacations every summer, and some destinations are more expensive than others. After Denise retired, she decided to travel locally to save more.
“There are a lot of wonderful day trips you can take on Metro North or the Long Island railroad where you can go to all sorts of places,” said Denise. “They are well mapped out and affordable.”
If you travel on the Metro North, Denise recommends the wineries in Long Island.
Activities and Entertainment
Entertainment like full-priced theater tickets can be expensive, especially during peak days and hours. While a splurge every now and then is okay, Denise recommends also getting creative with low- and no-cost activities.
A few examples for she suggested for New York boomers are listed here:
Museums with complimentary admission and discounted subscriptions
Show tickets at reduced prices
Concerts and movies in Central Park
Historical NYC walking tours
Walking in the park during the changing seasons
Working in a community garden
“I’ve taken different walking tours, including Lower East Side food tours, holiday light displays, street art in Soho and a Haunted East Village tour,” Denise shared.
She also visits local libraries for lectures and classes, and she’s part of a historical preservation committee that involves conducting research in libraries.
These activities not only pique her interest, but also keep her busy and don’t cost her a fortune.
She continued, “As a retiree or boomer, you are rich in time. It’s a great time of life when you can check off the bucket list of things you love to do. There are a lot of joyful activities that don’t cost a dime.”
Medical Coverage Without Reading the Fine Print
As a boomer, it’s important to protect your finances by doing your due diligence.
“I have to be cautious about how medical programs change,” said Denise. “My medical group sent me [a letter] stating that we’re now partnering with CVS, but what does that mean? Does that mean they want you to go to CVS for flu shots?”
Denise advises seniors to be hyper-vigilant about changes in medical coverage and to always choose an in-network provider. Boomers should always read the fine print about programs that are advertised as being better for seniors and retirees, as they often are not.
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This article originally appeared on GOBankingRates.com: 6 Things Frugal Boomers Never Buy
