Retirement is meant to be a time of self-exploration, fun, and relaxation. You spent 40+ years working hard, and retirement is your reward for that hard work. Many seniors take advantage of their free time with vacations, especially cruises, which provide the ultimate escape from day to day life.
There are many affordable cruises. But paying for a cruise on a fixed income is still a challenge. If your retirement savings is not enough to pay for your dream cruise, consider the following money saving tips.
Saving on a Fixed Income
The first step is to do your research. Know exactly what you need to save in order to pay for the cruise, including plane tickets, tip, and any drinks you plan to purchase. Knowing the exact amount will help ensure you have clear savings goals. Once you have created those goals:
These behaviors may seem small. But if you stick to them, and are strict about how you follow them, you’ll find that your “small” bank account becomes bigger over time, until you are closer to saving for your cruise.
If you own a home, you may also want to look into a reverse mortgage. Your mortgage is your greatest expense. With a reverse mortgage, you can live in your home without making monthly mortgage payments, and use that money to save for a cruise, vacation, or any other experience you wish for.
To learn more about our reverse mortgages, please speak with one of our loan originators today.
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