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:

• Start With Whatever You Have – Somewhere you have some money. Whether it’s a few quarters in the couch cushions or a piggy bank with a couple $1 bills and a Kennedy half dollar, there are at least a few dollars lying around. Whatever you can afford, set that aside for the cruise so that you have a starting point from which to grow from.
• Round Up On Each Purchase – Every time you make a purchase, you’ll find that it ends in some pennies, like $17.21. Take all the remaining change (in this case, $0.79) and place it in your savings account. These extra pennies may not seem like much, but they are the first step towards
• Cut Something – There is probably one thing that you tend to purchase that you can do without. For example, perhaps you treat yourself to a $5 carton of Rocky Road ice cream every week, or maybe you buy a few books a week instead of visit the library. Whatever it may be, choose something to cut out of your life, and then immediately put the money you spend on that item each week into savings.
• Budget Your Groceries for Cooking – Besides housing, food is one of the biggest expenditures in a fixed income, and if you are like most seniors, you often find that food expires in your fridge. To save on your groceries, plan for what you are going to eat each week, determine exactly the number of ingredients you need, and then purchase only that amount. Any extra money, put into savings.

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.