Make A Dollar Out of Fifteen Cents: 12 Tips to Stretch Your Money for Retirement


We all define success differently. Some define success as having a family, a pleasant home, a pet, two nice cars, and being able to take a family vacation every summer. Some define success in how much money they have in the bank.


But how do we define retirement? Is it the freedom to do more of what you want to do? Is it to travel the world and be more of a vagabond? Or could it be to do less of what you are doing now? Heck, maybe retirement to you is to sit and do absolutely nothing.

Entrepreneurs, solopreneurs, and side hustlers,


whether you are nearing retirement or putting money away for those golden years, there are many things to consider. The most important to consider is money, and how much you will have to retire. Newsflash. Even if you want to sit and do nothing, it requires money.


To make sure your retirement savings don’t run dry takes discipline and a plan. Jefflyn Dangerfield, Financial Advisor and Retirement Specialist, author of The Retirement Trilogy, and host of I’m Your Agent podcast—resources for education, information, and retirement planning — says, “Live on less now so that you can live better in the future.”


Here are 12 tips Dangerfield says, to consider when stretching your money for retirement:

1. Pay God first, then pay yourself.

2. Minimize risks by investing in low-risk ventures that won’t lose your money, such as insurance and real estate.

3. Reduce your expenses, primarily housing and health care, by downsizing, if possible, and shopping around for the best health benefits at the most cost-effective price point.

4. Limit dining out or have someone else treat.

5. Discipline your shopping habits. For those who have shopping ministries, make sure that God is leading you and it’s not your desire.

6. Make a budget and stick to it. Set boundaries with family members. The kids will have to understand that when there is no more money, there is no more money.

7. Pay off as much debt as possible before entering retirement.

8. Sell what you don’t need. There are many pieces of clothing and shoes we don’t need in our closet. We just like the way our closet looks when it’s full of things that we probably haven’t touched in years. There may be some items that still have the tags on them from three years ago.

9. Barter your services.

10. Budget for your travel expense. If you want to take a trip to Europe, save for it instead of being spontaneous.

11. Put yourself in a reward and discipline system. Reward yourself when you’ve accomplished a goal, and discipline yourself when you go off the grid by adding double the amount to your retirement savings.

12. Relocate. Deciding on where you want to retire is a big factor in how long your money will last. Taxes and living expenses add up.