8 Frugal Habits Retirees Swear By

Retirement can be a golden era, full of opportunities to enjoy the fruits of your labor. However, without the regular income you once had, managing your finances requires a bit more creativity and discipline.

Many retirees before you have navigated this path successfully, armed with frugal habits that have made their retirement not just manageable but enjoyable. Here are some time-tested strategies that can help you stretch those retirement dollars further.

First things first, if you haven’t already, it’s time to create a budget. Knowing exactly how much money you have coming in and where it’s going out is crucial. This doesn’t mean you can’t have fun. It simply means you’re making informed decisions about your spending.

Track your expenses for a month or two, categorize them, and then set realistic limits for each category. Remember, your budget is a living document. Review and adjust it regularly to reflect changes in your income or spending habits.

Healthcare will probably be one of your biggest expenses in retirement. To avoid being surprised by the costs, prioritize your health by staying active, eating well and keeping up with preventative care.

Consider supplemental health insurance plans to cover what Medicare doesn’t. Also, get to know the ins and outs of your insurance plan. Understanding what’s covered can save you a lot of money in the long run.

Never underestimate the power of a discount. From restaurants and movie theaters to grocery stores and travel deals, there are countless senior discounts available. And some places offer discounts to those as young as 50.

Always ask about senior discounts when shopping or going out and take advantage of membership programs like AARP for even more savings.

Take a look around your home. Do you really need all that space now that the kids have moved out?

Downsizing can significantly reduce your living expenses, including utilities, maintenance and property taxes. Plus, selling a larger home and moving into a smaller one can free up equity that you can use to bolster your retirement savings.

Grocery shopping can take up a significant portion of your budget, but there are plenty of ways to save on the foods you love.

Shop with a list to avoid impulse buys, buy store brands instead of name brands, and keep an eye out for sales and coupons. Consider joining a warehouse club for savings on bulk items, and explore local farmers’ markets for fresh, affordable produce.

With the advent of streaming services, paying for expensive cable packages is no longer necessary. You can choose what you want to watch and pay a fraction of the cost of traditional cable.

If you’re not tech-savvy, ask a family member or friend to help you set up a streaming device. This small change can save you hundreds of dollars a year.

Does your area have reliable public transportation? Take advantage of it instead of driving. You’ll save on gas, parking and maintenance.

Many transit systems offer discounted fares for seniors, making this an even more economical choice.

Looking for free entertainment and a way to stay active and engaged? Try volunteering. Many organizations offer free admission to events or other perks to volunteers. It’s a great way to meet new people, fill your time with meaningful activities and save money.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.