Next Avenue: Retirees who want to ease the burden of inflation just need to get a little creative: Here’s how

by | Oct 20, 2022 | Stock Market

This article is reprinted by permission from With inflation running especially high in recent months, we’ve all felt the pinch a little more than usual. But glance back in time and you will see that life’s staples have become more expensive throughout history. It’s a trend not likely to end in our era, and a phenomenon more keenly felt by those living on fixed incomes or retirement nest eggs.

Cutting back on discretionary spending — shopping, travel, dining and entertainment — will definitely save you money, but there’s something else you can do to hold on to a little cash and still enjoy the good things in life from time to time: be thrifty.Thrift is not an ugly word If you think being thrifty is the opposite of fun, you’re not alone, according to Christine Whelan, professor of consumer science at the University of Wisconsin, Madison. “When you say ‘thrift,’ people think of thrift stores right away,” she said, “and after that, it’s things that are old or broken, or maybe people who are stingy. But this is not about hoarding or buying only cheap things. It’s about being conscious of how you spend your resources and whether that’s in keeping with your values.” In a course titled, “Consuming Happiness,” Whelan tells her students, “This is not something you have to do because you’re on a fixed income or limited budget. Wh …

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