Augmenting your income and maintaining your sanity

[Shrek]

Two issues many folks find they have to face after retirement regardless of how well they built and planned out the annuity payout of their retirement nest egg is augmenting their funds for unforeseen expenditures and keeping their sanity after they are out of the rat race.

While the modern homesteading lifestyle usually works well to remedy the stress of retirement , it doesn't always provide income assistance when needed.

Some retirees draw on the vocations they exited as income augmentation and sanity maintenance such as a retired welder I know. Although he has his investments and pension to cover their basic expenses, he spends about 10 to 15 hours a week doing odd job welding and he puts the little bit of extra income into their savings and checking account.

Before I retired I used the regional flea market circuit here to travel and run a general merchandise peddler trader operation on weekends to help build my nest egg but 15 years into my retirement there is no way I could or would even consider trying to keep up the heavy labor of heading out on Friday night to the open air trade day market of my choosing, unload and set up and sell my wares for two days running the risk of rain and having to quickstep and fetch and load before the storm or even the normal repack on Sunday afternoon. Time takes its toll on what a body can do and most weekends I still have home place chores to tend to.

However last year I realized a way I could do something when I needed to augment my income a little. A knife trader I know who still sets up at a nearby indoor flea market lets me hang out with him when I want to and as he sells and trades knives, I offer sharpening as my grandfather and father taught me.

Using my Dremel tool edge grinder and collection of stones I can sharpen a blade in 10 minutes or so to where as my grandfather would say "you better take out insurance on that edge because its sharper than a teenaged boy adding hot water to the churn to speed up his Saturday morning dash pumping to get to town quicker"

At $2 a blade when I sit his stand at the indoor building I most always have a knife in hand and one or two waiting. Often the folks who know me also leave the ones they need sharpened with me to bring home in a baggie with their name on it and pick them up the next weekend from me or the knife trader if I am not feeling up to being there. Occasionally the trader calls and tells me he has a few knives to give to me and I pick them up and return them to him over our coffee at the cafe during the week.

I will never turn into a Bill Gates or Warren Buffet putting edges on knives but the extra $20 bill or so I add to my emergency savings makes me feel better knowing I can keep "cracking the eggs" in my nest egg basket pretty much to what my financial plan I developed when I entered the retirement phase of my life and the associated low impact social interaction ensures I avoid the reputation of being that crazy antisocial hermit t the end of the road___unless of course I want to be viewed as that for that week to enjoy my solitude.

I also occasionally fall back on doing odd jobs related to the career I retired from or dabble in assorted "horse tradings" to add to my emergency funding but knife sharpening I really enjoy the most even though it only adds a few bucks for the time expended.

Reckon I will go fill my Stanley bottle with coffee, pack a sack lunch and drive to the flea market to hang out from 10 to 4, tell and listen to a tale or 12 and maybe put an edge on a knife or two or maybe buy one from my friend if business is slow or he has one that I really really want for myself.

So what are some of your favorite post retirement emergency fund augmentation efforts and sanity maintaining activities?

[Ramblin Wreck]

I tend to look at it from an expense cutting standpoint rather than a revenue enhancing strategy. If I have a bad month financially, I just stay home the next month. If I'm not out loafing around, I don't tend to spend as much. I can also concentrate on chores around the house like cutting firewood (which saves a lot on the heat bill) or do more gardening/canning, which also stretches the budget.

Wish we had a good knife sharpener around here though...who could also do scissors, shears, saw blades, and mower blades.

Have fun at the flea market.

[newcolorado]

We had a good old guy in big city that sharened things. The guy that took over does not please me. I have been sharening my scissors as this is a commerial pair I use to cut quilt blocks and mechanic rags. Rags for son and he does things for me. I have an electric knife sharener.

Staying home sure does cut the expenses. This senior bus to city just small donation if you can and you end up buying lunch. That runs me around $10 it seems. But I go when I need go to Dr or such. Still way less than had you drove. I try to cut expenses down. Cook from scratch. Bake.

I found I was being charged for an office visit when I went to clinic for my blood tests. My med ins was suppose to cover lab fees. I called ins and asked and they said the clinic was billing a office visit and the copay was $15 each time. Told me go talk to them. I did and yes, they billed same as a Dr visit although I never saw one. If I would have it done at lab be no charge. I started going to the lab. So no copay and Dr here monitors the tests and I undersand he did the clinic ones too. I have never met him and some one calls and says the dose to take and when come back. I get to set the day and time as no appt to the lab. Makes it nicer. Lab people are very nice. Although the first rounds there 3 to 4 people came in on it. Takes one person. But she had to shows the others how to run the little tester they use and they all know how to jab you in the finger. This is savng me $15 to as high as $60 a month. Some times it is once a month and others once a week. So mostly now it saves me $15. This time I have to go back in 2 weeks as tested a bit high. Got off diet over Xmas. Bloodthinner test. I hate to be jabbed and try to stay on the diet.

I am trying to make quilts but never could find when the senior center had their sale to put one in. I was checking for it to be posted at center and never saw one. DIL thinks they were selling at the school craft sale. Looks like I may just run me my own Xmas time yard sale. I will have 16 x 20 tin shed in the back yard. Either that or have in house in livingroom and dining room. That way I can manage it I think. I could set up a head and so I am working on ideas. One Xmas yard sale should be legal I think. Once started maybe get people that would come by. I could live with that if I have to. I need some shelves in the diningroom andlivingroom I want any way. I have tables aready left from craft shows and farmer's market. Folding ones. I have the supplies to make themj and things left to sell. I need to get rid of it. I am trying to work out a plan. How to sell it. I know some that were selling from their homes. Two used garages. 3 teachers in small town said they did better at the house craft sale than they did at a big craft show. YOu never know. Once you get known that would help.

I want garden if I can get the dirt for the beds. And lumber. I have only 4 and I think can put in 20 in the space. One lady here in town had her garden striped. I have not fence a deer . I have to come up with way to keep the deer out. More garden woud help. Commuity garden is too inconviene to get too. Costs too. I did not have jars here and could not can and I found the greenbeans would not freeze fit to eat. I froze zucchini and corn.

[Shrek]

I sometimes will call to ride the county bus to save gas costs if I have my errand stops along its primary route and no intention of doing anything else during the 3 to 4 hours the round trip takes for its scheduled stops without bus changing because I figure if I have to pay the $3 more than once I am not saving any money.

Also when I ride the county bus I pack a small thermal bag lunch sack I have with lunch and a soda and my travel chess set as two of the regular "$3 circuit riders " also play chess.

[Micheal]

Originally Posted by Shrek

Two issues many folks find they have to face after retirement regardless of how well they built and planned out the annuity payout of their retirement nest egg is augmenting their funds for unforeseen expenditures and keeping their sanity after they are out of the rat race...............
.....So what are some of your favorite post retirement emergency fund augmentation efforts and sanity maintaining activities?

Guess I'm lucky in that my "augmenting funds" (of any kind) is more or less on auto-pilot. With my given life-style and such I've found that I really don't require as much money as I had planned on needing back in 2007 when I stopped paid employment. So a good portion of monies set aside back then are still "self investing" via DRIPs (Dividend ReInvestment Plans) and other "retirement accounts".
As to "emergency" type accounts I have some monies wasting away in 90 day CD's and savings accounts at a few local banks. If needing more than what I have available I've found that the local Credit Union is more than willing to float me a loan....... one of the advantages of owning your assets free and clear.

As to my "sanity maintaining activities" a lot depends on the season or "time of year". I like many homesteaders burn wood; which means a good deal of time is spent not only in gathering but also splitting (which I do with a maul - by hand)...... I've got next year's wood under cover and about a 1/3 of that already split. So a summer activity gathering, winter activity splitting.
Mowing the lawn or my hay fields and gardening verses snow plowing, shoveling and tending the fire.
There are also the long walks with the dog - barring weather and snow depth.........
I made myself a promise the day I retired that I would (on average) work at least 2 hours a day. Think I'm up to and most likey past 2020 by now......and still going strong!

[ceresone]

Lab told me the other day, that after 4 months on blood thinners, Medicare would pay for the tester, so I could do it at home, and phone in the test results. This is fourth month, so guess I'll find out

[jwal10]

My health is so much better now than when I retired I can do more. We have more than enough, some savings on top of the retirement income. We have rentals and I do some small remodels and maint type jobs for friends. For sanity I walk a lot, talk to a lot of people every day. I am working 16 hrs a week at the same thing I was doing before retirement EXCEPT now I am THE boss. I run the city recycle depot, this also gives me an opertunity to reuse a lot of materials into my rentals. This year I am going to take the year off from projects, will see how much I work the job too. Money is good so I am even lowering some rents to help out my fellow ciitizens and am keeping one rental open to emergency use by someone put out of their home, temporary housing until they find a place and kind of get on their feet. Rent optional as need dictates. 2 months max....James

[Txsteader]

We're also in the cut-spending category. DH never had a problem staying busy since retirement. He'd go fishing or work in the garden. Had a major health issue this year that has greatly reduced his mobility and stamina and I secretly worried about his emotional and mental health.

I'd tried to encourage him to fix a shop area where he could work on little projects but he never showed much interest in the idea. While he was still recovering from his surgery, one day he decided to make some wind chimes. They turned out so well that he made several and gave them as gifts for Christmas. That led to other projects and, long story short, he's fixed himself a man-cave in the garage and spends most days there, working on projects for around the house.

Last week, he found some Pier1 director-style barstools in the garbage. He bought some canvas @ Walmart for new seats and back (taught himself to sew, BTW) and shortened the legs. They're now sitting on our porch. His latest project was to strip and paint our 100+ year old metal bedframe. Painted a dark bronze, it turned out awesome.

Me......I'm still doing the same things I've always done. There's no rest for the housekeeper.

[newcolorado]

I am not on medicare but on RM HMO medicare. When here or down home they have not suggested a tester. Dr here sets my warfarin dose. Been on it 2 1/2 years now. Anyway the RM ins is paying all the lab costs.

I can not walk in all this snow and icy and and today was -2 for high. I need to go to rec center as free to seniors to use treadmill.

Here the big city is 90 miles each way. A dollar donation is okay. Takes you to the Dr appts and such and places to shop. Can only do so many shopping places. The bus over to Vernal is shorter drive and same donations okay. We can pile in the bags for groceries and such. If a seat alone you pile in seat if two to seat they have some totes you can use and one they piled stuff on the floor. One I take it does not have to buy lunch you can bring. All seem to eat out. I do have an insulated lunch bag now. Few times starting I forgot cold water and ended up buying some. That adds up. Some buy cold drinks and hot coffee.

Once a month in warm weather they take a trip out to something. They furnish lunch that day. You can donate. Once a month to big city, and have cut going to Vernal to once or twice a month. And they make a trip to the food bank once a month. I have never gone to food bank. With my money a lot shorter this year I may do that as was told just need be a senior and no income level but they only take 10 as all the bus can handle that day. You have to sign up ahead for any of the bus trips. Here in town they pick you up for meals at the senior center and rec center and store and and Dr and such. They do that 4 days a week. They come to you house and get you take you where needed. You have to work with their system and time for it. Going to big city takes the whole day. I do not buy food to eat coming back as I eat when I get home. Pills to take after eating. Senior program here is best I seen.

My son got his rags today so done with that for maybe 6 months. Went with him to feed cows. No planes or deer tonight. I am out in a little town in the gas/oil fields.
Planes are private and no commerial planes come here. No GrayHound or train. You are stuck out here. Big city you go over a narrow winding mountain pass. Stores here. High on most things it seems. Stock up in the big city.

Not sure if will keep my sanity here. Clinic and hospital. No private Drs just those with the clinic/hospital.

[newfieannie]

i look at it more or less the same as RW although he is still working and i have the same coming in every month or thereabouts. i live on that and save a bit. i dont dip into my savings unless it's something big like my roof etc. not allowed to work from your home here in this particular area. when i get things ready for me to live back in the country full time i plan to sell my herbs,flowers and baked goods.

i spend quite a bit on books but not often new ones. usually buy them at the SA. go to the library a lot. i cut out Tim hortons long ago . that can add up and i never go to restaurants. if i'm out shopping it's only ever 10 min away and i prefer to eat at home anyway. sometimes if i plan on a longer time away i'll take a sandwich with me and i always have a water bottle in the car. i do have friends who eat out breakfast,lunch and dinner. i was surprised at the many people in this city that do this.

i remember years ago there was a guy going around in the country sharpening knives, skates, stuff like that. haven't seen that here. i do have a grinder,sharpening stone etc. out at my shack. ~Georgia.

[Shrek]

newfieannie,
Tim Horton's is the Canadian Starbucks isn't it?

Before I retired every week I frequented both Starbucks for a cappuccino or the Joe Muggs at the local Books a Million if I wanted to buy a book to read or play a game of chess while enjoying my cappuccino.

After I retired I found that $4 per coffee I spent a day and that $20 to $40 a week for a book to add to my home library was more of a financial hit than they were before I retired.

After I realized the impact when the next week when I usually bought a book arrived I went to WalMart instead and bought a Salton brand four shot espresso maker and milk frother to make my cappuccino at home and started going to the park or senior center for chess opponents. Although the old timers are 20 to 30 years older than I am most play a good game and I grew up enjoying the tales and stories told to me by my elders so it all works out pretty good.

I also started going to the library used book store on most of my book buying weeks to buy one or two old but decent shape books retired from lending circulation for a total of $3 or so,

Bottom line is by making my specialty style coffee at home I now spend $12 a week on coffee as opposed to $20 to $30 a week and buying books at the library once a month I save a minimum of $7 a week.

The $25 a week average I save in coffee and books I put into my emergency savings.

I still go to the bookstore and buy a overpriced coffee but now instead of once or twice a month , I only go around my birthday or Solstice to buy myself a current book selection as a present to myself.

[newcolorado]

Senior center here open only in morning. They open 4 days and serve lunch for $2.50 and after lunch they close. You could go set on the porch I think. So to sign for bus I have to go mornings. I can call if need be.

Books I can find enough at the thrift shop for .25 to keep me in stuff to read. Once in a while I pay more for something special there. Hard backs are more. I am not suppose to have any caffine. Some PB's are older and some fairly new. Works for me. I was buying cookbooks but I have plenty and inless special I do not need. I was allowing $ 2 a month for books and that would be 8 books to read. My worse bill is telephone and internet. DIL got me in a mess and only one telephone company here and so have it with internet. It gets paid. I can call long distance and no charge and that has help as I do have do some of that. I should call the family more. I have water and sewer and gas from town. Electric is not bad. Trash I put over with son's. Have very little of it really. I will have to put in some money to pay the kid for snow shoveling. Water bill be high in summer I know and gas in the in the winter. I am still new here to this stuff. Trying to get a handle on it. Lawn was not in till Sept. Do not know. Washer and dryer and they do not seem to run up the electric with average of one load a week.

One of the things I figured I was doing was when even I went either sink to wash my hands I would grab the hot water and I never waited for hot water but sure running cold into the tank. I stoped that and use the cold water and get the same water temp anyway. And in hot weather trying to run cold to get cold does not seem to work here and takes a lot of water, Company said put water in fridge and have cold water to drink. Here the knobs are push up and right col. I keep it set on right so not useing hot water too. I was doing that. Wrap you bottle to take and one can freeze like half of it to start with. Cold water longer. Not sure lunch bag is big enough for bottle of water. I know takes a an okay . It would be darn hot on the bus parked to eat in it. Some grab food at Burgerking and eat on bus. Now bus stops andlet them off where they want to eat withn a reasonable distance of where they go.

Saving a little here and there will add up. I know if I would turn that light off at night it would save some per month. But I have to get up nights and I go to sleep with it on. I do keep a flashlight on table by bed.

Checked the lunch bag and it will hold a 24 oz bottle of water. If half froze it would stay cold much long. You know freeze a half bottle and then add cold water from fridge to fill it up. As melts have more to drink. I have noticed some on the bus seem to spend quite bit on drinks and eats. I think maybe the bank has free coffee in the lobby? They fill their cups anyway. If I want some I have been take my own snack with me.

[Txsteader]

Originally Posted by newcolorado

Saving a little here and there will add up. I know if I would turn that light off at night it would save some per month. But I have to get up nights and I go to sleep with it on. I do keep a flashlight on table by bed.

You need to buy some night lights. We have them placed strategically to give just enough light to be able to walk from room to room without ever turning on a lamp or overhead.....even to the kitchen for a midnight snack.

[newcolorado]

Txsteader, you are right I think. I have at least one little plug in light. We ran a light on the stairs 25w and some light in the bathroom. I use a 40 W in that lamp I leave on by the bed. But I no longer run in the day time hardly eve now. Just nights.

Been trying to cut costs. I have been replacing the over head bulbs as they go out with curly ones. Found them on sale so got enough I think for all the over head lights. No way I can do them and son comes over and puts them in. I am starting there first. Later I can do lamps my self. I can not see taking out good blubs. I have some 100 W bulbs and nothing in this house uses that size. I used down home in over head lights in some rooms.

[Shrek]

I use all 60 watt equivalent compact florescent lights in my house that only use about 10 watts actual power to produce the 60 watt lighting. Although they cost more initially they last longer and replacing the 18 bulbs even if I left them all on (which I don't) they would draw less electricity than two 100 watt incandescent bulbs would.

[Txsteader]

Most incandescent night lights only use about 4W of energy, but we bought one of the newer LED night lights. It gives a surprising amount of light.....a brighter, whiter light & plenty sufficient to walk through a room......and only uses 0.5W, which is virtually nothing. We've only had it for 6 months so I can't testify to the longevity, but so far we've been pleased.

[newfieannie]

this is what i have also in every room upstairs where i would be walking at night. i have 3 in the dining room. have to walk through there to get to the kitchen and tea stuff all around. same ones for a few years. ~Georgia.

[Sculkrusha]

What great reading, thank you all for sharing. We went all out last year, had a big spend up to last us the next ten years.
We bought everything new.....New diesel 4x4, New ride on mower (so now we have his and hers), 3 new freezers, new fridge, new stove etc.
All sounds a bit extreme but we now know we should not have to replace anything for ten years....Its just peace of mind for us.
One of our hobby's is breeding rabbits, chickens and quail, hence all the freezers.

Cheers.......

[emdeengee]

I closed my business and passed my clients on to others in order to retire. Within a very short period of time (weeks) I found myself doing some of what I used to get paid to do as a volunteer. Very enjoyable as there is less stress.

I know that I can always work part time for pay, especially during tax season, but I will only do this if it suits me and to add to our savings. I enjoy doing all the other things around the place much to much to ever get back into an outside job.

We only have one person who sharpens knives and tools and skates in my city. During the busy season (Fall and Spring) you need to book an appointment and even then you will most likely have to leave your knives, tools or skates to be picked up later. Actually he could probably just work on skates and earn an excellent income.

[TnAndy]

For years, I did construction work, and have honestly tried to quit doing it, but people keep calling. My wife is actually getting a bit PO'ed because of her "honey do" list.


Last week, I finished up a 12x12 walk-in cooler for a local funeral home....I charged them 30 bucks/hr, and they bought all the materials. They were glad to pay it, as it worked out to about 1/2 the estimates they'd gotten from commercial places. I took home 1500 bucks for fairly easy work.

Couple weeks before that, I was helping a neighbor who is building a new log home.... I just stopped by to help, as he didn't know how to build stairs. After the crew got the log walls up, he asked if I would help (for pay) him frame the second floor and roof, as again, he had no idea how to do it. I only charged him 15/hr, trying to give him a bit of a break. That went on/off due to weather and Christmas for about 3 weeks, and I pocketed 1600 bucks there. He called me last night about doing the log siding and soffit on the back, but it's too high for me to fool with at my age.....my 28' ladder barely reaches it....so I turned it down.

Another guy I know called me about bringing my little dozer down to his place and building 4 wheeler trails all over his 22 acre piece of mountain. I'd probably charge about 50/hr for that, with the machine, if I decide to do it. It will have to wait until the weather turns nicer.

Was up buying some metal roofing for a shed of mine couple weeks back ( used the log home guy's money ), and asked them who supplies their 2x2's they send out with every order. Guy says "we have a hard time getting them" ( great way to start off a relationship ).....so I said "40 cents/ea, and I'll bring you a couple pallet loads to try"......so now I gotta get busy on the Woodmizer and saw up a thousand or so of them.