2. Learn to be frugal

The easy way to explain this is that you have to not only count your dollars but also make sure all the money you use counts and is spent with a reason. Being frugal is not synonymous with being cheap, no matter what some people try to make you believe. And finding a way to be frugal, which is just another word for budgeting well and being sensible with your money, is one of the keys to a happy retirement without savings.

You will have to make a plan and see how much you will budget for that month or week and get into the routine of prioritizing what you spend money on, which should mainly go towards your needs (which include the basics of food, utilities, healthcare, transportation, shelter, and basic weather-appropriate clothing) and your wants (dining out, always having the newest technologies, a ton of streaming services, excessive travel, etc.).

The best way is to look closely at your finances and make a budget. It may be harder to stick to the plan at first, but in order to have a happy retirement without savings, you have to learn how to be frugal. And it is easier than it looks.

If you want to get started, it is good to have an agenda where you keep your budget and your expenses. Here is the one we recommend!