Simple strategies, to be sure, but taking control in this way mightat least lessen some stress. (Photo: Shutterstock)

Whether you’re retiring early or just have limited resourcesto see you through, getting by on a shoestring can be achallenge—even if it turns out to be rewarding in other ways. Butif the challenges prove greater than the rewards, youcan always consider the feasibility of “unretiring.”

According to a NextAvenue report, one essential part of being able to survive on a shoestring is a spending plan.Shoestrings don’t have room for surprises. But just because you’relooking to live on as little as possible doesn’t necessarily meangiving up the things in life you enjoy most, especially when youfinally have time to enjoy them.

The trick is to find ways to enjoy them at the cheapest pricepossible.

Cutting expenses such as rent or mortgage payments, even movingto live in a cheaper area, can go a long way toward having fundsavailable for other things that you can’t do without—the cash topay utility bills, for instance, or the grocery bill at thesupermarket.

Still, even there you might be able to rein in costs, by turningthe thermostat up or down to save on heating or electricity,learning to garden to grow some of your own food and even foragingif you live in or near a wilderness area.

Cutting costs on fees for subscription accounts, like Netflix orcable, can leave money to eat out—or, conversely, taking a picniclunch to the park can cut out restaurant expenses while mimickingthe experience of dining at a sidewalk café. And rather thanponying up for a round of golf, taking a long walk in the woods canprovide the same outdoor experience without the cost.

Public transportation or shank’s mare, instead of a car, can puta big dent in annual expenses, while yard sales and thrift shopscan yield surprise finds for wardrobe and hobbies alike. Librariesare cheaper than bookstores, for both books and movies; freeclasses provide education in areas you may never have consideredbefore; and free concerts can while away a music lover’s time justas easily as those whose tickets gouge holes in one’s wallet.

Still, there’s such a thing as just not being able to make thatshoestring stretch far enough. If that turns out to be the case,gig work or even a full-time job, if health permits, arealternatives that shouldn’t be eliminated, much as they may not beat the top of your list.

According to a USA TODAY report, three signs you should watch for onthat shoestring that might indicate it’s time to start hunting forwork are the rate at which you’re depleting your retirementsavings, if you’re going into debt, or if you’ve had a familychange that’s impacted your retirement income.

Pulling money out of retirement accounts at 10 percent or moreeach year is probably a sign you’re going to have too muchmonth left at the end of the money.

Taking more than a “safe” withdrawal rate means you’re eating upthe principal that’s supposed to see you through till the end ofyour life, and that’s a sign that you either have to severelymodify your budget or find some way to bring in more income.

Ditto going into debt. If you’re losing money to the interest onstudent loans, mortgages or credit cards, that’s money you won’thave to live in. When possible, plan on entering retirement withbills paid off so that you’re not spending money to borrowmoney.

And last but not least, if a divorce or the death of a spousehas terminated or slashed a source of income, or if you suddenlyfind yourself raising a grandchild or housing a grown son ordaughter with no financial input, your whole financial dynamic willchange. No shoestring will withstand that kind of stretching, soit’s likely time to find a paying alternative.

It doesn’t mean you can’t re-retire at some point—but you’llhave to take care of those shoestrings so they don’t fray and thensnap, lest they trip up all those careful retirement plans you’vemade.

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