We’re all familiar with the saying, ‘there are many ways to skin a cat.’ So here are a dozen ways seniors can save money and implement to make their lifestyle more budget-friendly.
While saving money is good practice at any age, it’s essential for older adults who get close to retirement or living on a fixed income. If you don’t have as much money saved for retirement as you would like, it might be time to learn how to stretch your finances. With the average length of retirement lasting 15 to 20 years, making every dollar count is essential. Below are a dozen ways for seniors to save money without breaking much of a sweat.
A Dozen Ways Seniors Can Save Money
Look for Senior Discounts
Many retail stores give senior discounts. So before you head out for a big shopping trip, call or check online to see if the place you are going offers a discount and, if so, what day(s) it is honored.
Find Coupons
Have you ever bought something to find a coupon for it days later? If you are considering making a large purchase, consider doing some research on coupon sites. This is an easy way to save on the things you want.
Budget and Plan for Christmas Gifts and Other Special Occasions
It’s easy to go overboard at Christmas with so many friends and family to buy for. Instead, save money by making a budget and detailed gift list ahead of time. This will ensure you don’t spend more than what’s within your budget and allow you to take advantage of Black Friday and Cyber Week deals by looking for savings on your list of items.
Travel Off Peak
Popular destinations around the world are crowded during the summer months. For many families, this is the only time they can travel because they have kids in school. Older adults who do not have to worry about school schedules can take advantage of the cost savings and relative quiet of shoulder-season or off-season travel.
Use the Library
Love to read or watch movies? Then, take advantage of the resources in your local library. You can check out something specific or ask the librarians for help in finding your next new read. As a result, you can avoid spending on new books and keep from filling up your bookshelves.
Automate Payments
Sign up for automatic credit card and bill payments to avoid late fees. In addition to hefty fees, late payments can hurt your credit and increase your interest rate. Automated payments can ensure you aren’t losing money simply because a bill slipped your mind if you have enough funds regularly in your bank account. Make sure you review those payments regularly.
Get Smart With Credit Card Rewards
If you have decent credit, it might be time to get rid of credit cards with fees if they aren’t giving you big enough perks. There are plenty of credit card options that do not have an annual fee. In addition, many cards give you generous benefits like travel points you can use instead of cash or cashback on gas, groceries, and more.
Save on Utilities
Check with your utility provider about discounts you may be eligible for based on age and income level. Many utilities offer discounts or waive fees to those over a certain age, but you most likely need to sign up for the program. You can also save on utilities by being conscious of your usage. Below are a few tips to keep your utility bills down:
- Save on your electricity bill
- Turn off lights when you’re not in the room.
- Consider energy-efficient light bulbs.
- Purchase a smart thermostat and only use the heat or air conditioning at off-peak times.
- Unplug appliances when not in use.
- Use dryer balls when doing laundry to cut down on drying time or air dry your clothes.
- Save on your water bill.
- Turn off the bathroom faucet while brushing your teeth.
- Fill the kitchen sink, stopper it, and turn off the faucet to wash your dishes instead of leaving the water running the entire time.
- If you have a dishwasher, use it instead of washing dishes by hand. Also, avoid running the dishwasher during peak hours in the evening to save on your electricity bill.
- Check for leaky sinks or toilets and get them fixed.
- Purchase low-flow showerheads and faucets.
Downsize
Retiring or finding yourself with an “empty nest” are good times to reassess your living situation, but it is never too late to downsize to a smaller place. Think about what you want for your life now. Is it the same thing you wanted when working and raising kids? Some people may be ready to trade the large home near the right schools for the cottage by the beach, for example.
Downsizing can significantly cut your monthly costs, freeing up cash for doing the things you enjoy or paying down debt. You may even ditch the yard work and housekeeping and move into an independent living community.
Make a Meal Plan
Meal planning can reduce your food waste, and it doesn’t have to be a lot of work. It merely means deciding what to eat for the week, shopping, and preparing the ingredients. When you have a plan, you save money by utilizing ingredients in multiple dishes and avoiding expensive takeout.
Take inventory of what is already in your kitchen, choose recipes with similar ingredients, and then make your grocery list. There is no shortage of meal planning blogs, websites, and apps to help get you started, no matter how many people you cook for. You can even have meals and groceries delivered straight to your door to save on gas money and avoid adding unnecessary items to your cart in the store!
Prescription Discounts
Prescription discount cards like GoodRX work like coupons for your prescriptions. You show your free discount card at checkout and receive any available discounts. In addition, you can use the companies’ websites or applications to see what deals you can get at different pharmacies. This is an excellent option for those without health insurance or seniors with limited medication coverage.
Make a Budget and Visualize Your Spending
A crucial part of being frugal is knowing where your money is going so you know where to cut back. An app creates easy-to-understand visuals that tell you what you spend on dining, entertainment, healthcare, groceries, and more. Has a particular category gone up recently? Tracking your spending is crucial to becoming more deliberate in deciding where your hard-earned money goes.
Once you know what you are spending today, you can create a budget to help you stay on track. Set savings goals, and be proud of yourself when you hit them!