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Money-saving tips for seniors

| November 13, 2020, 05:13 PM

Rams Head

After working hard for a long period of their lives, many seniors want to sit back, relax, and make the most of their retirement. Retirement years are supposed to be simple and enjoyable, but they can also be quite challenging from a financial perspective, especially if you weren’t able to save as much as you hoped in your 401(k) or struggle to keep up with debts and repayments.

There are many guides and advice articles out there helping younger people prepare for retirement and save up for the future, but what about if you’re already retired and need to get your finances under control? Well, fortunately, there are lots of ways for seniors to save some cash in their day to day lives and cut down on needless expenses.

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Rams Head

Make the Most of Benefits

One way in which seniors can get better control of their finances and potentially save a lot of cash is by becoming more aware of the different benefits they might be entitled to. Shockingly, a lot of seniors are going about their lives without actually claiming governmental aid that could make a real difference to their retirement years. Do your research and learn about different types of benefits like Social Security Disability, Supplemental Security Income, Property Tax Relief, and so on.

Negotiation

If you have any outstanding debts that need to be paid off or credit cards you use often, it might be worth your time to contact the lenders and try to negotiate a better interest rate that can help you make payments more efficiently and settle the debt once and for all. Many people make the mistake of assuming that interests rates are set in stone, but many companies will be willing to negotiate with you and work out a better deal, especially if you’re a loyal, long-term senior customer.

Shop Once a Week

Since seniors tend to have a lot more free time, they can fall into the trap of using that time to go shopping several times per week, instead of just once or twice like they used to. The more times you step into the store, the more likely you’ll be to be tempted into impulse buys and unnecessary purchases. Try to limit your grocery shopping to once a week and use your free time on other endeavors like physical exercise or meeting family and friends.

Eat Out Less

It’s perfectly normal to want to make the most of your retirement days and start eating out at your favorite restaurants, bars, and cafes more often. There’s nothing wrong with a little indulgence from time to time, but if you feel that your finances are getting out of control, it might be a good idea to cut back on commercially prepared food. A lot of seniors can spend thousands per year on restaurant meals when it’s often way cheaper to cook from scratch at home.

Senior Discounts

Seniors are entitled to discounts at a lot of different locations, from cinemas and theme parks to restaurants and stores, but a lot of older people don’t take advantage of these savings as they simply aren’t aware of them or are too anxious to ask about them. Don’t let yourself miss out. Inquire about senior prices and exclusive discount opportunities wherever you go; you might be surprised at just how much cash you can save this way.

Consider Refinancing

If you’re still paying off your home loan or mortgage, you might want to think about refinancing. This is often a great way to get a lower interest rate and be able to effectively pay off your debts sooner. You can use different comparison sites and calculators online to work out how much you can save, or contact a trusted advisor to help you find the right refinancing package to start enjoying some serious savings.

Share

If you have to go to the grocery store, why not share a ride with one of your friends to save on gas? If you need to do a little lawn work, why not borrow a neighbor’s trimmer and lend them your own mower, later on, to make up for it instead of buying a brand new product? Sharing rides, groceries, devices, and more with friends, family, and neighbors can be a great way to save on cash and avoid needless expenditure.

Be More Energy Efficient

One of the things that many retirees suddenly notice is that their energy bills can start to go up as they spend more time around the house, relying on gas and electricity to heat up the home and power their appliances and devices. You can’t avoid these monthly bills, but you can make efforts to keep them low by trying to limit your use of radiators in rooms you aren’t using and remembering to turn off lights and devices when they’re not needed too.

Don’t Be Afraid of Off-Brand Products

While shopping in the store for food, clothes, or anything else, many people have a tendency to always opt for the big brands and industry leaders, afraid to try a store-brand or off-brand alternative. However, in many cases, cheaper brands are just as tasty, useful, and effective as their more expensive counterparts, and choosing just a few non-branded products during your weekly grocery shop can help to save a lot of cash in the long run. This is especially true for medications too; most generic brand drugs are just as good as the branded ones.

Final Word

Your retirement is a time to be savored and enjoyed. You’ve earned it through years of work, and you don’t want to put all of that effort to waste and find yourself struggling with financial hardship and stress in your latter years. Keep these top tips in mind in order to save money on day to day expenses as a senior and enjoy your retirement years the way you always hoped. With a little effort and a few lifestyle changes here and there, you can start to see a real difference.

Rams Head

Category: Local News, NEWS

About the Author - Stephanie Fahie

Stefanie is a local blogger and social media content marketer from Maryland. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages. She can usually be found on a baseball field!

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