Looking for ways to save money as a senior?
Retirement is meant to be a time in your life where your hard work and dedication over the years is celebrated. Not only should you be relaxing daily, but you should be able to do what you please during your leisure time. However, sometimes money can get in the way of you enjoying your senior years.
You’ve not only paid off all your debts, but you’ve finally been able to cash out that hard earned 401k. But now that you’re on a fixed income, you may find it hard to save money as a senior. Here are a few tips to help you keep your well earned cash and enjoy your silver years.
Find Lower Rates
There are many, many ways for seniors to get lower rates on a lot of different services. For instance, if you’re in need of senior life insurance, you can probably find affordable rates for your fixed income. You can also find lower rates for your mortgage, your car payments, and so many other monthly expenditures.
In order to save money as a senior, sometimes all it takes is picking up the phone and asking for lower rates. Lower interest rates are especially common for senior home owners. Ask service providers, insurance companies, and even your bank to see if you can get lower rates as a senior.
Shop Less Each Week
A really great way to save money as a senior is to lessen the amount of time you spend shopping each week. Let’s face it, sometimes you get bored and simply want to get out of the house. While that is completely fine, and great for your mental health, it can mean spending money we shouldn’t.
Cut down the amount of times you make a quick stop at the grocery store, or that small local shop you just love. There are a lot of helpful podcasts and resources for how to spend less time shopping each week when you are retired.
Instead of shopping, try the following options for getting out of the house:
- Go on a walk or a hike
- Find a club or social activity like a dance class
- Spend time with friends
- Get involved in community and charity projects
All of these activities are inexpensive and are great for your mind and body. Not to mention you can save money by shopping less.
Downsize Your Living Space and Car
A key factor in saving money as a senior is downsizing your living space. If you live alone, or with your partner, you may not need a four bedroom home all year round. That being said, it will be more cost efficient to find a living space that is less square footage, and less money each month.
This applies to your car as well. You can save money by trading in that giant family car for a nice compact sedan. Not to mention save a little more on car insurance for drivers over 50. You will have smaller monthly payments for the vehicle, as well as on a smaller residence.
Don’t be ashamed to take full advantage of senior discounts. Nearly every major company in the world has a discounted rate for senior citizens. They range from 5% to 20% on various items. Not to mention it can be used on everything from a rental car, to health insurance, to the cost of a nice brunch. Simply ask if there is a senior discount, and you can save a little cash every time you leave the house!
Yes, traveling as a retiree is one of the best parts about no longer working. But in order to save money as a senior, you need to be able to cut costs as much as possible when you are on the go. Try booking plane tickets way in advance, asking for senior discounts for hotels, and being proactive about your spending budget while you are seeing the world.
Saving Money as a Senior Can Be Easy
Just because you are on a fixed income doesn’t mean you can’t have fun. Saving money as a senior can be simple if you follow these five helpful tips and find money saving inspiration everywhere. That way you can enjoy your retirement or silver years without having to worry so much about finances.