Because nobody is too old to save!
Saving money is a crucial financial habit that needs to be developed as soon as you start holding money, whether it be from allowance, gifts, or your first salary. It is a hard discipline to practice but you will reap good benefits when you master saving money.
Unfortunately, not only young people need to save, and saving doesn’t stop when you retire. Saving money is a practice that should be done until you are alive, kicking, and would be in need of necessities in life.
Nothing comes for free, not even when you are elderly, that is why we encourage seniors to start taking hold of their finances and keep on saving. There aren’t many options when you have a limited income at this point in your life, but there is the best money option for elders that will take care of your needs when you are about to retire.
Here are some saving options for senior citizens that will help you save for a comfortable retirement.
Make the most out of your savings
Making sure that your money is not depreciating as you save is one of the best ways to save. Since senior citizens’ finances are limited you need to milk it your money’s worth. There are a few ways you can do this or have a financial advisor or a trustworthy assistant to help you set up your saving scheme preference.
Search and avail new health care coverage.
Not all health care coverage is the same, and just because it is health coverage does not mean it will always work in your favor. Having health care coverage that is not applicable to your needs may cost you more money than you can ever avail of its services.
There are instances that seniors end up paying a huge amount in the first year of their healthcare coverage, and even more by the age of 85. The key here is to check with your health coverage agent to see if your coverage is updated and matches your needs at this point in time.
You can also make sure that you make your changes within the Annual Enrollment Period to prevent extra charges from making changes in your account or healthcare coverage preference.
Get rid of unnecessary transportation expenses.
Do you own a car? Do you still want to drive it? Owning a car can be very expensive wherever you are in the world and for whatever reason you have it. The only upside to owning a car is if you constantly drive to work or business, otherwise, you should rather take a cab and endure the traffic sitting at the back of the cab instead of driving in the horrible traffic.
That aside, maintenance and repair are some of the reasons why owning a car for a long time becomes very expensive. The older your car is, the more expensive it is to maintain it.
Other ways you can save up on transportation is carpooling with people who are going in the same direction as you or using other public transportation available in your locality. Public transport such as buses, shuttles, or trains can help you get to where you need to be at a much lower cost without having to maintain anything in your garage.
Another money-saving option for elders is to cut out the actual need for transportation by relocating to a place where you can just walk nearby to your essential shops.
Senior Discounts? Take them all!
Enjoy the perks of being elderly with your various senior discounts! Don’t forget to ask each and every shop you purchase from or restaurant you frequent if they have a senior discount. Some countries also have a mandatory senior citizen’s discount that all establishments must adhere to. Check your locality on what are the offerings or laws if any.
Discounts do not just apply to restaurants and shops, you can check grocery stores, utility services, car services, salons, and other specialty services. By asking, you get to make sure you are getting the most out of your senior privilege!
Are you a veteran? Ask for a Veteran’s discount.
Maybe not all shops and services offer a senior discount, but if you are a veteran, then that is another case. Ask the very same shops, grocery stores, salons, restaurants, utility services, and specialty shops if they are offering any discounts for veterans. Aside from discounts, you may be able to score freebies if you are lucky!
Go Discount Clubbing.
No not that type of clubbing, but join clubs that will give you discounts! The first is to know the discounts you need. This depends on your lifestyle and interests. There are memberships for seniors that may benefit you with discounts, you just have to find the right club for you. Check your purchasing habits and see where you spend most of your money, then find a club that offers just that at a discounted rate.
Be a coupon warrior.
Have you ever heard of coupon shopping? There are plenty of coupons handed out at membership stores or even your local grocery stores, or from your favorite magazines. Also, there are coupon magazines being sold for fraction of its worth. The next time you go grocery shopping to stock up on your essentials, bring on your couponing game and watch how your hundred dollar worth of groceries turn to $20 or for extreme couponers even just a dollar. Just a warning though, couponing may end up getting you more groceries than you need, so share those stocks or organize them neatly at home. The good news about this is you get more groceries for half the cost.
Visit thrift stores.
Looking for affordable clothing or home accessory options? You can save plenty of money from buying new items and just looking through thrift stores. There are plenty of good buys from thrift stores that are a fraction of the cost compared to new items. Treasures are there if you know where and what to look for.
Senior admission passes.
Get the most of your senior discount by purchasing senior admission passes when you visit recreational sites or even national parks. Some offer half the price on their admission passes and even 50% discount on the amenities you can use inside those sites. Aside from getting discounts, you will get a nicer treatment from the crew if they know you are a senior citizen.
Use services from public institutions.
The government has set up public institutions that may be beneficial for saving up more money especially for senior citizens. Services from parks, community centers, libraries, and learning centers may offer discounts for seniors or even provide free services. Using public services will also help you rent instead of buy so you do not end up purchasing for the full price when you will only need the item or services ones.
Change up your living arrangements.
We need to adapt to the different seasons of life and that includes considering changing or adjusting your lifestyle and living arrangements as you age. With the kids gone and living their own lives, you will not be needing an extra-large space to live. Downsizing is a good thing. You can consider moving to a smaller space or having somebody live with you to save on home costs and utilities.
As mentioned above you may also consider moving to a senior-friendly neighborhood wherein you can walk around and have easy access to shops without needing a car or using public transportation.
A different environment can also be good for your health as well as your finances. You can start living frugally yet fully. By leaving the city center, or opting for a quieter neighborhood, you can lessen stress as well as cost from living at the center of the business district.
If you opt to downsize your living arrangement, you can also sell some of your home appliances or home accessories that are in excess of what you need.
Commit to a savings fund.
If you are having a hard time saving up, then you might want to assign a trustworthy person to help remind you to save every month you receive your money. Or you could also set up an automatic debit system to your account to make sure your allotted money for saving will really be set aside for your savings fund.
There are ways to save up even if you are in the latter season of your life. It is a hard discipline to practice but you will eventually get the hang of it and will make sure that you can live your life to the fullest. The tips above are senior money hacks that can help you cut your lifestyle costs and put that extra cash into your savings fund. Remember that nobody is too old to save, and it is a rewarding thing to have your own savings fund that you can rely on in times of need.