Retirement is a time in life to which most of us look forward. The freedom to set your own schedule, travel and pursue hobbies and passions is very appealing. However, with a surplus of time, a significant portion of retirees end up spending more money than previously. Many seniors live on a fixed income and even those living comfortably often look for ways to save money.
We’ve rounded up 9 clever tips and tricks to help you save money and balance out your everyday budget.
1. Put your Senior Discounts to good use – Senior Discounts can be a great way to save. Create a list of your favorite places to shop, eat and play. Call each to inquire about their discount programs.
2. The Secondhand Market – buying secondhand goods can truly be an affordable option for clothing, accessories and home goods. You can get great deals on things that have barely been used. Sites like Gumtree and eBay have millions of items ready for you to purchase at an awesome price.
3. Cut your Transportation Expenses – get rid of the car if you don’t need one, most especially if you live close to shops and your loved ones. If you only drive a few days a week, it could be a good idea to get rid of your car and in return, you will get more money to spend on things you enjoy.
4. Pay Annually – while monthly payments might seem easier on the budget, paying annually can save you money in the long run. A good example would be paying annual service fees for maintenance contracts. Take a good look at every item on your budget to see which ones you could save on by paying annually.
5. Start Selling Up – as we get older, we accumulate more stuff. Some of it we don’t really need. We should stop collecting and start selling. Most of us have small collections of things that are cluttering up the house. Look through your collections and sell them online via Facebook, Craigslist, eBay, Etsy or Amazon.
6. Grocery Shopping Schedule – If you grocery shop either around 8am or 5pm you’ll be able to take advantage of markdowns in the supermarkets. At the end of day, it is a well known fact to use these times of the day to purchase marked down fresh produce. If buying in bulk, most items can be placed in the freezer.
7. Visit Public Institutions that offer Free Activities and Events – free activities are everywhere…you just have to find them and keep your eyes open. Take advantage of public institutions like public libraries, parks, schools and community centres that may offer free or discounted services, educational opportunities and events. Not only can you rent out books and movies from the library but many also offer free programs and classes.
8. Consider New Living Arrangements – as you age and situations in life change, you may need to adjust accordingly. For example, if you currently live alone and the costs are adding up, consider alternative living arrangements such as getting a housemate or moving to a senior living community that maybe more affordable than the upkeep of your own home.
9. Do It Yourself – these days it seems so easy to buy readymade items whenever the need calls. Oftentimes we forget that it can get very costly. So why not do it yourself if there’s an alternative? Pinterest has thousands of ideas for making various items that only require materials we already have! This can help us get into the fun of creativity and at the same time, save a lot of money.