Many seniors are living on a fixed income, and even those living comfortably often look for ways to save money to travel more, leave a bigger inheritance, or simply have a larger nest egg for unexpected events.
Since many seniors saw their retirement benefits dwindle with the stock market crash, planning for retirement has become a hot topic. How do you save more in less time? While there may not be any quick and easy answers, the solution may lie in pinching pennies and spending smarter.
Here are a few tips to help you stretch that social security or pension check even farther.
Money saving tips for seniors
• If you’re within five years of retirement age, consider transferring your retirement benefits to monthly or quarterly paying programmes.
• Consider shutting off your landline and going mobile.
Phone service can be expensive. If you’re not the chatty type and only need a phone for occasional calls and emergencies, you may not need your landline anymore. You can even talk to your kids about adding an extra line to their plan for more savings.
•For social engagement that won’t break the bank, try finding a favourite meeting place with amenities you value.
•Get to know you neighbours.
Only need four pieces of bread a week? Share a loaf with your neighbor and take turns buying the bread each week. You can do the same with all perishables — like milk, eggs, and cheese. Create cooperative grocery lists for the month to help plan your savings ahead of time.