As you age, some things become more common – like back pain and hair loss – while others seem to disappear. Money falls into both categories. Many seniors experience a decrease in monthly cash income and an increase in bills – especially higher medical care costs. Large debts and a lack of personal retirement savings also contribute to the stress of managing your money once you enter your senior years.
1. Take advantage of senior discounts.
Everyone loves a discount, right? For those over the age of fifty-five, taking advantage of senior discounts is an easy way to save a few dollars on your total purchases. Here’s a list of some deals to watch for:
- Kohl’s: You can save 15% off your in-store purchases on Wednesdays.
- Michaels: You can save 10% off your purchases (in-store and online) using your Michaels Rewards account on Tuesdays.
- CVS: Use your ExtraCare card to get 2% back on your in-store or online purchases.
- AMC Theatres: People over the age of sixty get discounted movie tickets at certain locations.
- Hertz: Join the Hertz Fifty Plus program to save on car rentals.
2. Stick to generic products.
Buying name-brand products isn’t always the best choice, especially if you’re fifty-five and looking to save money. Even if you’re skeptical, try the Great Value bread instead of Nature’s Own. If you don’t like it, reassess and discover other foods you can buy generically. Sticking with the cheaper option is a simple way to avoid paying more for a more expensive brand. People in the grocery industry say that in most cases, you can’t tell the difference between generic products and those with a brand name in the grocery store.
3. Use digital coupons.
Most stores have apps or websites where you can use coupons to save even more money on your total purchases. Digital coupons make it easier for you to carry paper coupons, but they come with technical risks you might encounter at checkout. In most cases, these coupons can be used with cash-back rewards. These apps are user-friendly and take a short time to learn, making them suitable for seniors who are not tech-savvy.
4. Use cash-back apps.
You don’t need to be tech-savvy to save money using cash-back apps. A few cents can add up to hundreds of dollars with dedication, saving receipts, and clipping coupons. Ibotta is a popular app that offers cash-back deals at most major retailers, both in-store and online. You can even link your membership accounts to the app to earn money automatically with saved offers. The best part? You can transfer your earnings directly to your bank account. Other apps like Fetch allow you to scan your receipt to accumulate points and earn gift cards.
5. Talk to a financial advisor.
Depending on how many assets you have, talking to a financial advisor can be a gateway to better money management. Financial experts often recommend consulting with an advisor once you have $50,000 or more in investments or savings. They will also help you achieve future financial goals and assist you in planning for unforeseen financial challenges. If you want to avoid getting a biased opinion, speaking with an independent financial advisor is the best option to start working toward saving money and improving your financial health.
6. Invest in an AARP membership.
If you’re fifty-five and don’t have an AARP membership, you’re missing out on a lot. Senior membership organizations like AARP partner with well-known companies to offer benefits, ranging from hotel discounts to reduced car insurance rates. Most of these organizations require an annual fee, but they typically pay for themselves if you regularly use your membership card for discounts.
7.
Joining store memberships to use loyalty rewards.
Check if local stores have loyalty programs. These rewards give you extra coupons and store credit when making purchases, getting flu shots, or refilling prescriptions. Kroger is one of the most popular loyalty programs, where you can earn fuel points to reduce the price of gas per gallon; for every dollar you spend, you earn one point. Kroger’s website even claims that using their program will save you an average of $576 a year.
8. Shopping during designated grocery senior shopping hours.
Large chains like Walmart, Target, Kroger, Aldi, and Dollar General offer specific shopping times for seniors – usually early in the morning. It’s the perfect time to grab household essentials without the usual crowd and long lines, reducing shopping stress and giving you the best deals first.
9. Review your monthly expenses.
Reviewing what you spend each month is one of the first steps you can take to start saving money when shopping for those over fifty-five. When you retire, you may start living on a more fixed income, meaning you need to be more careful with your spending. Make a list of all your bills and potential monthly expenses to start managing your money more effectively.
10. Browse the aisles with a friend.
While shopping with friends is often associated with impulse buying, there are ways it can reduce how much you spend on things you don’t need. Choose a shopping partner who is willing to help you stay committed if you tend to buy anything that catches your eye. When your friend asks, “Do you really need that?” consider it an opportunity to save money.
11. Identify bills you can cut back on and contact the service provider.
We’ve all seen the meme images of people yelling at customer service agents over their bill price. While it’s obviously unreasonable to start an argument with your provider about your home internet, there are advantages to reaching out and seeing if you can negotiate a lower rate. Ask about any promotions for returning customers or how you can reduce services you don’t frequently use. For example, is there another cable package that offers the channels you love but is not as expensive? Also, don’t hesitate to switch if another provider has a lower rate.
12. Research product quality before buying.
Before making a purchase, do your research to ensure you’re buying something of high quality. Reading reviews is another effective way to reduce the chances of spending money on something that won’t hold up or have the value you need. Plus, there’s nothing worse than making frequent trips to the store to replace items – it ends up costing you more than investing in a higher-priced item. It’s important to note that this isn’t possible for everyone. Shop according to your means and get the best quality for your household budget!
13. Set up a budget.
Setting up a budget isn’t easy, especially if you’ve been able to manage your money without one up until now. Start by analyzing your finances and calculating your total monthly bills and average monthly income. Next, allocate enough money to cover your bills and categorize the remainder. When you understand your finances better, you can spend your hard-earned money wisely and avoid debt.
14. Prioritize paying off high-interest debt.
Did you know that in 2019, the average debt for baby boomers (ages 56 to 74) exceeded $95,000? Or that about 9% of adults over sixty have significant medical debt? Since seniors are more susceptible to health issues and are more likely to be hospitalized than their younger counterparts, it’s easy for medical bills to start piling up. Add in other expenses, and you’ll end up with an unreasonably high monthly debt bill. When budgeting, prioritize paying off high-interest debt from credit cards to avoid unnecessary interest costs on your debt.
15.
Use community resources when you need them.
Non-profit organizations and community-focused organizations provide assistance with rent, utilities, and other housing expenses that are often challenging for seniors on a fixed income. Your local senior center is also a good source for resources and social activities. However, there is a kind of stigma against using community resources like food pantries or contacting your local labor council. Since most Americans (regardless of age) do not have enough savings to cover an emergency, which is about three months of income, there is nothing to be ashamed of.
16. Talk to a Medicare broker.
Medicare brokers are insurance professionals who can help you find the best plan that suits your needs. This service is free for any Medicare beneficiary, saving you the time of searching through thousands of available plans and the frustration of signing up for the wrong plan. Finding a broker is easy – just visit medicare.org or call the National Council on Aging.
17. Cut down on travel spending.
Rather than automatically booking a first-class trip, do some research to see if you can travel for less. This doesn’t mean you have to sacrifice comfort and luxury; after all, this is your retirement time. Here are some additional tips:
- Book your tickets and tours as early as possible to get discounts.
- Keep an eye out for holiday sales.
- Look at high-value vacations like cruises.
- Travel on weekdays when prices are lower, such as Sunday or Monday.
18. Discover what your private health insurance offers.
Health insurance providers often offer unique benefits to Medicare beneficiaries to help them maintain their health without financial burdens. The Silver Sneakers program is an exercise program that covers gym membership fees and online fitness classes and workout videos. If you’re eligible, you can access all of this for free.
19. Be cautious with public services.
One of the easiest ways to reduce monthly spending is to monitor your energy usage. Utility bills can easily rise during seasonal changes, such as when you’re ready to turn on the heat during winter or set the thermostat to 64 when the weather warms up. Using energy-efficient appliances (home appliances, bulbs, etc.), unplugging unused devices or chargers, and performing regular home maintenance such as testing doors and windows for cracks or air leaks – all these methods help you be cautious with public services and save money.
Source: https://www.aol.com/19-ways-save-money-shopping-111000077.html
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