Money Saving Tips for Seniors

Posted by Donna Mae Scheib on September 07, 2017

Money Saving Tips for Seniors

Money is a significant stressor for many seniors. In fact, more seniors return to work to make ends meet today than at any other time in the past. While this work may only be part time, it suggests that the rising costs of living are often at odds with senior pensions and other sources of retirement income.  Therefore, seniors are looking for ways to save money without dramatically impacting their lifestyle.

Check out these money saving tips for seniors to help balance an enjoyable retirement with frugal spending.

1. Take Advantage of Senior Discounts

It’s not just restaurants that offer senior discounts on a wonderful meal out. Many businesses—from auto services to airlines—offer discounts. Going on a cruise? Love to play golf? Many local and national entertainment-focused businesses offer seniors a great deal. After all, if you have the time to enjoy yourself, you should do so! Several websites list available senior discounts. Check out Seniordiscounts.com for all sorts of deals and Bradsdeals.com for over 100 discounts on restaurants.   While the average discount is around 10%, that 10% can add up to hundreds of dollars over the course of a year for those who eat out once or twice a week.

2. Sign Up for Subscribe and Save

While empty nesters no longer need to buy much food in bulk, online subscribe and save options can save you money on household items you regularly consume such as toilet paper, paper towels, and cleaning supplies, as well as personal hygiene products like toothpaste and deodorant. Companies like Amazon offer discounted rates for delivering specified items every one to six months, and the more items you add to your regular delivery, the bigger the discount. If your mobility is limited in any way, Subscribe and Save is a particularly good idea for heavier or bulky items.

3. Break Old Habits

There’s never a better time to break old habits, especially if they’re costing you. Look at recurring charges on your credit card. Do you need those magazine subscriptions? Can you subscribe digitally online for cheaper? Are you still an active member in every professional or civic organization you pay dues to? Now may be a good time to consider canceling memberships and subscriptions that automatically renew. Additionally, consider switching up your cable TV subscription for less-expensive services like Hulu, Amazon Prime Video, HBO Go, and Netflix. Just because you’ve always paid for cable doesn’t mean you always have to!

4. Review Insurance Policies

You should review your insurance policies every two years or so, including car insurance, home insurance, health insurance, and life insurance. Look at your current policy and evaluate whether you need the insurance you’re currently paying for. Shopping around can result in significant savings per month.

Another area to question whether you’re paying too much is health care. Health care costs can become a major budget expense, so check out this article published by U.S. News on 12 Simple Ways to Save Money on Health Care.

5. Be Flexible

Want to travel? Willing to travel on your own or with a group? Being flexible could mean thousands of dollars in savings depending upon the length and scope of your trip. Travel companies like Grand Circle Travel offer discounts on trips with unfilled quotas; as long as you’re willing and able to travel without much notice, the travel company gets to fill seats and you get a great deal. Seats on such deals are typically limited and go quickly, so be ready to commit if you see a tour or cruise you might like.

6. Become a Seat Filler

Love the arts? Love sporting events? Love events in general? Consider becoming a seat filler. Companies like SeatStir.com offer a yearly subscription for unlimited events beginning at $90 a year. This package allows members to reserve up to two tickets for each event reservation. Theater performances, sporting events, independent movies, and live show tapings are all offered. If you live in a Metro area, this could be a great money saving investment. Search online for seat filler opportunities in your area and see if you’d be a good match.

Flexibility is key for saving money as a senior. Deals are often restricted to certain time slots, but in retirement, you have the all the time you need! Being able to travel on short notice can also save you money. Sit down and evaluate your spending. See where you can save and where your priorities are—if your goal is to spend most of your time traveling, you likely don’t need cable at all!