Retirement can be one of the most enjoyable seasons of life. However, financial stability during your golden years can be tricky – especially if you’re not accustomed to living on a fixed income. For that reason, we’ve assembled several money-saving tips for seniors to help you enjoy your lifestyle while confidently managing your finances.
Money-Saving Tips for Seniors
Stick to a Budget
Budgeting is a crucial skill to ensure financial security. If you struggled to stick to a budget during your time in the working world, now is the time to revisit the basics. Put simply, living within your means is especially important if you’re living on a fixed income. Budgeting may sound intimidating, but it’s really quite simple: It can be as easy as listing your monthly expenses on a sheet of paper and ensuring that your spending doesn’t exceed those goals. If you’d like to track your spending more aggressively, tools like Google Sheets are free to use online so you don’t have to worry about keeping track of stacks of paper.
Keep Your Household Costs in Check
When assessing your monthly budget, consider ways you might cut back on household expenses. Can you reduce your utility bills by being more frugal with your use of electricity, heat, and air conditioning? If you’re looking for even more savings, consider downsizing. Downsizing your home to an apartment, condo, or assisted living community is a great way to save money on everything from property taxes to mortgage payments.
Take Advantage of Senior Discounts
Never be embarrassed to ask for senior discounts – they can be a gateway to major savings! Amtrak, for example, offers a 15 percent discount to passengers ages 65 and over. The American Association of Retired Persons (AARP) also curates a handy list of more than 50 restaurants – Ben & Jerry’s, anyone? – offering senior discounts. Senior List is another excellent resource to find the latest senior discounts at restaurants, retail stores, and more. You can sign up to receive email updates from Senior List to stay in the know. Finally, the National Council on Aging offers BenefitsCheckUp, a free service that connects seniors with financial resources for everything from healthcare to in-home assistance.
P.S. If you’re local, check out our list of senior discounts in Memphis and Collierville!
Consider Joining AARP
AARP offers an impressive list of benefits for seniors including a variety of health and wellness initiatives, additional discounts at restaurants and retail stores, discounted movie tickets, community events, and more. Joining is a great way to maintain your sense of community while saving a buck.
Work with a Professional
Feeling overwhelmed by financial responsibilities? Working with a financial planner or accountant is a great first step toward financial confidence. Working with financial planners doesn’t have to break the bank; many local banks offer the services of financial advisors free of charge. Additionally, AARP has free tax preparation services available for members.
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With a little planning and creativity, budgeting your way through your golden years can be a breeze. At Hearthside Senior Living Place, we’re committed to making your golden years the best years yet. Schedule a tour of our community to learn more.