Folks with excellent saving habits often enjoy greater financial success than those lacking in that department. That statement applies to seniors as well. Obviously, no one wants to spend his or her golden years stressed for cash, so even if you feel you’ve done a good job preparing for what comes after retirement, you should still be looking for ways to cut down your expenses.
Here are three practical money saving tips for seniors:
1. Take advantage of discounts
Many retailers, government agencies, and service providers have discounted prices for seniors, but you likely won’t get them unless you ask. These discounts can be as high as 50 percent, so the savings quickly add up.
The next time you’re getting ready to swipe your credit card, take a few seconds and ask the representative if the company has discounted rates for senior citizens. In most cases, the response you’ll get will be a “yes.”
Why miss out on a good thing?
2. Reduce recurring charges
As common as reoccurring charges are today, they are not always in the customer’s best interest. Many people aren’t even aware of all the recurring charges that are applied on their accounts every month.
That’s why it’s always a good idea to spend a little time analyzing your monthly statement. Make sure all your monthly charges are for services you really need. If you’re one of those dinosaurs who still owns an archaic landline, you don’t need a cell phone with your provider’s deluxe package. A simple pre-paid plan with a few hundred minutes for $15 will do. Don’t forget to ask for a seniors discount while you’re at it.
3. Focus on the important things in life
Who would have thought it? Focusing on the important things in life actually saves you money. Worry less about buying expensive gifts for your loved ones, and focus more on spending quality time with them. Instead of buying your grandson — who is fascinated with cars — the latest RC model, take him to a car show where he’ll get to see the latest prototypes and meet real experts in the industry.
That experience that will last a lifetime, unlike a toy that will be discarded the minute something cooler comes out, and it likely won’t cost you as much.