It is not an unusual scenario that a retiree experiences financial collapse not long after retirement. In most cases, retirees’ spending is at their peak during their initial years of retirement and dwindles after some years when there can be more need of money to spend on health problems that may be starting to arise.
Indeed, there is a need to educate retirees on how to spread out their spending so that their resources can last. It may not be good to see them broke during their twilight years. Here are some ways seniors can save on money to ensure that it will last for the longest possible time:
Plan a Once-a-Week Shopping
Joggling to the grocery store every time you need something may be good for your physical and social health but it can cause you to spend on unnecessary items. Instead, list down all your needs for a week and purchase them all at the same time. Do not bring extra money when shopping so that you will only be buying those on your list.
Consider Changing Your Medicare Coverage
Within the period of October 15 to December of every year, you have the chance to enroll, renew, drop out, or change your Medicare coverage. If you think that your coverage last year is still perfect, renew it. But if you think that it does not suit you anymore, you can change it but never drop out.
Medicare premiums can eat up your money. It is best to know how to save on money from premiums and avoid penalties.
Know Senior-Friendly Establishments
Some establishments, such as shopping malls, restaurants, and even online stores give discounts to senior citizens. They can give as much as 20% discount on their items on some days of the week. Look out for them as every dollar saved on items can add up. But before anything else, you should be proud to flaunt your age.
Always Be on Time With Your Payments
Avoid having to pay penalties because of late payments. Be sure that all payments are written in your reminders for the day to avoid forgetting about them.
Be Wary of Your Power Consumption
Always make sure that all devices are unplugged when not in use. It is for safety measures and your energy consumption not to shoot up. If you are living alone, turn on the heater or the air-con only in the room you are using.
Choose Between a Landline or a Mobile
Are you staying at home for the most time? Or are you always out for some reason? These can be the primary reasons when choosing between the two. Giving one up will surely save you a lot of money.
There may be no reason to stick with expensive branded drugs when there are pharmacies that sell generic drugs. Generic drugs are a lot cheaper but are also safe and as effective as their branded counterparts.
Avail of Tour Packages
Convince a friend to join you in a tour package. Tour packages are definitely safer for seniors and it will surely brighten your social life because you will be having the same companions for the rest of the tour. It is also more economical as everybody on board will be chipping in for the total cost.
Know the Right Season to Spend on Goods and Services
Booking during the off-season can save you a lot of money when planning to go on vacation to some travel destinations. But when it comes to items, such as fruits and vegetables, it is best to go for those that are in-season as they are fresher and cheaper.
Stockpile Essential Non-Perishable Goods
For health needs, such as medicine, it is best that you stockpile, but be wary of their expiry dates. You can do the same with non-perishable food items. Buying in bulk may cost you some savings. You can plan a trip to the shopping mall with a companion or a friend.
Have a Lifestyle Check
Letting yourself undergo a lifestyle check will not only help you to cut your expenses. Are you still drinking carbonated drinks like you used to? Do you still go to fast foods? Indeed, changing your lifestyle can be of great help to save on money while maintaining your health.
Just after retirement, sit down and make a plan. This can help you to extend your finances for the longest time. If you think that you need help, seek the advice of a financial advisor. He may open some tips to even grow your money. It may be difficult to trust other people when it comes to money matters. Plan ahead of time while you are still very much capable. By doing so, smooth sailing through your life may be almost assured.