money saving tips
Posted on: 21 April 2017 by Alice Porter
how to save as you get older
Getting older and considering retirement can be a scary and difficult adjustment to make. When you are working full time, there is potential for a pay rise, a bonus and even a tax rebate, but when you are retired, you are depending on a fixed source of income and whatever savings you may have. The average retirement benefit in the US is $1,298 a month, which may seem like a lot of money, but when you are limited to your means, it can become difficult to budget. Here are five of the best ways to save money as you age…
Look for the benefits:
Senior citizens are widely respected and some businesses show their respect by offering a discounted price, for example most restaurants have a senior citizen’s menu, or an early bird’s special menu with discounted prices, meal offers and drinks offers. It’s always beneficial to look for these menus or ask a member of staff when you go out to eat – this could save you lots of money. Some states also offer free or discounted bus passes for senior citizens, which can save you a lot of money in travel fare. Retiring can have a lot of benefits in America, if you only ask and search around, you will be sure to save hundreds.
As you get older, it may become the case that you begin to forget little things and tasks you have to complete. These tasks can be as insignificant as forgetting to record your favourite TV show, or as serious as forgetting to pay a bill or take your medication. If this begins to happen, then it’s important to make it a priority to set reminders for yourself. There are homecare systems, like GrandCare that sync up to your daily activities and set important reminders that are sure to stay in your mind. Setting reminders can not only be really useful to ensure that you complete certain tasks, but it’s also believed that reminders can improve your cognitive ability – which will in turn make you remember more than you ever could!
Have a meal plan:
Regardless of age, it’s believed that the largest amount of the average household spend goes on food. Whether that’s eating out, ordering in takeaway or shopping without any specific cause. It’s easy to spend your money on food without considering any of the implications. Setting a weekly meal plan can save you so much money in the long term, as all of your spends for food can be accounted for and kept within. It’s equally as important to remember not to be wasteful – for example, if you make a large piece of meat, think about how you can use this for other meals throughout the week.
Have a clear out:
Having a clear out of all of the things you no longer have use for can be therapeutic and it can also make you quite a bit of money. It’s often surprising the kinds of treasures you can unveil when you look hard enough. If you de-clutter and sell all of the things you no longer want, need or use then the dollars will soon add up. If you are unsure of any of the items you are looking to sell, it’s important to gain an opinion from a professional i.e. an auctioneer, so that you know that you are fully aware of the value and getting the best price for your possessions.
Consider your transport:
Cars are expensive and time consuming if anything goes wrong. As you begin to age, it could be beneficial to assess how much of a necessity owning a car is. When you go to work every day, having a car can be vital to your commute, but as you leave work and begin to live a more leisurely lifestyle, the need for owning a car can become lesser. As previously mentioned, some states offer discounted or free travel to senior citizens, so if you are in a position where public transport is just as reliable and useful as your car – maybe it’s time to consider letting it go. This could save you thousands of dollars every year.
Share with friends
- Food & Drink
- Home & Lifestyle
- What's on