If you’re past retirement age and concerned about making your money last, you have probably already taken steps to be more cost-conscious. Hopefully, you have already realized that being frugal doesn’t mean depriving yourself, and that making a few small changes in your spending can help you enjoy life while living within your means.
- Save on utilities – Save on electricity by turning off lights and appliances when you are out of the room or are not using them—even small appliances, like the toaster or coffee pot. Put on a sweater and turn down the heat. Turn off the bathroom faucet while brushing your teeth and don’t run the dishwasher until it’s full—and use low-flow shower heads and faucets.
- Check on local services for seniors – Call your utility companies and Chamber of Commerce to find out what services are available to seniors. Some trash companies will bring your trash cans to the curb and back at no charge. Some service clubs provide minor household repairs and services to seniors for free, saving you the cost of hiring a handyman.
- Don’t shop without a meal plan – The average household throws out $1,600 worth of food annually. Before you grocery shop, decide ahead of time what you will eat for the week and shop accordingly. Here again, check with local authorities. You may be eligible to receive meals delivered straight to your home at no charge.
- Use credit card rewards – If you use a credit card to pay certain monthly expenses, and you pay off the balance each month, use a card that offers rewards. Whether it’s airline miles you can use to visit family or cashback you can use for other expenses, using a rewards card can save you hundreds of dollars each year.
- Buy secondhand and/or use senior discounts – Consignment and second hand stores can save you a bundle on gently used clothing and household goods. Department stores like Kohls and Ross, and restaurants like McDonald’s, Kentucky Fried Chicken, IHOP and more offer senior discounts—but sometimes only when you ask for them. Check online or call ahead of time to find out if a business offers senior discounts.
