Discounts

9 Money-Saving Strategies Seniors Should Take Advantage Of

October 15th, 2020

When you’ve worked your whole life, of course you’re going to look forward to retirement. But because you’ve worked your whole life, retiring can also cause anxiety. The lack of structure in your day and financial changes are stressful, especially if you won’t have as big of a budget as you used to. Here are nine ideas to help you make the most of your retirement budget.

1. Enjoy what your library has to offer. 

With the rise of ebooks and online shopping, it can be easy to forget about your local library. However, libraries are an amazing way to save money on your entertainment budget. You can stay up-to-date on physical copies of the hottest bestsellers, and most also offer a wide variety of DVDs, audiobooks, magazines, and more. 

Bonus tip: Many libraries also offer activities and internet access, which you can read more about here.

2. Save on your cell bill.

An overwhelming majority—85%—of older adults have a cell phone. If you’re sick of paying high monthly fees, shop around and look for a company that offers a senior discount.

Bonus tip: We’ve already done the legwork for you! Check out the companies offering the best senior discounts on cell phones.

3. Use credit card rewards points.

You probably already have a credit card. However, if your credit card doesn’t have amazing benefits, it might be time to do your research and pick one with better perks. Ideally, a credit card will have a mix of great rewards, low interest, and low fees. 

4. Make annual payments.

These days, it seems like everything from insurance to TV runs on a subscription model. This may feel better on your wallet, but it can cost you more in the long run. You can often net big savings with one annual payment. See which recurring payments can be bundled into a lower yearly sum and budget accordingly. For example, paying a lump sum for auto insurance instead of a monthly fee can save you hundreds of dollars.

Bonus tip: You can also compare insurance plans to save even more money.

5. Don’t be afraid to ditch your healthcare plan…

…for a better, more budget-friendly one. Be sure to pay attention during Medicare’s open enrollment period. You may be able to find a plan with better rates that provides the coverage you need. Click here for a more comprehensive guide to saving on Medicare costs.

Bonus tip: Saving on Medicare costs doesn’t have to be difficult! Find out how you can save during open enrollment.

6. Reassess your living arrangements. 

Retirement changes your financial situation, which makes it a good time to reassess your living arrangements. For example, if you’re stuck with a high mortgage payment, you may want to consider downsizing or refinancing. Retirement communities can also be a great option for seniors.

7. Buy generic brands. 

Generic or store brand products are often just as good as name brand products. A higher price tag doesn’t always mean the item is of good quality. Some store brand products are even made by the manufacturers used by name brands! 

Bonus tip: Discover the best ways to save at grocery stores with this guide.

8. Invest in a smart thermostat.

Utilities are a necessary expense. They can also eat up a surprisingly large chunk of your budget. A smart thermostat can help you regulate your heat and save you money in the long run. For example, you can automatically set warmer temperatures during the day and cooler ones at night so you aren’t driving up your heating bill all winter. Some utility companies offer senior discounts—call yours and ask about a discount before you pay your next bill.

9. Take advantage of senior discounts.

You may have heard this from us once or twice (or three or four times) before, but one of the best ways to save money is to take advantage of senior discounts. We do our best to round up the most up-to-date, valuable discounts across as many categories as we can. Check out some of our findings below:

Want to save even more? You can get discounts on amazing products and services with our Special Discounts. We’re adding new discounts all the time, so don’t forget to check back often!

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