Many seniors live on a modest income.
Some find it hard to make ends meet, let alone save money.
Although some say you can’t teach an old dog new tricks, read on for practical money-saving ideas that can benefit seniors.
List of 10 Best Money-Saving Ideas for Seniors
1. Sign-up and get all available senior discounts.
2. Travel frugally by visiting places near home.
3. Invite people over and stay in instead of expensive nights out-on-the-town.
4. Use coupons for everything from clothes and cleaning supplies, to everyday food.
5. Consider downsizing your home by moving to a smaller house, apartment or senior citizen community.
6. Rethink your healthcare insurance options for better deals.
7. Shop discounted bulk-buying stores and thrift shops.
8. Save money for a rainy day, and learn your investment money options.
9. Make use of local senior programs and resources.
10. Take joy in the simpler things of life, and live your dream retirement every day.
Best Ways for Seniors to Invest and Develop Better Senior Savings Habits
To make money, you have to have some first. For those without extra cash, take some steps to get into better saving habits. A positive attitude and mindset is key.
Other options include:
- Shop around for saving accounts for best interest rates. If necessary, save-up money for the initial or monthly required deposit amount for higher interest returns. Save money using old-fashioned cookie jars.
- Use Apps that round-up-or-down purchases and saves change that adds up over time – like Acorns.
- Begin small with savings. Even $10 a week saves $520+ each year. $100 a month adds up to $1200 a year.
- Simply saving 1% to 2% of income nets a nice chunk of change that likely won’t even be noticed missing.
- Open online bank savings accounts that earn better interest. Keep separate from debit cards or other accounts. Some allow no-charge withdrawals for 2-day notices. High-interest-return accounts typically require either a $500 to $5,000 initial opening deposit. Some have monthly deposit options of $100+.
Tips for Getting and Staying in the Right Money-Saving Mindset
Staying motivated is key. Stay positive and better motivated by doing short-term money-saving challenges with yourself, family or friends.
More tips include:
- Find short inspirational sayings, quotes and other motivators to keep that positive mindset necessary for financial planning success.
- Place these inspirational phrases in places they will be seen with sticky-notes.
- Get daily saving motivators on your smart phone, by email or other device.
- Make money saving and living cheaper fun, and do with someone else for encouragement.
Remember that good habits begin to develop in just three-weeks. Keeping it fun and seeing rewards can keep you saving and making cool cash for future goals and plans. Reward yourself with small treats often. Make an inspirational dream-board, or post pictures of your desired future trip, new appliance or other money-saving reward goal.
Simple Senior Investment Ideas
Most people think of investors making investments as a crazy bunch of young, technological geniuses running around on Wall Street. Anyone can learn to invest money wisely to make a profit. Start small, and learn the ropes.
Consider the following:
- Make short and long term investment goals.
- Start with robo advisors for investments. These won’t make you rich overnight, but acts as a good learning investment strategy. These online programs and apps are user-friendly, can be customized and gives investors the benefits of artificial intelligence for investment assistance.
Start small, begin with safer and less profit potential investment options. Later, move to higher-risk investment choices that can yield a greater potential profit.
How to Make Your Retirement Funds Last
Studies show that many retired individuals and couples spend through their retirement savings in just a short period of time. Many spend too much on expensive trips, pricey gifts for children, luxury cars and other costly indulgences. Your hard-earned-and-saved cash can run out sooner than expected without proper planning.
Tips for preventing or recovering from money mistakes follow:
- Practice makes perfect.
- Use retirement funds wisely.
- Plan, wait and be sure before spending.
- Consider investing in low-initial-investment mutual funds.
- Take time to learn how to choose stocks before plowing ahead unprepared.
How Seniors Can Build Their Savings Account
There are some easy and relatively stress-free ways that seniors can put-back money and increase their savings account over time. Sometimes, spending a smaller amount on preventative measures really saves in the long run. Exercise and live healthier lifestyles to keep healthcare costs lower. Do recommended home, appliance and car maintenance tasks to lower future out-of-pocket costs.
More Terrific Money-Saving Tips for Seniors Include:
– Save on groceries by shopping deals. Plan meals ahead around grocery specials. Have fun family cooking days. Make extra and freeze leftovers for future meal nights. This saves by avoiding expensive fast-food runs or last-minute pizza deliveries on busy evenings.
– Plant a vegetable garden. Then can, freeze, sell or gift nutritious bounty.
– Take senior trips by bus, train or boat off-season for best rates. Visit public places like museums and local tourist attractions. Senior RV travelers can get free passes for camping sites and national parks.
Other Smart Saving Options
- Do holiday shopping after the holidays for huge savings.
- Give gifts of time and services. Add that personal touch by giving homemade gifts.
- Read books and magazines from your library free. Download free reading material onto Kindles or other smart-devices.
- Install cheaper L.E.D. or solar lights. Upgrade to energy-efficient appliances that save on energy-costs.
- Get out-of-debt or develop better money/saving habits by taking advantage of free or low-cost senior budget programs and financial resources.
- Shop or have yard sales. Frequent thrift-stores – many include extra senior discounts
- Turn down thermostats, and turn off lights.
- Home improvements can save cash later. Consider installing new energy-saving windows/insulation/roof. Wait for price specials.
– Bypass emotionally-charged sales ads on television by recording favorite shows. Downgrade or cancel higher-priced TV service. Consider replacing with cheaper options like borrowing free library movies, or purchase no-contract lower-cost entertainment like Hulu or Netflix.
– Avoid stress-shopping by making temptations harder to indulge. Consider freezing or otherwise safeguarding your credit/debit cards. Set-up required time-holds for bank account withdrawals. Make yourself have to think and wait before buying.
– Give grandchildren the priceless gift of spending time with you doing fun things that are free or inexpensive. Consider: park outings with Frisbee, fun water-fights in the backyard, baking homemade cookies or having weekend movie nights complete with popcorn and PJs all while you babysit for your adult children who will appreciate the break.
– Sign up for free things and rewards everywhere.
With the money saved, consider investing in safer mutual funds and wisely investing in lower-risk stocks to increase your senior savings potential.
Seniors Can Learn How to Live Cheap by Making Some Lifestyle Adjustments
Rent out a room if living alone. There are many beautiful and cheap senior living communities. These include assisted living choices with many amenities. There are cheaper senior housing options to suit many different lifestyle preferences and budget needs.
Seniors that desire to learn how to live cheap have half the battle won. Our thoughts and emotions can be re-trained to improve money-management skills.
