If you want to save money, you will love these frugal living tips for seniors – many of which are also helpful at any age as well!
Growing older is no excuse to start throwing your money away! As we age, it becomes increasingly important to start saving money and being more frugal with our purchases.
After all, usually you’re working less – or not at all – so we only have our savings and retirement fund to live off. With this in mind, it’s important to find ways to spend less and save more money, hence why many seniors adopt frugal practices.
As you might know, I’m a bestselling author and happiness researcher. I wrote a book called Happy Habits.
In my research, I learned that stretching yourself out of your comfort zone can boost your happiness and give you a feeling of fulfillment.
Plus I also learned that money doesn’t bring as much happiness as we think. Spending time with loved ones or doing our signature strengths bring far more joy than spending cash. I recommend you keep this in mind when you try to develop thriftier spending habits!
In this post, I’m going to share some of the top frugal living tips that seniors can take advantage of. Even if you’re not a senior, you could probably make use of some of the tips you find here.
Frugality can be really boring at times. Sure, it helps you save money and it teaches you to get the most value out of your purchases. However, if you really want to embrace frugality as a lifestyle choice, you need to start turning it into a challenge.
It takes a while to wire your brain to see frugality as a challenge, but once you do, it can be a lot more fun and enjoyable.
You might love the idea of getting a bargain and thereby actively hunt for it as a way to have fun and enjoy spending. If you’re able to adopt this kind of mentality, it’ll make being frugal a lot more fun and motivational.
There are many stores and services that offer discounts if you’re a senior. You can look at a senior discount site or you can ask in-store if they offer discounts for people over a certain age.
This is a great option if you’re looking to take advantage of your age as a way to save money.
Just keep in mind that there could be certain limitations to what you can save.
You probably have a limited pool of funds to withdraw from once you retire. So make sure you only withdraw when you absolutely need it.
Try to set yourself a limit every week or month so that you don’t withdraw too much at a single time. Consider shredding your ATM card, so you can only use whatever cash you have on you. Or keep only one credit card, so you can be as aware as possible of the exact amount of money you spend each month.
Plan ahead for what you’re going to do with your housing options.
There are lots of options to consider in terms of housing. So try to plan ahead.
Public transportation is a fantastic way to save money if you’re a senior.
There are often huge discounts for people that are above a certain age.
So make sure you look at the various plans and schemes available.
If you’re unsure, you could consider speaking to your local council to see if there are any government incentives to help you save money.
It’s also a good idea to keep debt management tips in mind if you’re still paying off your home or have other debts to worry about.
Money issues can be extremely stressful when you’re retired, so it’s always a good idea to manage your debt carefully.
Make sure you don’t spend too much money so that you can always make minimum payments. Ideally, you’ll want to pay off your debts faster by going above your minimum whenever possible.
An interesting way to save money when you’re a senior is to actually try out new foods.
This sounds like a strange tip, but the idea is that you can look for cheaper ways to enjoy a good meal if you’re more open to trying different things.
It can be easy to stick to the same kinds of foods because it’s just what you’re used to.
However, if you’re willing to try new things, you might discover lower-cost options that will keep you fed and happy with your meals. (Just make sure that you’re eating healthy food!)
It’s important to start learning about technology as a senior, especially if you aren’t accustomed to things such as smartphones and laptops. Using technology is a great way to save money (and time) with online deals.
Plus you should explore online to find a range of inexpensive ways to keep yourself entertained with games, movies and books you can enjoy from your computer or smartphone.
Remember to exercise on a regular basis to keep your body healthy.
If your body is in good condition then it means you’re less likely to be admitted to hospital in the future for something like a fall, muscle problems or joint issues.
This results? You’ll wind up with lower medical bills and more savings.
If you need support to work out more and eat more healthfully, check out some of my health tools here.
The idea of learning a new skill as a senior can be a little scary, but it’s a great way to save money if you learn skills that can help you be more frugal.
You’ve probably accumulated a rather large collection of goods throughout your life.
Now would be a good time to declutter and try to find things that could still be worth money.
Things such as old good books and collectable figures are a great place to start. These items could be worth a lot of money to the right person.
If they don’t hold much value to you personally, then it could net you a fairly large chunk of money which can be used for all kinds of things.
You can use the money earned to pay off your debts early or buy something new.