As we age, we all want to save money wherever we can, especially on a fixed income. But, with the price of everything rising almost as fast as my hairline is receding, I know I don’t want to be broke AND bald. That’s why I’ve compiled a list of some financial hacks that senior citizens can use to make their money go further. So let’s dive in.
Check your pockets before doing laundry: You’d be surprised how much money you can save by not washing coins or dollar bills that you’ve left in your pockets. I once found $10 in a jacket before dropping it off at the cleaners.
Become a coupon connoisseur: A retail analytics firm found that consumers who use coupons save an average of $30 per week or $1,560 annually. That’s serious cheddar! So join coupon clubs, and sign up for loyalty programs at your favorite stores. Check out these sites for coupons for various products and services: coupons.com, retailmenot.com, couponcause.com and SeniorDiscounts.com. Of course, let’s not forget that AARP offers a wide range of discounts to seniors.
Senior specials: Some companies offer discounts to people who are as young as 55 years old. Think Verizon, Walgreens, and Kohl’s. And the older you are, the number of specials grows! Also, being a veteran or being married to one may make you eligible for other savings.
Commit to a “Don’t Spend Month”: The goal is to save money, reduce debt, or break the habit of unnecessary spending. During a “Don’t Spend Month,” people may try to find free or low-cost alternatives to their usual activities and necessities, such as cooking meals at home instead of eating out.
Unplug everything: Did you know that many appliances and electronics use energy even when turned off? According to the U.S. Energy Information Administration, the average U.S. household’s energy bill in 2020 was $1,474.