The rising cost of groceries, gas, medical care and other daily necessities are putting the squeeze on millions of people worldwide; seniors are one group that are being hit the hardest. With tight budgets and limited disposable income, it is difficult for many to make ends meet. A recent article indicates that 59% of available senior income is being spent on housing and health care; that doesn’t include food, transportation or other expenses. So what can be done by older people and their families to relieve a little of the pressure?
Money saving tips for seniors
Take the senior discount:
Grocery stores, restaurants, home supply stores and many more offer discounts to older people. It’s free; take advantage of it.
Do a Summer cooling checkup:
Have the air conditioner inspected, clean and/or replace filters, make sure windows and doors are properly sealed and have the air ducts checked for leaks. (Doing this last thing alone could save big money.)
Keep your blinds and curtains drawn:
Blocking the sunlight can result in up to 45% reduction of heat coming into your home. Even better, buy curtains with a white deflecting backing.
Keep tabs on your bills:
Routinely checking your bills for inaccuracies can save you money.
Only shop on a full stomach:
It’s a fact that you buy less when you’re full. And, speaking of shopping, get in the habit of shopping for the food you will need for a three day period. It will not only help you eat better, but will make you think more closely about what you buy.
Reduce interest rates:
Research ways you can take advantage of balance transfers for credit cards, or refinancing of mortgages or cars. It could take a little while, but you could end up saving a ton.
Turn things off:
Make sure you turn all electrical appliances off when not in use. Don’t keep things in ‘standby’ mode; they still use energy in that state. Also, unplug battery chargers, laptops or any other device that might use small amounts of energy just being plugged in. Every bit helps.
This is the first of several articles highlighting money-saving tips for seniors. The tips are easy things you can do to immediately start saving. In future articles, we’ll dig a little deeper into the money saving tips to highlight even more things you can do to free up spendable income.