Making smart choices with your money is a lifelong process. The good news: you don’t have to follow a traditional budget to develop better spending habits, and you can start at any age. Start living well on less: browse the ten tips below and adopt the ones that will work for you.
1. Use Bargains and Benefits
Of course you don’t feel like a senior, don’t look like a senior, and certainly don’t act like a senior. Don’t let that deter you from using age to your, and your pocketbook’s, advantage. Check out the extensive list of senior discounts that Senior Living Guide Sharon O’Brien has gathered.2. Make it Fun and Generational
Instead of a budget, challenge yourself to a game. The goal: to find new ways to spend less on your everyday purchases. Turning this process into a game puts your subconscious to work, so there will always be a part of you on the lookout for ways to save.Encourage family members to join your new way of thinking. This budgeting game could be a perfect opportunity to teach grandchildren better spending habits of their own.
3. Allow Choices
The rebel in us makes it hard to stick with a budget that feels like a diet. Instead, frame your spending habits in terms of choices. For example: you can have both the Starbucks coffee and an expensive glass of wine, but perhaps not both on the same day. Consider using an online budget calculator to look at how much you spend and determine what areas may need adjustments.
4. Use Systematic Withdrawals
Don’t give yourself unlimited access to investment funds. Instead, set up direct deposits from your investments into your checking account. This provides a consistent paycheck and helps prevent overspending.5. Use Government and Non-Profit Organizations
Benefit programs, such as the one offered by Angel Food Ministries, allow you to get quality food for half the price. This is not a need based program, so you don’t have to go through any qualification process to use the benefit.6. Consider Housing Alternatives
Roommates offer companionship and help you both save money. You can find retired roommates and travel partners online. You can also lower costs by trading in the high maintenance house/yard for a condo, or flat, in an active living community; somewhere where you can walk to shopping and entertainment.
