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 saving now: browse the ten tips below and find the ones that work for you.
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.
You can use 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.
With gas prices on the rise, look for ways to use
public transportation when available. Talk to neighbors to see if there are opportunities to carpool. Even better: find local markets within walking or biking distance.
8. Vacation for Less
Senior home exchange allows you to look at creative ways to take vacations by swapping homes with people all over the world. You can even swap motor homes.
9. Stay Healthy
A gym membership and
healthy cooking lessons may be the best investment you’ll ever make. To keep your medical expenses down spend time learning how to stay healthy and
fit.
10. Manage Debt
Use debt wisely. A
reverse mortgage, for example, may be the right use of debt. If you get too much of the wrong kind of debt, such as high credit card balances, talk to a
credit counseling agency.
