Just because you are in retirement or are about to go into retirement does not mean you cannot enjoy life. In fact, this is the best time to enjoy life- at least that is what I think. There are no work deadlines to beat. You are not in a rush to beat the traffic because you are running late to a meeting. Life is all about sitting back and enjoying your retirement. Do you need frugal living tips for seniors? Yes, you do.
Even though we have touched on how to live your life in style, even on a limited budget, a few pointers will go a long way to help you as a senior live with less financial worries. If not well managed, your retirement money could run out faster than you planned. You, therefore, need to manage your finances wisely. Every Buck Counts is here to make your retirement enjoyable and stress-free- financial wise.
The below frugal living tips for seniors will show you how to cut down your expenses and save your money.
1. Insurance Payments
As a senior, you might be compelled to buy a number of insurance policies. In reality, you can survive without some insurance covers. Most retirees require a car insurance, a home insurance or a renter’s insurance if you are living in a rented house. Apart from these, it would be very advisable to sit down and consider taking out insurance policies that are no longer useful.
For instance, a disability coverage might not be that important since you are no longer working to earn a living. A life insurance policy might also not be necessary if you do not have any debts. By scraping off some of these covers off your insurance policy, you will reduce your insurance expenses
If you need a car insurance, The Zebra will help you compare insurance rates from over 200 insurers to help you get one that suits your needs and pocket. Metromile will help you save especially if you do not drive a lot. This insurance is designed to charge per miles driven. Imagine how much you will save!
You can also take the safe driving course for seniors. This will help you to get a discount on your car insurance. Additionally, you can save by taking an online course with AAA or AARP. It will save you a couple of dollars as well as time. However, it is important to check out with your insurance company for clarification on courses they accept.
For health insurance, Medicare offers you guidance on insurance covers that can help you reduce spending cash in hospitals whether on consultations and medications.
Retired? Here is the Best Side Hustle to Make Money on The Side:
Rent it out
List your spare room & get in the groove
Drive. Earn. Repeat.
Drive around & Earn in your free time
Play. Read. Shop. Surf. Share
Earn money while you’re fooling around
More you teach, more you earn
Share your skills around the world
2. Enjoy Off-Peak Deals
Travel to all those destinations that you have just been saving up on your bucket list without overspending. Visit numerous hotels and restaurants with your friends for a good time without worrying about the money. Here is how to do it; take advantage of off-peak deals.
Some hotels have deals that will help you save money especially if you show up before the evening rush hours for dinner. With this site, you and your BFF’s can have dates to catch up on life, and still save. Additionally, you will get to enjoy some quality time in a less crowded place. Since your hours are flexible than when you were working, keep an eye on any last minute deals.
Traveling during off-peak, too, will help you save you on accommodation and flight tickets. Hotels and attractions have off-peak deals that cost much less compared to how much you would pay during peak seasons. Contiki will make your travel experience much more than just ticking those destinations off your bucket list.
3. Property Taxes
In most states, as a senior citizen, you get the privilege to freeze taxes on your properties. By doing this, you cannot be taxed beyond the current rate as at when you froze the taxes. This is actually a good deal as it cautions you against any tax increments.
You just need to check out the taxations guidelines for your State to see if this applies and whether you are eligible. If your state allows senior citizens to freeze their property taxes, and you are eligible, all you will need is to fill in the application as required and enjoy the benefit!
In some instances, the age might not allow you to enjoy this. Do not give up though. Some States offer property tax relief for its low-income citizens. You can take advantage of this one.
4. Enjoy Senior Discounts
We gave you a list of some of the online coupon sites you can take advantage of. Because we love spoiling you with all options on how to save your money, we also showed you how to save by using coupons for everyday items.
That is not all. As a senior, there are many places you can save by just using coupons. It does not have to be online shopping only. At the grocery store, thrift shop and many more. Anytime you visit a store, inquire about senior discounts. Some stores offer such coupons on certain weekdays, while others will have them on a monthly basis.
Most importantly, have a notebook with you. Note down all these stores and online shops that have coupons and when the discounts are applicable. Speaking of noting things down, here is one of the websites to look out for coupon deals on groceries, food, healthcare, and household goods among many others. With Groupon, you can also save from the discounts on the various deals they have.
5. Ride on the Free Activities Wagon
And do not feel bad about it! You have all the free time you have been waiting for. Take advantage of it and look out for all the free activities that around you. You will be surprised how engaged you will be and still enjoying all these activities. All for free!
One place to start is at your local library. With your library card, you have access to any possible information and research materials. Check out for all the free programs, senior programs, and even volunteer programs that interest you.
6. Systematic Withdrawals
Having talked about saving on your expenses, you should also limit the number of times you visit your bank to withdraw cash. Most retirees have their funds in mutual funds, pension schemes or investment funds schemes.
You can set instructions from any investment firm you have invested your funds in such a way that you get money at a certain time of the month. This can be your retirement paycheck. It is a good step as it prevents you from overspending all your available funds. It also guarantees you money consistently. Additionally, you will be able to keep tabs on your taxes.
Your retirement life does not have to involve you pouting all day long and worrying about running out of cash. Enjoy your senior life fully without worrying about finances by following our frugal living tips for seniors. For example, setting up a systematic withdrawal system with the firm that is holding your retirement funds will help you avoid overspending. It also guarantees you a paycheck whether on a monthly basis- based on how you set it up. Additionally, by following our saving tips, you will still have some money left by the time the next paycheck hits your account.