Many seniors struggle when it comes to finances, with some struggling to make their income stretch far enough. For seniors who rely on pensions and have no other income, money is often tight. However, the good news is that there are various ways in which seniors can save money.
Taking some time to work out where you can make savings and cut costs can make a big difference in terms of your finances. Many are amazed to find out that they can get discounts on all sorts of services and purchases – they simply weren’t aware of it. Sometimes, simply asking whether you get a senior discount is all it takes. In this article, we will look at some of the ways in which seniors can save money in 2020.
Cut Costs and Enjoy Greater Financial Freedom
By taking some tips and advice onboard, you will be amazed at just how much you can save as a senior. Whether you are shopping for food, looking for car insurance, or treating yourself to a meal out, you can make savings. All these savings add up very quickly, so you can find yourself in a much better financial position. So, here are some of the ways you can save money this year:
Shop Around for Food
Shopping for food can be expensive if you do not look for the best deals. So, in order to save money on food bills, compare the cost with different supermarkets so you can get the most affordable options. Also, try out foods from supermarket own brands rather than big brands, as you are often paying extra for the name and packaging.
Refinance Your Mortgage
With low rates on mortgage deals, you may want to consider refinancing your mortgage if you are still paying off your properly. Many seniors find themselves in a position where they still have mortgage debt to pay off, so you can lessen the load by refinancing to a better and lower interest deal.
Downsize Your Home
There are many seniors who live in homes that are far bigger than they need. This is often because it was a family home and the kids have now flown the nest. If you are in a larger home, you probably have a lot of wasted space. In addition, you end up paying more on bills to run a larger properly. So, it is well worth considering downsizing, which will reduce your living costs and means you will have extra money in the bank.
Compare Seniors Car Insurance
The cost of car insurance can be very high, and as a senior this may eat into your budget. So, another way to save money is to find the best deals on auto insurance for seniors. You will find some great deals available if you look, and you can now compare from the comfort of your own home by going online. You should also ask your existing insurance company if they offer any senior discounts – some may offer a discount to keep you as a customer.
Go Online Shopping
When you go out shopping, you often spend more due to impulse purchases. One way to reduce the risk of doing this is to shop online. You can find the best deals by doing this, and you reduce the risk of impulse buying. In addition, you can shop from the comfort of your own home and have all your groceries delivered to your door.
Get Advice About Debt Reduction
There are lots of seniors who are still battling with debt, including credit card debt and catalog debt among others. If your debt levels are crippling you financially, you should seek advice. There are debt professionals who offer free advice and assistance and can help to bring your debt levels and repayments down considerably.
Learn to Budget Effectively
Often, financial problems stem from simply not budgeting effectively. So, one way to cut your outgoings is to set up a proper budget. You can do this the old-fashioned way with a book and pen or you can test your tech skills by setting up a spreadsheet on the computer. Log down your total income, all outgoings along with the date the payments go out, and any one-off payments. You will then see what you have available so that you do not overspend.
Lower Energy Bills
Another major outgoing for many seniors is their energy bills, which can be very high these days. It is important to try and keep energy bills down and there are various ways to do this. You can look at switching to a cheaper deal or supplier, making sure your home is properly insulated, and making sure you do not waste energy at home. For instance, make sure you switch off lights and do not leave appliances on standby.
Make Money from Hobbies
Another thing you can consider is making some extra cash from your hobbies. You can earn a decent additional income by doing this such as making and selling greetings cards, baking and selling sweet treats, or offering your artistic creations for sale online via social media or on selling websites. This can help to boost your finances and ease the strain.
Reducing Financial Pressure
All of these tips can help to reduce financial pressure for seniors. So, you can look forward to a better quality of life and more disposable income.