Are you a senior on a fixed income? If so, you know that it can be difficult to make your money stretch. However, it is not impossible! In this article, we will discuss four ways that you can save money and live comfortably on a fixed income. Keep reading for some great tips!
Create a budget and stick to it – track your spending, set financial goals, and prioritize needs over wants
Developing a budget is one of the best habits to get into, especially for seniors and retirees. Regularly tracking your spending helps you understand where your money goes, allowing you to make financial adjustments when needed. When setting financial goals, it’s important to prioritize needs over wants. From there, figure out what financial steps are necessary to help you achieve them. Establishing a budget and sticking with it takes time and effort, but in the long run, it can help seniors manage their financial resources with greater confidence and success.
Take advantage of senior discounts where available – restaurants, movie theatres, stores, etc.
Seniors aged sixty-five and over should take advantage of the various discounts available to them! Eating out at restaurants or catching a movie are both popular pastimes, and seniors can save money on these activities by using discounts. Here are some discount ideas you may not have known:
- Many restaurants provide senior discounts of up to 10%
- Shoppers Drug Mart offers 20% off to seniors every Thursday
- Here is a great website that includes an up-to-date list of discounts for Canadian seniors
No matter what you’re looking for, there’s sure to be an offer that can help you save money as a senior!
Cut back on unnecessary expenses – ditch cable or switch to a cheaper service provider
If you’re looking to cut back on spending, one of the easiest places to start is with your cable bill. With many low-cost streaming services becoming available, you may find that you don’t really need a full cable package. Ditch traditional cable for streaming altogether if it suits your budget and lifestyle needs, or switch to a different service provider if you still want some live content. With so many choices these days, from low-cost streaming bundles to various a la carte options, it’s easy to customize your package with only the channels that matter to you.
Want to stick with your main provider? Telus also offers discounts for low-income seniors through its Mobility/Internet For Good program. In any case, by cutting back on unnecessary expenses you can save a significant amount of money each month.
Passionate about a personal talent or skill? You might just have an alternative source of income
For those looking to supplement their retirement income, consider exploring alternative sources of income that also make use of your passions. Pet sitting, piano lessons, or even online tutoring can make great sources of alternative income for people of retirement age. Plus, they can fit around your schedule and can grow as much or as little as you want. Whatever you decide to do, there are numerous opportunities out there for those looking for a little extra retirement income.
In conclusion, it is possible for seniors to save money and enjoy a fulfilling retirement. Commitment to a monthly budget and keeping an eye out for senior discounts are just two ways to ensure that you have the resources you need when needed. Cutting back on unnecessary spending may seem difficult at first but can reduce your monthly expenses significantly – not to mention free up time to look into alternative sources of income. It’s never too late to start planning for your financial future – understanding where your money goes and taking the necessary steps toward achieving your goals can give you a peaceful, stress-free retirement.