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Many of us think that retirement means packing up and moving to Hawaii, where we can wear funky polo shirts and live the island dream. While that sounds amazing, it’s also not the only route for seniors after gracefully exiting the workforce!
Life after working all these years is about letting loose and living more, but it’s also important to make sure you have enough in your retirement fund to live comfortably. Since the average length of retirement is 20 years on average, you need to make every cent count!
Of course, I’m not telling you to live in extreme frugality, but there are small things you can do to stretch your finances and have your money last longer. It all starts with frugal living, which is all about finding ways to save and knowing how to spend your money wisely.
If you’re wondering where to start, I’ve got some easy frugal living tips for seniors anyone can follow!
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1. Downsize Housing
Do you now have an empty nest and want to learn how to save more money on rent? This may be the perfect time to reassess your living situation and move to a smaller place. Not only do you save money, but you can also save time and energy doing maintenance work, from daily cleaning to yard work!
2. House Maintenance Hacks
Now, you’ve got no more excuses to postpone tasks at home! It’s time you start learning how to do basic repairs and perform preventative maintenance, which will save you a lot of money in the long run.
Following house maintenance hacks is one of the secret money saving tips not a lot of people focus on since they are such small changes. You can start by regularly cleaning your appliances, changing HVAC filters, checking the gutters, and even fixing leaky faucets.
3. Shop with Senior Discounts
You’ll be surprised by the huge number of senior discounts you can get, so why not take advantage of them? It’s one of the top frugal living tips you can follow because there’s no better way to save than scoring a good deal!
You can have access to of popular senior discounts and deals by signing up for a membership for the American Association of Retired Persons (AARP), where you can get exclusive discounts on restaurants, hotels, airfare, and more!
4. Buy in Bulk and Batch Cooking
Your trips to the supermarket are most likely one of your bigger expenses, so it’s worth learning how to save money on groceries. One thing you can do is list down everything you need for the month and purchase your necessities in bulk since it’s generally cheaper.
Other than that, you might want to consider making meal plans and batch cooking your food once a week. It isn’t just a money-saver, but it saves you time figuring out what to eat every day! A huge plus is that you can meal prep healthier dishes, making it a win-win.
5. Use Coupons and Cashback Apps
You can find coupons in the newspaper, on coupon websites, or even in emails from brands you have subscribed to. Some companies would send over personalized coupons tailored to your shopping habits, may it be digital coupons on clothes, buy 1 get 1 on items, and more!
Besides that, check out the best cashback apps so you can receive some of your money back after making big purchases, especially when it comes to groceries and travel purchases, among others.
6. Use Generic Medications
Understandably, many seniors are now taking medication and supplements to maintain good health, as well as to treat certain conditions like high blood pressure. If so, one of the best money-saving tips for retirees is to choose generic-brand medications whenever you can.
Generic brand medications contain the same active ingredients as their branded counterparts, and they are just as safe and effective. Just make sure to clear it with your doctor beforehand.
7. Get Free Stuff on Facebook Marketplace
If you need to shop for clothes, household items, appliances, or furniture, you may want to check if there are generous people giving free stuff online, namely on Facebook Marketplace.
Many people around your area are likely trying to let go of certain items quickly and for free, provided you’ll take care of the transportation. Check out Facebook Marketplace and join local groups that give away free items. One man’s trash can be your next treasure!
8. Set a Monthly Budget
A big part of a frugal retirement is knowing where your money goes! You wouldn’t want to fall into debt or run out of money at this stage. That’s why I recommend keeping track of your expenses and setting a monthly budget. It will allow you to enjoy your lifestyle without scrimping on yourself!
You can go old school and list down your budget and expenses on paper, or use helpful apps like EveryDollar or Goodbudget to easily manage finances on your phone.
9. Travel During Off-Peak Season
I know I said retirement isn’t about heading to Hawaii and enjoying the island vibes, but hey, it’s one way to enjoy your senior life! If you do see traveling in the near future, you can save a lot by traveling off-peak, which is outside the summer season. Hotels and flights are generally cheaper, and you get to explore a new destination with fewer people!
10. Purchase Secondhand
Besides scouting for free items on Facebook Marketplace, you can live an affordable lifestyle for retirees by choosing to buy secondhand items online or at your local garage sale. As long as it’s in great condition, why not?
You can find secondhand clothing, appliances, gadgets, and other accessories at significantly cheaper prices compared to buying them brand new. Just do your due diligence and check the item’s condition and seller’s reputation before sealing the deal!
11. Watch Out For Sales
If you need to make big purchases, it’s best to wait before you shop ’til you drop! I would watch out for the best times of the year to shop, which are usually Memorial Day, Black Friday, or the day after big holidays. I know some people would purchase holiday-themed items right after Christmas as a way to prepare for next year!
12. Find Free Activities
Budget-friendly living for seniors isn’t about being cooped up at home to save money. In fact, you don’t have to break the bank to enjoy a fun day outdoors!
There are so many free activities seniors can take advantage of, whether it’s free yoga sessions at the park, admission to community events, museum activities, or entry to national parks.
13. Sell What You Don’t Need
I’m sure you have many lovely things you want to keep as remembrance, but there might be items that are simply taking up space in your house. If that’s the case, it’s best to sell stuff you no longer use so you’ll have the space and money to purchase what you need.
14. Save Electricity
Utilities are one of the major expenses in any household. You can save money on electricity bills by unplugging any appliances that aren’t in use, whether it’s the television, phone chargers, computer, and the like. Maybe you’ll want to shut off your heater or air conditioner if the temperatures feel just right!
15. Review Insurance Policies
As you grow older, there will likely be fewer dependents or obligations in your health or auto insurance. Many states require companies to offer senior discounts on auto insurance, provided they complete state-approved driving courses. Some seniors also consider canceling their life insurance premiums.
Review your insurance and see if there are any unnecessary premiums worth cutting off so you only pay for coverage that suits your lifestyle.
16. Grow Your Garden
It sounds very cliche to start gardening as a senior, but hear me out. Gardening is a fun and peaceful way to spend your time outdoors. Plus, you can even get free produce out of it in the future, allowing you to save a bit of money! Another huge benefit to gardening is that you can join a local community and meet new people without having to spend a lot.
17. Prioritize Your Health
Aging gracefully means having to think about our health more than ever. The best way you can save money and achieve frugal living is to prioritize your health to avoid hefty hospital bills!
This means eating healthy and taking time to exercise. You don’t need to spend a lot, either! Go for long walks in your nearby park, start drinking more water, and focus on eating nutritious food.
18. Use Public Libraries
Nothing like spending a whole day wrapped up in a good book, right? It may be tempting to purchase a Kindle or splurge on a dozen books, but why not check out your local library for interesting reads?
You can get a free library card and gain access to millions of books without paying a cent! A huge plus is that you can find a good reading spot at the library and enjoy it peacefully.
19. Take Public Transportation
Another way to save money on a fixed income is to consider how you get around your area. Sure, driving around is convenient, but whenever possible, it’s best to commute! You might even want to take a step further and sell your car to save on gas and high maintenance expenses.
Besides being cheaper than using your car, you can also get senior discounts on public transportation!
20. Cut Unnecessary Subscriptions
Did you know people spend about $200 a year on unused paid subscriptions? If you’re subscribed to Netflix but hardly touch the television or pay for a gym membership, you only go to once a month, then it’s time to channel your inner Marie Kondo on unnecessary subscriptions and let them go. After all, these small monthly expenses add up!
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