Seniors always have money on their minds because they don't have income from a job any longer. It can be hard on many of them who have mounting medical bills from conditions that affect the elderly and also the natural aging process. However, there are several ways in which seniors can plan to save money so they can enjoy the last years of their lives in comfort. 

Pay Off Debt

Getting rid of debt is one of the ways seniors can plan to save money for retirement. Credit card interest rates are astronomical and carrying balances while paying the minimum every month will only hurt financially. Curbing spending while those bills are getting paid is a small sacrifice compared to how much money gets spent on interest charges. 

Use Senior Discounts

If you have memberships with AAA, make sure you are taking advantage of it at restaurants, hotels, department stores and many other businesses. The savings can add up if you use these establishments regularly when shopping or staying out of town, so always make sure to check which companies offer the AAA discount. Restaurants often take money off for those who are 55 and older. Be on the lookout for senior discounts to save money.

Spend Within Your Means

Not overspending is always good advice, but especially true for seniors. From cutting utility expenses on a monthly basis to managing credit card bills to keeping an eye on the bank account, not spending more than you bring in is critical. The best way to keep spending under control is to use cash or a debit card and pay off your bills in full each month. Reducing cable expenses and the electric bill are also excellent ways to keep the spending within your means. As far as groceries, one of the most significant budget line items, using a list and sticking to it, is a good practice to follow. Also trying to shop once per week to avoid impulse purchases can save you money.

Cut Down on Unnecessary Coverages

Many seniors seem to be over insured. Who needs a huge life insurance policy when most of your kids are grown and have their own lives and careers?  This is often a great area to cut back and save some money. If you are worried about burial expenses you can look into insurance programs like Trustage Life Insurance offers.  You can read reviews about Trustage here and here.

Create a Budget

Knowing exactly how much and where you are spending your retirement money by creating a budget can help you save in the end. It is easy to charge purchases to a credit card and look at the bill later, but if you keep track of your expenditures, line by line, you will see where you can cut and save money. Having a fixed amount set for each line item will help you stay within your limits and not indulge in things that you don't need to buy.

There are many ways how seniors can plan to save money and yet maintain their standards of living. It's a matter of being conscious of how much and where you spend your money, using discounts that are available for those over 55-years-old, and maintaining control of utilities, credit cards, and other bills. 

Seniors more than others, need to be disciplined with their money and save for family reunions and other special occasions. By sticking to a budget, you can ensure you will have enough money to enjoy those get-togethers or that relaxing vacation. Slashing utilities that you don’t need or keeping the house temperature moderately comfortable without overheating or cooling can save you hundreds each year. Also, make sure you service your furnace and dated appliances and purchase a warranty protection policy if you have owned your home for a long time and needed repairs or replacement. 

Published by Samantha Brown