We know that sometimes, when you’re retired, money can be a tricky issue. Without an income coming in, it can be tricky to stay on top of your finances. Here are our top 5 tips on how to save money for older adults.
1. Downsize
One of the biggest releases of cash can come from your property. If you are still living in your own property, consider downsizing your home to suit your needs. You may find yourself still living alone or with your partner in your family home. If the kids are grown and flown the nest, you might not need to stay in a multiple bedroom home.
Downsizing can provide a serious financial injection, and also allows you to reevaluate your needs as you get older. Perhaps you’re looking to avoid stairs – now’s the perfect time to find a bungalow or flat. Or maybe you’re looking for a walk in shower? Downsizing provides the perfect opportunity to invest in your future.
You could also consider moving into assisted living or retirement communities. This might alleviate the need to keep maintaining your home, and you can often just pay one monthly fee, instead of fussing with bills, council tax etc.
2. Discounts
There are some fantastic senior discounts available if you know where to look. Many restaurants offer early bird discounts, which are favoured by retired people. Similarly, cinemas, some theatres and hotels offer cracking discounts for the over 65’s. Not to mention the senior railcard offers a third off off-peak train travel for the over 60’s, and many cities offer free bus passes for the over 65’s.
3. Freebies
As well as a free bus pass, take advantage of other freebies available. If you’re on o2, o2 priority often offers free coffees, treats, cinema tickets and books. Don’t forget, you also qualify for free prescriptions when over 60.
As you have more time on your hands, be sure to take advantage of free events, museums and other activities in the city in which you live.
4. Phone Plan
If you have a mobile, chances are that you are still on a similar plan as the one when you were working. But you probably spent less time on the phone now, or with the rise of video calling over Wifi, might not need so many minutes. See if you can downsize your phone plan and save some pounds every month!
5. Shop Around
When you were working, you probably did your grocery shopping at one particular store – to minimize the time it takes. If you find you have more time on your hands you can spread out your shopping and purchase items from wherever is cheaper. You can head to different stores to take advantage of different deals.
If you need any assistance with shopping, don’t forget that our carers are ready to help! Simply get in touch today.
