As retired seniors, you always want to watch your money and spending closely. This is especially important for people on a fixed income. It’s crucial to know where every dollar is going and where you can cut back if needed. According to a recent study by GOBankingRates, just by making some of the adjustments below can save you up to $8,000 a year.
Car and ride-hailing services are a convenient way for seniors who don’t drive to get around. Using these services a few times a week however can add up quickly. Instead of hailing a car when you need to go somewhere, try and arrange rides with friends or carpool. Public transportation and walking are two other great options. Especially for some much-needed exercise.
These are your golden years. Spending them enjoying time with friends and family is what you’re supposed to do. Spending that time while sipping on expensive drinks, however, may add up to some big spending. Try and select places that have a bring your own bottle policy or entertain at home where you can save money on the drinks you love.
That $5 a day coffee habit will cost you $1,825 a year. That’s a lot of money if you’re on a fixed income. By making your own coffee at home, you can pocket that money instead.Investing in a nice coffee maker and some quality coffee to brew at home and it will be a nice treat that you won’t have to venture out for.
Eating out at restaurants can be a costly indulgence. While hanging out with friends and family is a great way to spend your time, eating at home can save you a lot of money. You can also rotate hosting with your friends. You don’t have to do anything lavish but you can still be social and will save money cooking yourself.
Ditch the second car
If you and your spouse both have a car, consider if going down to one car is feasible. Since you’re likely not commuting to work every day, it can save you money by only using one car. With the ease of online ordering, you’re probably already doing considerably fewer errands than in years past.