8 Tips That Can Help Seniors Save Money

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It is not uncommon for seniors to live on a fixed income. Whether it be pension, retirement benefits, social security, or other streams of income, most seniors find it necessary to maintain a lifestyle that embraces a selection of money-saving options.

Keep reading to get the rundown on some great ways that you can save on all sorts of everyday expenses.

1. Clip Coupons

This simple saving tip often goes forgotten, but couponing can help you save a pretty penny on all kinds of purchases. From groceries and housewares, to medications and more, clipping coupons is one of the most effective ways to save on expenses across the board.

Look in your local paper on sunday to find valuable coupons for stores in your area. You can also search online to find manufacturers coupons for goods and items that you frequently buy, and look for sale prices. Many grocery stores will allow you to use coupons on sale items, meaning that you can save more when you shop smart.

2. Shop Only Once Per Week

This will limit impulse buys, force you to do better meal-planning, and cut down on the cost of gas, as well as save wear and tear on your vehicle.

3. Find a Shopping Buddy

Every time you find yourself going on an errand by yourself, consider if there might be a friend you could take along. If you shop for yourself alone, plan shopping for your weekly supermarket trip with a neighbor or friend. You’ll get some good social interaction and be able to save money by buying items such as hamburger meat or pasta in bulk, and splitting them with your friend.

4. Buy Store Brands

Look for generic and store brands and give them a try. Often, you will find that imitation ‘cheerios’ are pretty much indistinguishable from the genuine article. And when it comes to prescriptions, there is even less reason to stick with branded drugs if identical generic medications are available.

5. Ask for Senior Discounts

If there is one virtue of aging that is worth exploiting, it is senior discounts. For a long time, it was only restaurants that offered senior discounts, whether early-bird specials, or a free beverage with a purchase, and many continue to give seniors some sort of cost-savings.

Today however, other establishments are making it easier for seniors to save money. Even some local oil change garages offer senior discounts to senior customers.

6. Search Online for Deals and Discounts

There are plenty of shopping websites that list senior discounts, so it’s worth it for anyone 55 and older to investigate what’s available. Some places offer senior discounts, and the establishment’s websites may offer printable coupons, making it possible to stack discounts.

The catch is that sometimes, these deals are only advertised online, so a savvy shopper will do well to keep up to date on the local sales and offers in your area.

7. Make the Most of Medicare

Many seniors might qualify for one or more of the following Medicare savings programs:

  • Qualified Medicare Beneficiary (QMB)
  • Specified Low-Income Medicare Beneficiary (SLMB)
  • Qualifying Individual (QI)
  • Qualified Disabled and Working Individuals (QDWI)

These useful programs can pay for medical insurance and hospital insurance. They may even pay for copay, coinsurance, and deductible costs.

8. Save on Assisted Living and Home Aides

Home health aide services are necessary, but financially out of reach, for many seniors. But with a combination of state and federal programs, it might be possible to afford the help you need in the comfort of your own home. For seniors who need home care, or assisted living care, there are senior placement services who can help seniors get the help and care they need, and help them apply for financial and other forms of public assistance

Conclusion

These are just a few ways for seniors to save money, and make that nest egg last a little longer. If you have any helpful tips for saving money on a fixed income, leave a comment and share your experience in the section below.