To make our retirement years the time when we truly live our lives the way that we want requires us to balance ways to save money with understanding our spending habits to live our best senior life. While being a senior may mean less spending overall, it all depends on how you spend and manage your money, which is the impetus behind this post.
Spending on entertainment, travel, and leisure has to be factored into spending for where you live, utilities, medicine/healthcare, transportation and a few other things. The latter half of this list, and many would argue the whole list, is crucial. But it’s all negotiable in terms of the choices that you make and how you can save money while still getting what you need.
You’re one of nearly 10,000 people turning 65 years old every day according to a 2018 Yahoo Finance Report, and that number will jump to 12,000 per day within the next eight years. Americans overall are living much longer after retirement and most of us aren’t sure how much we’ll need for retirement according to the 19th Annual Transamerican Retirement Survey. Saving money in retirement starts with understanding how much you’re spending and how.
Getting a Handle on Expenses and Spending to Save Money
If you’ve stopped working entirely, your savings are the foundation of the money you will live on for paying bills, entertainment, medical expenses, and emergencies. That’s why it’s vital to regularly assess your weekly and monthly spending habits to identify areas where you can cut back or eliminate altogether. Although many of us can manage our general finances on our own, it’s best to pair this information with consults with a financial advisor if your savings are significant but limited.
• Track your monthly spending and set up a solid emergency fund that can meet at least three months of your total expenses. You don’t have to do this all at once, but the faster the better.
• Compile any debts you have and the payments you’re making on them and pay as much as possible to keep accumulating interest low. Also pay them down as quickly as possible without putting yourself in a financial bind.
One of the best ways to save money as a senior is through retailer discounts.
Saving Money Through Retailer Discounts
Senior discounts are one of the biggest ways to save money as a senior. You can start by compiling a list of Veterans (if applicable) and Senior discounts at retail outlets that you frequent or that you could frequent in your area, . The idea is to explore the retail outlets and big box stores that you currently frequent as well as others that fit your needs, lifestyle, and budget.
You list of services and retail outlets will make it easier to check and see if they offer discounts by asking or looking on their website with options including:
- Retailers
- Restaurants
- Grocery stores
- Utility providers
- Auto services
- Hair salons
- Transportation and travel services
- Cable TV and cell phone providers
AARP membership offers a wealth of senior discounts from prescription savings to services and shopping. Of course, the biggest expense that connects to many other expenses is where you live, so there can be a great many options for saving money in where and how you live.
Saving Money as a Senior in Where You Live
Where you live determines more than your biggest monthly expense. It also affects the places you go, shop, eat and the activities that you enjoy that make your life fulfilling. Home ownership isn’t always the best route to senior happiness and saving money. While there are many considerations in where you live, proximity to the things you love including loved ones, shopping, friends, and services all play a crucial part.
Most of us would love to find a way to have an apartment home of our own with fixed monthly expenses and access to all of the amenities, services, and people that make being a senior truly fulfilling. For a growing number of seniors and retirees, Avenida Communities can be the best of both worlds by providing close proximity and access to everything you may want or need from hobby and health to close shopping and services that cater to you.
Avenida communities are designed to provide these opportunities and much more to support a healthy and optimistic life for older adults. To learn more about saving money and staying healthy and happy as a senior, continue to explore our Avenida Life Blog.