Throughout adulthood, it’s important to keep a close eye on your finances to avoid overspending and falling into debt, but as a senior, the purse strings can often get a little shorter. Living off a pension or reducing your working hours may mean you need to keep a tighter budget than you’re used to – especially with the current cost of living crisis.
It’s no secret that shopping purely for essentials is difficult, and there’s no reason to starve yourself of all material enjoyment for the sake of saving cents. That said, having a budget can give you a bird’s eye view of where your money is coming from and going, which can help you spend more intentionally.
Here, we look at five top tips to help you stick to your budget as a senior.
To create a tighter budget, you need to establish where you can cut down on expenses. You could look into options to remortgage your home for a better rate, or ask for a better deal on your internet or phone contract, for example. When we take out contracts, they typically roll over into ongoing agreements with higher prices than if we were to renegotiate a better deal.
Taking a few hours to make some calls can help you reduce your regular outgoings considerably. You should also go through your outgoings to see where you can cut out any unnecessary spending on things such as subscriptions or streaming services for things you don’t use.
Whilst it’s an essential ta sk, doing the groceries can take up a large percentage of your money each month. The price of a typical grocery shop is something that many people find can be reduced quite easily simply by shopping somewhere else or changing to unbranded equivalents of their usual items. Look for items that have been reduced, or head to a cheaper store than your usual – often, the produce is just as good, but at a fraction of the cost.
Meal planning can also help you use all of the food you buy, and help to reduce waste as well as save you money. Many people find that making a list at the start of each week to plan your meals can help you avoid buying unnecessary items when browsing the aisles in supermarkets.
There are many benefits to getting older – including discounts and offers on many everyday expenses. Signing up for free reward cards can help cut the costs of little expenses that could otherwise add up whilst going out and about, and will help you keep the cost of the essentials down, too.
You could also look to enjoy free activities, such as exploring national parks and other outdoor areas, if you’re able to. Many places offer lovely views, walks and scenery with free parking, or you could make use of your seniors’ discount and take the bus.
For those who find walking more taxing, why not enquire about any social activities or groups that you could join at your local community center? Even taking a trip to the library is another great way to enjoy a change of scenery without breaking the bank.
Emotional health is as important as physical health, especially as many seniors are at risk of anxiety, depression, and social isolation. Retail therapy is a very real feeling, as shopping provides a dopamine hit that can be addictive when we’re feeling anxious, low or bored. As we age, it’s crucial to maintain an active social life and regularly connect with others to avoid isolation and falling into unhealthy habits such as impulsive shopping.
It may also be worth looking into your health insurance to check you’re on the best value option, or asking your doctor if there’s a cheaper version of any medication that would be suitable for you. While it’s important to prioritize buying things to support your physical health, such as vitamins and supplements if you need them, don’t forget to also treat yourself to a coffee out with friends or a nice meal with the family regularly. Factoring these expenses into your budget will help you ensure you’re enjoying your money, rather than saving it at the expense of your happiness.
If you have a lot of debt that is making it difficult for you to live comfortably on a tighter budget, consider talking to a financial advisor about consolidating your debt. They can also help you to prioritize which to pay off first, and reduce the amount of interest you pay. If you are feeling overwhelmed in managing your money, even reaching out to a trusted friend or family member for support and advice can make all the difference.
By making small adjustments and making the most of the benefits and discounts available, it’s certainly possible to live life to the fullest while sticking to a tighter budget as a senior.
ABOUT THE AUTHOR
Maddie Thompson has worked with seniors for many years and loves to share tips and tricks to help them live their best lives throughout their golden years.