Living on a fixed income requires seniors to monitor their spending more carefully than they likely had to while they were still working full-time.
Living on fixed income after retirement requires that many retirees make some financial concessions. Retirement income likely won't equal the income professionals earned while they were still working, so men and women approaching retirement may want to begin prioritizing their purchases and choosing which luxuries they can and cannot live without going forward.
Managing on a fixed income may necessitate some changes, but a little frugality and financial wherewithal can ensure seniors need not compromise too much during their golden years.
• Change your dining habits. Many people enjoy meals out on the town after getting home from work and spending time with the family. Retirees have more flexible schedules, and adjusting the time of day when they dine out can add up to considerable savings. Many brunch and lunch offerings are less expensive than dinner menus, and seniors can use this to their advantage. Meet up for lunch and spend less. If you prefer take-out, order from the lunch specials and then reheat your food at dinnertime.
• Ask about senior discounts. Various restaurants, stores and other retailers offer senior discounts. Inquire about discounts before making purchases and take advantage of any offers.
• Pool your resources. Bulk shopping clubs enable individuals to save money on the cost of many goods and services. However, for seniors living in two-person households, it may seem counterintuitive to purchase items in bulk. Split the cost of shopping club memberships with fellow retirees. This allows you to get discounted prices without having to store excessive amounts of food.
• Shop around. Instead of shopping only at stores you're familiar with, go where the deals are. Many people are surprised to learn that drug stores often charge less than supermarkets for personal grooming products and household supplies. Shopping online also may yield some good deals. Before making any online purchases, familiarize yourself with shipping costs, which may negate the savings.
• Sign up for rewards programs. Rewards programs may lead to a few extra promotional emails throughout the week, but the savings reaped can be considerable and well worth nuisance of seeing your spam folder fill up each day. Many savings clubs have replaced traditional coupons, saving seniors the effort required to scan circulars looking for deals.