It is no secret that many senior citizens are on a fixed income and saving money serves them better and improves their quality of life. So how seniors can cut expense? While there are many more than 5 ways to save money, we quickly want to provide 5 practical ways to save money that can be applied almost immediately in your day to day life.
Paying Bills Annually
When you are on a fixed income, it is important to have as much money coming in each month as possible. One way to do this is by paying your bills annually instead of monthly. This may not be possible with all bills, but if it is an option, you should explore it. We also recommend that you determine worthiness of savings when paying bills annually. While some bills are reduced drastically, others might only give you a very little discount. If the bill is large but discount is little it may not be best idea to spend large portion of your money paying upfront.
Getting senior passes for national parks
Did you know that seniors can get access to over 2000 national parks with a Senior Pass? The Senior Pass allows free entry into the parks for the pass holder and up to three other adults in the same vehicle. This is a solid way to reduce cost for senior citizens who love to travel frequently and enjoy access to national parks from time to time. You can either get a lifetime pass for $80 or get an annual pass for $20. There are certain qualification requirements. Only US citizens or permanent residents over the age of 62 qualifies for these passes. You can purchase these passes directly from the Government website.
Using coupons
Although couponing has become popularized in recent years, many people still don’t take advantage of coupons when they go shopping. If you are a senior citizen on a fixed income, couponing can help you save a significant amount of money each month. Always check your mail for potential mail in coupons many companies and retailers send to residents frequently. If you frequently shop online, we strongly recommend using a coupon website called Retailmenot.com. They provide available online coupons for most of the retailers.
Utilizing credit cards with cash back and Points
Many different credit cards offer cash back rewards. If you use your credit card for everyday purchases, you can quickly start racking up rewards that you can use to offset the cost of your monthly bill. Some offer direct cash back, some offer rewards points which you can redeem for cash back or to be applied as credit to your monthly statement. This is a very good way to save money or reduce costs by senior citizens.
Joining a discount club like Costco or Sam’s Club
Discount clubs like Costco and Sam’s Club offer members access to savings on groceries, gas, and more. These savings can be significant, especially if you are a senior citizen on a fixed income. Clubs like these typically require an annual membership fee, but the savings more than makeup for the cost of membership. Their gas price are usually much cheaper than their competitions. They also in certain cases deliver your orders right to your doorstep which can be a significant service for many senior citizens. You can join Costco membership or Sam’s club membership and start saving right away!
