Retirement comes with many challenges one being financial setbacks, especially if you didn’t save adequately during your working days. A simpler life for a senior means they spend less and utilize what they have saved appropriately to take them through the post-retirement period. The cost of healthcare goes up with age and it’s more if an elderly has to enroll in a nursing home facility. Seniors with chronic diseases and mobility restrictions find that they have to incur more costs to meet their day-to-day financial needs including out-of-pocket expenses on treatment and purchase of mobility aids. During the retirement days, costs add up quickly, so it is important for seniors to find ways to cut back on their spending.
- Get New Healthcare Coverage
When you have Medicare healthcare coverage and it does not align with your needs as a senior, it may cost you more. The last thing you want to experience is not having enough coverage to help finance your healthcare needs. Seniors have many health problems confronting them because of their weakening bodies. With proper healthcare coverage, it ensures that you meet costs of treatment when the need arises.
A report featured by HealthView Services indicates that a couple averagely 65 years old that went into retirement in 2017 was going to pay $11,369 within the first year of obtaining healthcare. The study also found that by the time the couple is 85 years old, they would have spent $ 39,208. Seniors can reduce the cost of healthcare coverage by checking with Medicare agent to assist them make changes on their coverage if possible to avoid being hit with unexpected out-of-pocket costs. Besides of health coverage, acquiring burial insurance above 85 is helpful to avoid unexpected costs.
- Ask For Senior Discounts
Elderly people enjoy senior discounts in various stores, so you may want to ask businesses about these perks when doing your shopping. There are also companies that advertise for discounts on their websites, and it doesn’t have to be discounts for seniors. Any sales deal that help you save some bucks will ensure that you don’t reach the threshold in spending. Seniors can also look into restaurants, retailers, gyms, grocery stores, utility providers, hair salons, auto services, travel and transport services, or even low-cost cable TV service providers to see if there are discounts offered to the elderly. When you put together the few dollars you are saving in every purchase, you find that at the end of the year, you would have saved hundreds if not thousands of dollars. If you are a veteran and a business doesn’t have senior discounts, you can find out if they have veterans’ discounts.
You can even join a discount club depending on your interests, lifestyle, and purchasing habits. For instance, you can join the Seniors Coalition or you can have membership with AARP. The American Seniors Association (ASA) is another group you can join to get a bang for your bucks. Having senior pass can allow you access recreational sites like national parks at reduced prices.
- Reduce Transportation Expenses
Although you’re not driving to work, owning a car can still be costly. According to AAA, it costs about $8,469 to own and operate a vehicle annually. Keep in mind that repair and maintenance costs that can add up hugely on older vehicles. It may not be an option for you to not own a car; however, you can cut back on the costs through other ways. For example, you want to shop for insurance policies that attract low premiums. You can even consider carpooling with other persons or moving to a location where there is public transportation and high walkability score to help reduce the need of having to drive to go places.
Walking instead of driving helps you exercise the body and enhance your fitness level. It helps you manage chronic pain and allows flexibility of the joints and muscles. Seniors who exercise regularly reduce their chances of having heart disease. They also improve their mental wellbeing and can fight off stress. On top of that walking allows you to keep fuel costs low thus saving you money.
- Eliminate Unnecessary Daily Expenses
There are many things that cost you at home as a senior and you never realize it. For example, if you have been having newspaper subscription, you can do away with that and consider spending some money taking a “cup of Joe” by walking to the local coffee shop. You will find that most coffee shops provide “community” newspaper for patrons to keep up with developing news. This way, you have more for your money than spending time in your home reading the morning paper that costs you more in subscription. You may also want to visit the local library or Macdonald’s to enjoy free Wi-Fi and engage in social interaction with other people because it helps you reduce your internet expenses.
Phone services are pretty expensive, so instead of having both the mobile phone and landline, you can consider doing away with the latter. If you are not that kind of a person who likes chatting on phone or you only use a phone occasionally or for emergencies, then having a working landline doesn’t help you. You may even go for prepaid cell phone plans that cost as low as $10 per month to have your minutes active.
Instead of having fixed showerheads, you can have handheld showerheads that reduce water wastage and help minimize your bill. Just think of anything in your home that is costing you unnecessarily as adjust to your new lifestyle.
- Buying Medical Supplies Online
Instead of buying medical supplies in brick-and-mortar stores or pharmacies, you can purchase them online. When you buy your medical supplies online, it helps you save money. Seniors at one point or another will require medical supplies like mobility aids, hospital beds for home use, bathroom and toilet use aids, and hospital bed mattresses among others. These supplies can be costly depending on the nature of health or physical problem a person has.
A medical bed that may be necessarily for an elderly who has received ankle, knee, or hip surgery can cost thousands of dollars. When purchased online, a senior with mobility problems can save hundreds of dollars and the equipment is delivered to their home. When buying these supplies online, ensure that you compare prices and source them from medical supplies companies that offer reasonably priced products. You can even save money by renting the high-ticket items like hospitable beds instead of buying if you won’t be needing them for an extended period.
Although budgeting is crucial when you are planning on how to spend your money after retirement, it is important that you check out for tips to reduce the expenses. The choices you make in your daily spending habits are going to determine how well or bad you do in terms of finances throughout your post-retirement period. You don’t want to run out of money at this time when you may not have someone to offer a lending hand. Also, you need to realize that any unhealthy spending patterns will plunge you into financial difficulties something that creates stress and mental problems. Your health insurance should be a priority because time in time you will be needing treatment. If you are beginning to have mobility limitations, make sure that you adjust your home to meet your needs.