Seniors throughout America feel the effects of price increases—from the grocery store to the gas pump to homeowners insurance. If you feel like you aren’t getting a lot of bang for your buck, you’re not alone. With inflation at a 40-year high, people must get creative to make ends meet. Many seniors especially feel the impact of price increases, as most are on a fixed income. Financial worries are undoubtedly a significant source of stress for many people. With no end in sight to rising prices, now more than ever, seniors must be conscientious and strategic with their spending.
Below are tips for seniors to make the most of their money during inflation. We hope this article helps you navigate your finances more efficiently so you can live your best life in your golden years. If you, or someone you know, needs senior care in Philadelphia, Pennsylvania, please don’t hesitate to contact Premier Home Care, Inc. We are a family-owned and operated business serving seniors since 2005.
Review Your Monthly Budget
First and foremost, if you haven’t reviewed and reevaluated your budget recently, now is the time to do so. Look at your overall expenses and decide which items are non-negotiable and which ones you can let go, cut back, or renegotiate. Set financial goals and write them down on paper. Keep your written budget and goals in a convenient place where you can reference them frequently as a reminder to stay on track. Look at your spending habits and see if there are any minor changes you can make. Use some of these money-saving suggestions to create a plan and stick with it using some of these money-saving suggestions.
Dine at Home
With the cost of groceries being a considerable portion of your monthly expenses, every little bit of savings will add up! The most impactful way for seniors to save money on food is by dining at home; try skipping the restaurant and preparing your lunch or dinner at home instead. The same can be said for coffee, tea, or other specialty drinks; opt for a home-brewed beverage over a pricey glass on the go. This is especially beneficial if you’re in the habit of grabbing a daily morning coffee or similar treat. Eating breakfast at home can also promote healthier food options to start your day.
Meal planning and meal prepping are two other ways to notice considerable savings on your grocery bill. Plan your menu for the week and shop accordingly. Try planning around the sale flyers issued weekly by your neighborhood grocery stores. Build your meal around whatever meats are on sale for the week to achieve the most significant savings. Also, plan meals centered around similar ingredients to prevent waste. Lastly, consider cooking a few large meals to eat throughout the week or to portion and freeze for future meals.
If you’re accustomed to buying all name-brand products, consider switching to generic brands to stretch your dollar further. Often, you’ll get the same quality product for a noticeably lesser price.
Save on Gas by Shopping Online
Gas prices are sky high and don’t seem to be dropping soon. With that being said, every time you run out to make a purchase, you’re not only spending time you could be enjoying hobbies but also burning unnecessary gas. Boomers and seniors should consider online shopping instead and let their purchases come straight to their doorstep. Be sure to look for free delivery services to avoid extra expenses. You can schedule to have your groceries, toiletries, paper products, prescriptions, and more delivered directly to you. This also allows you to stick to your list and avoid impulse buys that you may otherwise throw in your cart while perusing the aisles. Lastly, online shopping lets you quickly compare prices using apps such as ScanLife and ShopSavvy.
Plan a Staycation
Trade your vacation for a staycation this year to put a little extra change back in your pockets. Gas prices have significantly affected the cost of travel, whether by plane, train, or automobile. Ticket prices have increased to reflect the ever-growing fuel prices. Because operating costs, in general, are steadily climbing, hotel room rates, menu prices, and other attractions have increased accordingly, making travel more and more expensive. To avoid many of these costs, you can be a tourist in your own town, visiting local attractions. In fact, there are plenty of fun things to do in Philadelphia. Here is our list of the best things to do in Philadelphia with your grandchildren.
Take Advantage of Senior Discounts
Don’t be afraid to pull out your AARP card to save a few extra bucks. Many places offer senior discounts to help older individuals on a fixed income. Take full advantage of reduced ticket prices, deals, and other perks offered to you!
Reevaluate Your Insurance Providers
Insurance rates for car insurance, homeowners insurance, health insurance, and more can be a significant portion of your monthly expenses. If it’s been a while since you’ve renegotiated your rates and terms, now is the perfect time to research and make phone calls. You may be surprised that you can save hundreds of dollars by switching to a new provider or revising your current plan.
Cut Cable and Add Streaming Services
Consider dropping your cable provider and instead use streaming services for your favorite programs. By making this small change, you can reduce your bill by as much as fifty percent. This has become a growing trend over the years, so it’s now easier and more accessible than ever. Several streaming providers you might enjoy include Netflix, Paramount, and Disney Plus.
Avoid Impulse Buys
If you come across something in-store or online that you’d like to purchase but didn’t plan to purchase, try to “sleep on it” before you buy it. Decide if it’s something that you’d really like to have or need to have. A good rule of thumb is to wait it out for 24 hours and see if you still feel the same way about it. Make sure it fits your budget, and you aren’t overextending yourself.