It’s always a good idea for any consumer to be a savvy shopper and save money where they can, but it is especially important for retirees to monitor their spending, stick to a budget, and make their purchase decisions wisely. After all, as a retiree, your financial situation is different than when you were working and you likely don’t receive a steady paycheck. Whether you’re already retired or you’re planning on retiring soon, the following shopping tips can be helpful:
Create (or adjust) your budget
If you’ve never had a budget before, creating one post-retirement is essential, especially if you’re no longer receiving steady income that matches what you were receiving when you were working. If you had a budget before, it’s important to make changes to it so that it will suit your post-retirement lifestyle. While some things might cost you more now that you’re retired, other things might cost less. Your finances will likely change drastically, and it’s important to adjust your budget accordingly, and stick to a shopping budget that is both realistic and practical.
Take advantage of senior citizen discounts
Many senior citizens forget to take advantage of the many senior citizen discounts that are offered, or just overlook them completely. You might already know about senior citizen discounts for movie tickets and restaurants, but did you know that many retailers also offer senior citizen discounts? Next time you’re about to make a purchase, make sure to ask. Many stores and businesses don’t openly advertise the discounts they provide, and by just asking ahead of time, you can possibly save a lot of money on your purchase.
Fill your day
Before retiring, your days were likely busier and most of your time was spent working. As a retiree, you may suddenly find yourself with a lot of extra time on your hands. If you’re unsure of how to spend your time, you might find yourself shopping and spending money a lot more than you did before you quit working. To avoid shopping too much as a way to fight boredom, try to fill your days with something else—a fun project, volunteering work, or low-cost (or free) hobby.
As you get older, shopping can be a physically exhausting task, and you may eventually need to enlist the help of a caregiver to help you out. But you can easily do your shopping without even leaving your home by ordering what you need online. You can even order your essentials, such as bathroom toiletries and pantry items, and more and more cities are offering grocery shopping delivery as well. Not only can online shopping be convenient for older folks with physical limitations, but in some situations, it can help you save money!
Do you need extra money to catch up on bills and other expenses? Peachtree Financial Solutions may be able to help if you’re receiving long-term payments from an annuity or structured settlement. Contact Peachtree Financial Solutions today for more information on the settlement funding process and to receive your completely free quote.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.