WAYS FOR SENIORS TO SAVE MONEY ON A FIXED INCOME
(PARTS OF THIS ARTICLE HAVE BEEN TAKEN FROM THE GLOBE AND MAIL AND THE NATIONAL ASSOCIATION OF REALTORS)
EAT IN
Planning meals and doing a little prep work can save a bundle over eating out, plus has the added benefit of improving health. Take time to enjoy creativity in the kitchen, perhaps inviting a friend over to make cooking even more fun! Find new recipes on the internet and make a plan of trying one new recipe a month.
RENT OUT A ROOM IN YOUR HOME
If your current house is a little big for your needs, consider renting out a room to bring in a little extra cash to help out with the bills and maintenance. This works best in areas where the cost of living is high, or available rental inventory is low, such as Toronto. Do be selective in choosing your housemate, which in turn could also become a great companion.
“COOLING OFF” PERIOD
Before you buy that item you really want, step away and wait for 48 hours. You may be surprised how much your interest dissipates in two days. This trick alone could save you big money. Online retailers in particular, have made clicking easier than thinking. Resist the temptation and wait a bit before you buy.
BUY HIGHER QUALITY
It may cost more, initially, to purchase better clothing, electronics, and appliances, but doing so may dramatically reduce your “cost per use”. Do your research on how to determine the best quality, then shop for retailers that offer lower prices or sales on these items. Thrift stores are another source for higher quality items at bargain basement prices if you have the time and the desire to search for treasures.
TAKE ADVANTAGE OF SENIOR DISCOUNTS
You don't have to be 65 to qualify for a senior's discount. In some cases, the ripe young age of 50 can qualify you as a senior. Many companies have a day of the month or week for seniors' savings. For example, Shoppers Drug Mart offers 20 per cent off on the last Thursday of every month for those who are 65 and older. However, the eligible age can be as low as 55, depending on the store, so it never hurts to ask.
Speaking of it never hurting to ask about the age eligibility, sometimes the seniors' discount policies aren't widely advertised at all. Perhaps some cashiers may be shy to suggest it for fear of offending customers. Any chance to save money is well worth the two seconds it takes to ask. So whenever you are at a register, always ask about a seniors’ discount.
Please visit our website to find out more about how we help Seniors and their families.