Getting older but want to keep your savings intact? With each stage in life, the need to be frugal doesn’t change but the way we act frugally does change!
A Quora user wanted to know what frugal tips elderly people used to get by, and the community offered several tips and hacks. We have sampled some of the best tips here.
Esther urges people to declutter and live on less stuff, “Declutter – which, in this case, means get rid of stuff you don’t need or use anymore. Some items can be sold, giving you more dollars in the bank, and others can be donated. Either way – reducing the number of things you have in the house will allow you to live in a smaller space safer. This could mean furniture, clothing, automobile, knick-knacks, etc.”
Make Frugal Living a Game
Jonathon advises us to make a game of frugal living and enjoy saving, “What I have learned since first feeling like I was forced to be frugal is that it can be fun and rewarding. I think that we have made a game out of it to the extent that we feel we have won a significant victory and/or beat the system when we can save a few bucks. So yes, it can be fun and rewarding to be frugal.
According to Yasir staying healthy reduces the chances of spending money on treatments, “Walk, Jog, Exercise, Run 30 minutes to 1 hour every day. Your body will thank you in terms of lesser doctor visits.”
Save Money on Bills and Utilities
Russ advises people to consider cutting down on recurring bills, “Get on a family plan with your adult children to save money on your mobile phone bill or look at prepaid plans, which are usually less expensive.
Get Rid of Your Car
Russ adds that elderly people should consider getting rid of their personal cars, “Perhaps consider giving up your car – depending on your age and ability, this might be a smart safety move, but it could also save you money depending on how often you need to go somewhere by using Lyft, Uber, etc.”
Cut Down the Expenses That You No Longer Need
Mark urges people to reconsider some of their expenses, “Cut down the expenses that you no longer need, such as cable TV, landlines, subscription to magazines, newspapers, and more.
Don’t Wait Till You Are Old To Have a Fixed Income
John urges people to consider investment early, “First of all, don’t accept that you necessarily have to be on a fixed income. Consider waiting until 70 to start collecting SS. You will get 75% more than age 62 – and fatter COLA’s! Depending on earnings history, people can get up to $49K/yr if they wait.”
Invest in Equities
Patrick says investing in equities will caution you against inflation, “Stay invested in U.S. equities, which will help you keep pace with inflation. If you are not in equities, then just follow the principals of the fellows who wrote The Millionaire Next Door”. Just spend less than comes in.”
Develop Saving Habits Early
“Don’t wait until you are elderly to start living frugally. Develop frugal habits now that will enable you to save so that when you are elderly, you will have the frugal habits that will enable you to survive,” Someone else urged.
Eat at Home
Oyster urges people to eat at home to save money, “Prepare meals at home rather than dining outside at some restaurant.”
Plan For Your Retirement Early
“I planned very carefully for my retirement and wanted to retire with no debt. There were a few things I didn’t anticipate, such as exploding gas prices, a pandemic, supply chain issues, and price gouging, to name a few, “ said Berma
Save Money on Gifts by Making Them at Home
Esther says this tip saves money and adds a personal touch, “Make gifts or give homemade gifts (like cookies, sauces, etc.) instead of buying gifts for your friends and family.”
Do Not Waste Food
Jackie says wastage can be expensive in the long run, “The big rules for you to remember is never, never, never waste food, repair things yourself, and don’t buy it if you can do without and especially if you can’t afford it.”
Have you ever wanted to make a lot of money from a side hustle and quit your 9 to 5? You may know about the typical side hustles, but I bet you never even heard of these lucrative side hustles!
9 So-Called “Frugal” Habits That Are Actually A Waste Of Time And Money
Not everything is frugal! I am sure you have read articles and tips that promote frugal living and give some ideas that are just not frugal! These frugal myths float around and sometimes even cost people a lot of money!
Throughout history, there are certain things that people deeply wish had never come into existence. These regrettable aspects of our world have caused pain, suffering, and lasting negative impacts. From inventions to events, let’s explore ten such things that continue to evoke a strong sense of longing for an alternative reality.
There is a ton of stuff old people do that the younger generation doesn’t seem to wrap their heads around. However, it is a pattern, and everyone who gets old ends up doing the same things they couldn’t understand when they were young.
Committing to frugal habits will help you live a frugal lifestyle. Making frugal habits part of your everyday life could save you money in the long run.
Saving money is about creating a frugal life that allows you to save money on the things you don’t need and use them for the things you do need.
This article was produced and syndicated by A Dime Saved.