Financial struggles are one of the top reasons why older adults experience stress. This is especially so after retirement where they are no longer earning a fixed income. In fact, this can feel like a spiraling loss of control over their finances and quality of life.
However, this definitely does not need to be the case. There are many ways to save money and cut living costs, even on a low or fixed income. Here are some of our favorite ways to easily save money.
Cut Utility Costs
Recurring bills like utilities are one of the best avenues for you to cut costs. The best way to start is by adjusting your thermostat to an optimal temperature. Unnecessary heating or cooling your living space more than necessary can easily spike your bills so monitor what is the best temperature that works for you and your loved ones. We would recommend setting it to around 65 degrees during the winter and 72 degrees during the summer.
Another way to cut utility bills is to ensure that all your electronics are working well and are also energy-efficient models. On top of that, close any doors and vents to living spaces and turn off lights and fans when they aren’t in use to help further reduce utility costs.
Reduce Shopping Trips
Whether it is online shopping, or a grocery run, the less time you spend browsing the catalog the less likely you are to want or splurge on expensive nonessentials. It can be helpful to make a list when you are planning to head out for a shopping trip so that you have a clear idea of what you need to get, limiting any unnecessary impulse shopping or purchase of items that you won’t use.
Leverage on Discounts
Older adults have greater access to discounts as they may be eligible for senior discount promotions. These can be found in many different businesses from department stores, cafés, retail, to even supermarkets. However, these can also be only available on specific days. Take note of these promotions and price reductions that are offered by your favorite service providers and retail options in order to get the best deals for your items.
Enjoy Stress-Free Senior Living at Conservatory At Alden Bridge
Here at our senior living community, we fully understand that financial worries can be a big factor in why people hesitate to join an independent living community. However, it is important to take note that our rates are all-inclusive of the different amenities, services, and exclusive senior living programs that are available to each and every single one of our residents.
On top of that, we have a unique Rent Lock program. What this means is that during the first three years of our residents’ stay, they will not be subjected to any increases in rent, even if there are changes to the cost of living in the area. This is to ensure that our residents have greater peace of mind and do not worry about sudden hikes, long-term buy-ins, or hidden fees.