Invest in 20s

Throughout life we all strive to save money and to make sound financial decisions. But, saving money, and sticking to a budget are even more important during your senior years. Living on a fixed-income is a challenge, especially if you’re newly retired or face high monthly costs for bills and medical costs. The good news is that there are tons of ways to save money to keep more money in your wallet.

Use Coupons

These days you can use coupons almost everywhere. From the grocery store to clothing stores and even at the pharmacy, there are coupons available to help you save money. When grocery shopping, always clip coupons from the newspaper or use a coupon mobile app to get the best deals. When it comes to monthly medications, ask your doctor or pharmacist for coupons. Medicine can be an increasingly expensive cost, so don’t hesitate to ask for Viagra coupons as well as coupons for Lipitor, Nexium, and Plavix.

Use Senior Discounts

Sometimes it pays to be older! Not only are you smarter and wiser, you’re also eligible for discounts just because you’re a senior citizen. One of the best programs for senior discounts is AARP. An AARP membership costs $16 a year and is available for anyone over the age of 50. There are dozens of discounts that you can enjoy, including savings on:

  • Home security systems
  • Home repair and improvement services
  • Car rentals
  • Chain hotel stays
  • Attorney consultations

Aside from AARP, you can also look online for senior discounts or ask in person. Most companies offer some sort senior discount, which means money saved.

Make Your Home More Energy Efficient

The summer and winter months can drastically increase your energy usage. To save money and lessen your carbon footprint, contact your local gas/electric service provider to conduct a home efficiency check up. There are all sorts of ways to make your home more energy efficient including checking for air duct leaks, replacing HVAC filters, ensuring windows close and seal properly, and using energy-efficient items such as light bulbs and appliances. The less energy you use at home, the lower your bill will be.

Grocery Shop Wisely

Have you ever walked into the grocery store for one thing, only to walk out with a cart full of groceries? Sometimes we’re our worst enemy when it comes to saving money and sticking to a budget. When it comes to grocery shopping, it’s all too easy to overspend. One of the key steps to shopping wisely is to have a grocery list and sticking to it. You’ll also want to avoid shopping on an empty stomach, as that’s proven to increase the risk of impulse buys.

Another way to save money at the grocery store is to buy whole foods. Fruits, vegetables, whole grains, lean proteins, and dairy are all important pillars of a healthy diet. Shopping healthily means less money spend on processed food that only stirs your appetite.

Pay Bills on Time

It can be hard to keep track of all of your bills. Mistakenly paying a bill late may mean having to pay a late fee and facing a possible ding to your credit history. To avoid spending money on late fees, be sure to always pay your bills on time. Keep a schedule of which bills are due when, or take a day to spend time just paying bills. If you’re willing to embrace technology, work with your lenders to set up automatic payments. This way your payments will be processed without having to lift a finger.

Ask for Lower Interest Rates

If your credit is in good standing, reach out to your lenders and ask for a lower interest rate. If you’ve paid your bills on time and are a long-time customer, a lender may b willing to lower your interest rate on a credit card or a loan. In turn, you spend less money each month.

One of the biggest money eaters for seniors is housing costs. Most seniors bought their homes during a time of extremely high, sometimes double digit, interest rates. These days, interest rates hover below 4%. If you want to reduce your monthly mortgage costs, consider refinancing your home, especially if you plan to live independently for the next few years.


In your senior years, saving money is more important than ever. With the growing costs of medical and prescription drugs, it can be hard to stick to your budget. Keep these tips in mind to improve your financial standing and to spend less money each month. With these tips, you can start saving for your next dream vacation!


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