It is really important to plan for retirement as everybody knows. However, some people do everything right and still end up retiring with less money than they had planned to have. The stock market just took a big tumble and if you just retired you are now seeing your pension lose a lot of its value. Unfortunately, this spells a big retirement crisis for a lot of people.
The result is that many people will need to find ways to stretch their money during retirement so they can still live the quality of life that they had hoped for. There are many ways that seniors can do this since there are lots of discounts and services for seniors from hearing aids to wheelchairs and everything in between. In this article, we will go over several ways to stretch your money.
1. Always Look For Senior Discounts
Seniors are well taken care of and seen as members of society that need to receive some benefits for their contribution to the economy over the course of their lives. This means that many companies offer senior discounts. Before you pay for anything, always ask if there is a senior discount as not all places advertise it.
For instance, there are barbers and hairstylists that offer senior discounts for certain days of the week. Movie theaters also offer discounts if you go during the morning show. There are passes for museums and even transportation. If you take advantage of the discount for just about everything you spend money on then these savings will add up to something quite significant.
2. Conserve Energy
Energy costs are rising all the time and really affecting seniors hard since they are on a limited income. Reducing your energy costs is going to save you hundreds per year which will go a long way to making sure that you have the money you need for prescriptions and food.
The biggest way to save is to reduce your consumption. For instance, if you have smart thermostats then they can help you save money since they are great at reducing your consumption. They work with AI and have a lot of features that will help you use less energy. For instance, many have sensors to understand which rooms you use the most and at what times. They will then automatically heat or cool those areas for those times when the rooms are in use and turn off automatically when they aren’t. They can also connect with the local weather so they will shut off or turn on the boiler when the weather is about to change, for instance.
Many also use geofencing that will turn on your HVAC when you are a certain distance from home so it isn’t in use when there is nobody there and is already at your ideal temperature when you get home.
Look to use appliances at times of the day when the electricity costs are lower. Off-peak times can be up to 50% less than the cost during the peak. Program your dishwasher and washing machine to go on automatically at night or on weekends to save money.
3. Barter And Trade
Thanks to the internet, it is easier than ever to find situations in which you can trade things or services in return for what you need. This reduces the amount of money that you need to spend to buy things, for instance.
The way it works is that you join a community online in which people post what they are looking for and what they offer in return. If they need their haircut then they could trade some fresh garden vegetables for a trim.
You could easily clean out your garage and give things you no longer need in return for items that would ordinarily cost you money.
4. Provide Some Services
You don’t necessarily have to go back to work, but you can do the thing you used to do for money again. If you were an accountant then think about doing tax returns during tax season for some extra money. It could be in the thousands per month if you can find enough clients.
Anything that you used to do for work will be sought out by others looking for a discount and you can provide it since you are just looking for extra cash to get through the month. It’s also a chance to have something to do during retirement instead of watching TV.