Money Saving Strategies to Help Older and Unemployed Workers Stretch their Monthly Income

By on May 23, 2017
Money Saving Strategies to Help Older and Unemployed Workers Stretch their Monthly Income

According to the country’s leading organization for folks age 50 and over, AARP, older workers are staying on the job longer and boosting the overall labor participation rate. Unemployment levels are declining for workers in their fifties, but they still face an uphill battle to find a new position if they lose their job. 

The AARP reports that when older workers are terminated, they remain unemployed much longer than their younger counterparts. Once they find a new job, it is likely to pay much less than their former one. 

Due to these employment challenges, older workers that are too young to retire and begin receiving Social Security and other benefits often struggle to pay their monthly bills. The following strategies can help older workers o save money and stretch their income:

Tips to Save Money on Monthly Prescriptions

Some of the top drugs that are prescribed to treat common health conditions such as high blood pressure, high cholesterol, depression, and anxiety can be very expensive to fill. This is especially true if you don’t have prescription drug insurance coverage to help cover the cost. 

One way that you can save money on your monthly prescriptions is to ask your doctor to prescribe a less expensive substitute. Generic forms of the same medication or a cheaper drug from the same family that works in a similar way are good options to lower costs. 

Some wholesalers and drug manufacturers offer discount coupons for many medications, and many pharmacies offer a discount to members of various groups and associations. An additional way to save is to check with your pharmacy to see if they offer discounted prices when you buy bulk quantities. For example, you may be able to save on your cost per pill if you buy a 90 day supply of your medication, rather than the typical 30 day supply.

Saving Money on Your Grocery Bill

There are a number of ways to save on food when you go shopping. Many manufacturers offer coupons on popular processed and pre-packaged food items. 

Some stores offer discounts on their canned goods that may have slight dings and dents. You do have to be careful when using this saving strategy by avoiding cans with dents that occur within the actual seam of the can. 

Try to discover which day of the week your local grocery store marks down its close dated perishables. This strategy can help you receive a 15 to 50% discount on food items such as fresh produce, dairy, eggs, breads, and meats. Make certain that you use these items within a day or so of buying them, or keep them in your freezer until you are ready to serve them. 

These are numerous additional ways that you can slash your grocery bill. Try reading popular online blogs with money saving tips at the grocery store to learn additional strategies to help you save when you shop. 

Ways to Save on Your Living Arrangements

One monthly expense that can be difficult to cover each month is a rent or mortgage payment. The elderly can save money on their living arrangements by moving in with their adult children. 

Older folks that wish to remain more independent can decrease their monthly cost for housing by taking on a roommate or tenant. In addition to splitting the rent or mortgage payment, you can save more money by sharing the monthly bills for utilities such as water and electricity. 

Boost Income with a Side Gig

Sometimes, no matter how much you cut back, it’s still too difficult to afford your monthly bills. If you find yourself in this situation, you need to look for ways to boost your income. 

Popular ways to increase your monthly income include taking on a second, part-time job or investing in something that will generate a passive income stream. 

Finding a way to monetize your hobbies or special skills can also be a viable way to increase your income. For example, if you are skilled at knitting, painting, woodworking or other crafts, you might sell some of you creations to earn extra income. If you have special skills, why not share your expertise, and make some extra money in the bargain. Offer to teach others those skills that you know well and that you enjoy practicing!

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Money Saving Strategies to Help Older and Unemployed Workers Stretch their Monthly Income