4 Ways to Save Money as a Woman Over 50

By on August 10, 2021
save money

At a certain point in life, you may find that you’re on a fixed income and needing to save money. This may be because you’re now in retirement and receiving a pension or Social Security, or perhaps you’re still working at a salaried job where you know exactly how much you’ll be making from month to month.

Being on a fixed income isn’t necessarily a bad thing. But it does mean that, in order to be financially successful and not overspend, you’ve got to create a budget for yourself. Upon creating this budget, you may then find that you’re either overspending from month to month (and even putting excess costs on credit cards) or that you’re not spending as efficiently as you’d like.

In either of these cases, it’s a good idea to take a step back and think about ways in which you can become a better spender. As a senior, here are 4 ways to start saving more in your budget.

Put your bills on autopay.

Late fees are a terrible way to spend your money. Unfortunately, many of us incur them without even knowing it. That’s because we often have so many bills that they can be hard to keep track of. Even being just one day late on a bill can incur a late fee of $40, $60, or more.

To avoid late fees, your best option is to put all of your bills on an automatic bill pay system. You can do this either on the side of the entity you are paying or on the side of your bank. Sometimes, it’s easier to do the latter as you’ll be able to see and manage all of your bills (and whether they’ve paid for the month or not) at once, instead of going to individual websites to ensure that your autopay is working for each creditor.

Take advantage of coupons, promotion codes, and senior discounts.

Weekly mailers often carry great coupons for local restaurants and stores, so don’t just immediately recycle these when you get them! Online, you can use website promotion codes and coupon websites like Coupons Captain to find great deals as well.

Finally, keep in mind that many stores and businesses offer senior discounts. Don’t be shy about asking if this is an option at your local grocery store, for example. Often, grocery stores have specific senior discount days. You’ve earned your years, so why not use them!?

Meal plan, and shop just once a week.

Whether you’re still shopping and preparing meals for your whole family or you’re just making food for yourself or you and your spouse, meal planning is crucial.

If you’re new to meal planning, here’s how you’ll want to begin:

First, get a binder and fill it with recipes that you know you and your family like. Next, get a calendar and a pencil, and fill in what you’d like to have for dinner every evening for a week.

Planning out one week is usually your best option, and it’s always a good idea to stick with just planning dinner. Otherwise, things can get too complicated — especially if you’re just starting out.

Next, make up your grocery list based on the meals you’ll be having. Then, pick a day of the week (naturally, a day that’s prior to the beginning of your meal-prepped week), and go shopping. Lastly, schedule a time wherein you can clean, chop, and prepare your meals.

Streamline your bills from time to time.

As a final tip, take a look at the bills you’re currently paying. Where does your money go?

Often, we spend money on subscriptions and services we don’t even use. Do you pay for Netflix but never watch it? Do you have an unlimited cell phone plan but only use a few gigabytes of data every month? Do you pay for Internet alone when you could be sharing the Internet with your apartment neighbor?

Look for ways to cut back on your bills. You might even go so far as to directly contact your phone, Internet, and cable companies directly and ask if they have any current promotions available. Sometimes, even utility companies can offer discounts. Certainly, you’ll want to keep an eye out for any unnecessary or unfair charges, which are often easy to miss when you’re not paying attention.

Once you’ve done this once, plan on doing it again at least two to four times a year. Each time, make a list of everything consistent you spend your money on in a month. Eliminate any bills that aren’t worth keeping, and look for discounts, promos, or sharing opportunities for the rest.

If you’re a senior on a fixed income, or just someone looking for ways to save money, use these tips to significantly reduce your costs and live more debt- and worry-free!

LivingBetter50 is a magazine for women over 50, offering an over 50 magazine free download for women with spirit!

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4 Ways to Save Money as a Woman Over 50