These saving tips could change your life
Since times are tight for many older adults who live on fixed incomes and family caregivers who are often financially stretched to the max with bills and living expenses, saving money and putting away a nest egg for emergencies can be challenging. Let’s meet Helena, Rodrigo and Gord who have money saving tips to share.
Frugal: Helena
At 73, Helen is very aware of rising prices. Since going back to work is not an option, the only way to maintain her lifestyle is to find clever ways to save. As Helena says, “things just keep going up, so I have to be disciplined and resourceful to prioritize my spending and make it through the month”. Here’s how this senior has learned over the years to stretch her funds farther. You may want to try some of her tricks.
Budgeting
Helena keeps a monthly budget where she records and reviews how much money she has coming in and how much she has to spend each week.
Downsized
Moving to a smaller home after retirement saved Helena property taxes, maintenance, and operating costs. She was also able to tidy up, declutter and sell some items that were no
longer needed.
Utility bills
By turning off lights, unplugging un-used appliances and using energy-efficient light bulbs. She runs her dishwasher, washing machine and dryer during non-peak hours and uses a clothes dryer rack for small items. Weatherstripping on windows and door frames was installed by her son to stop heat from escaping and cold air coming in.
Meal planning
Eating is social for Helena so she often shares groceries and meal times with neighbours. Each week they make a plan after looking to see what each of them has on hand. With help from her son, Helena and her neighbours plant a vegetable and herb garden each summer. Fresh is best but freezing, canning and bottling are neighbourhood activities.
Cleaning supplies
Purchasing big box cleaners can be expensive and wasteful. Regular household items such as baking soda and vinegar cost just pennies and are Helena’s go to for cleaning.
Want vs need
For Helena eating out is a monthly treat, often to celebrate an occasion. She’s happy with her 2-year-old phone and has found ways to reduce clothing bills by shopping at gently used stores.
Entertainment
Twice weekly card games are hosted at players homes. Wednesday charity bingo nights at the local community centre cost very little. The Netflix plan she uses is paid for by her son. Helen’s daughter suggested that she cut out her local cable network but because she enjoys watching the nightly news, she opted to call her cable provider and negotiated a better deal.
Helen loves her local library. She saves a lot of money each month by taking out books, audiobooks and movies to enjoy. She is on their wait-lists for the most popular titles and loves their free workshops.
Transportation
Helena sold her car 3 years ago when she retired. She now walks and seldom uses taxis or Uber. She no longer has the yearly expense of a car (insurance, gas, maintenance) and she loves her car services. They drop her right off at the front door and she avoids driving in bad weather.
She also rents out her condo parking spot to fund her Wednesday night bingo.
Seniors services and activities
Part of Helena’s plan is to keep an eye out for government programs and services there are for older adults. She’s takes advantage of applicable senior’s prescriptions, and dental programs and often attends community wellness, fitness, and lunch programs.
Money smart shoppers: Rodrigo and Gord
These twin brothers live in the same apartment building and often go shopping together. They both pride themselves on being savvy shoppers. Rod is always on the lookout for deals and seasonal sales while Gord has mastered the art of couponing. Let’s see how they manage to get bargains:
1. Shopping at consignment and thrift stores is a great way to find gently used clothing, furniture, and general household items at reduced prices. Rod loves using the Internet to look for deals.
2. They use “Rakuten” where they get cashback and “Honey” to find discount codes on the Internet. Gord tells people to download the “Reebee” or “Flipp” flyer apps where sales begin each Thursday. “Checkout 51” is also a very popular cashback app in Canada. Another tip is to do you homework to find/use credit cards that offer loyalty points, or cash back. Consider Air Miles, Scene points and PC Optimum that can lower what you spend. “Savings.com” is an on-line resource for finding coupons for your favorite stores.
3. Gord always asks for his seniors’ discount wherever he goes and he knows which days of the week to shop for them. For example, Shoppers Drug Mart offers 20% off on regular priced merchandise on Thursdays to seniors.
4. Buying in bulk and BOGO (buy one, get one for free) are great ways the duo stocks up and saves money at the same time. Reading the product labels and know how to compare unit prices has become a pastime as has considering generic brands. Membership organizations such as CAA offer the pair group discounts and large warehouse stores such as Costco offer reduced prices.
5. When travel is on the agenda they opt for cheap seat sale days and travelling off season to get better rates. Their final ideas to save money are to pay off loans and charge cards to avoid interest, make lists, don’t shop when you are hungry and resist the urge to impulse buy.
Not always easy
Let’s be honest, saving money is always simple these days. It requires discipline, sacrifices, tough decisions and the ability to be honest with ourselves and our loved ones about how and why we need and want to save money.
Ask yourself how important saving money really is to you. Would it change your lifestyle, would you have less stress and be happier? And, how willing you are to cut back spending to have a better life? You’re in the driver’s seat.
Mary Bart is the chair of Caregiving Matters, an Internet-based charity that offers education and support to family caregivers.
The 5 R’s:
The five R’s stand for: Reduce, Re-use, Repair, Re-cycle, and Re-gift. You can build these 5 basic environmental themes into your frugal living by:
Reduce:
Buy in bulk, chose products with minimal and inexpensive packaging to lessen waste. Furthermore, use reusable items like cloth bags and water bottles.
Reuse:
Find creative ways to repurpose items instead of discarding them. Old jars can become storage containers for food as well as vases for flowers.
Repair:
Learn basic repair skills or find tutorial videos online. This can also extend the lifespan of electronics, clothes, and furniture.
Recycle:
Sort and recycle materials like paper, plastic, glass, and metal. Support businesses with recycling programs to help minimize garbage quantities.
Regift:
Give unwanted but still useful items a new home. Ensuring they match the recipient’s tastes and needs can allow for a thoughtful gesture.
