Few issues have garnered more headlines in recent months than the drastic events that are plaguing the nation’s financial institutions.
For seniors who might have lost some or all of their retirement nest eggs, the unfortunate financial developments since late 2008 have only highlighted the importance of surviving on a fixed income.
Those who may or may not have lost some retirement savings in the faltering economy should consider the following tips for living on a fixed income.
• Join price clubs at grocery stores and pharmacies
By signing up for price clubs at neighborhood grocery stores and pharmacies, you’re often making yourself eligible for sale prices on items without having to scour the Sunday newspaper circulars and clip coupons.
• Buy select items in bulk
Buying nonperishable items in bulk can also be a great way to save money. Many neighborhood grocery stores now sell certain items, such as toiletries and paper towels in bulk, and some even have aisles devoted entirely to bulk items. If the neighborhood store doesn’t carry bulk items, call around to the bulk stores that require memberships and inquire as to the membership fees associated with each. If the differences are negligible, choose the store that’s closest to home to save money on gas and make trips more convenient.
• Don’t be skittish about senior discounts
While some seniors might scoff at taking advantage of senior discounts, such discounts are a great way to save money and making the most of them is nothing to be ashamed of.
• Cook at home rather than eat out
Seniors don’t have to try new restaurants in order to taste new cuisine. Visit the local library and check out some cookbooks to use in the comfort of your own kitchen. Limit trips to restaurants to special occasions.
• Invite the kids to your house
Seniors often can’t visit their kids and grandkids enough. Unfortunately, if the kids live far away, the cost of these visits can really add up. For seniors who live in warmer climates, invite the kids and grandkids to visit during the winter, offering a welcome respite from the cold winter weather and a great chance to reconnect with family.