If you’re a retired senior citizen, there’s a good chance you’re living on a fixed income. That means you’re probably on the hunt for ideas to save money.
You’re in luck. Some of these money-saving strategies will work for any age, but most are aimed at people in their 60s or older. Hopefully they’ll help or inspire your own money-saving ideas.
1. Talk to a Licensed Medicare Broker
Medicare brokers work with seniors for free to get them the best and most affordable Medicare program. Brokers are paid by the insurance companies they represent.
The National Council of Aging has a form on its website that can help seniors find a licensed Medicare broker. You can also get an online quote at Medicare.org or call 1-888-815-3313 to speak with a licensed sales agent.
Don’t feel bad if you need help navigating Medicare. It can get very confusing. There are two basic ways you get Medicare: through the federal government or through a private insurer that is working with the federal government (known as Medicare Advantage or “Part C”). According to KFF, a nonprofit focused on health policy, there are currently 3,998 Medicare Advantage plans available nationwide.
Don’t pay anyone to help you get into a Medicare plan. Either you’re about to be scammed, or you can do better.
“The Centers for Medicare & Medicaid Services strictly prohibit agents from levying fees on clients,” says Tarek El Ali, the founder of Smart Insurance Agents, a national insurance agency that sells Medicare plans and other insurance plans.
How much you’ll save by working with a Medicare broker is hard to say, but El Ali says that savings are often “substantial.”
2. Take Advantage of Senior Discount Programs
When you first become eligible for senior discount programs, you might be tempted to dismiss them. Either you feel young and healthy, or you might not think you need a discount. Maybe you don’t, but they’re worth considering anyway.
“Many businesses offer discounts to seniors,” says Andrea Woroch, a shopping consultant based in Bakersfield, California.
“Some may offer savings every day with proof of age, while others may extend a deal during a certain time of day or day of the week. For example, Harris Teeter grocery store offers 5% off your entire purchase for seniors who are 60-plus every Thursday,” she says.
[READ: Great Senior Discounts for 2023]
3. Join a Membership Association
AARP is by far the best-known seniors membership association, but there’s also the American Seniors Association. You pay an annual membership fee, and if you shop at the right places and remember to pull out your membership card, you can get discounts on various products and services that partner with the organizations. You will also want to stay up to date on other perks your membership offers.
4. Shop on Tuesdays and Wednesdays
Tuesday and Wednesday are often senior discount days at stores throughout the country. Here a few examples:
— Wednesdays at Kohl’s: If you’re 60 or older, you get a 15% off coupon.
— Tuesdays at Ross Dress for Less: If you’re 55 or older, you’ll get 10% off.
— First Wednesday of the month at Rite Aid: Those 65 and older get 20% off.
5. Download Coupons
Before you go on a shopping excursion, download the store’s app and any available coupons that will help you save on your purchase.
6. Take Advantage of Free Loyalty Programs
Check to see if the stores, pharmacies and even restaurants you frequent have retail rewards or loyalty programs. These can help you save on essentials, Woroch says.
“For instance, through CVS Pharmacy’s free ExtraCare program, you can earn exclusive coupons, personalized deals and earn ExtraBucks for your purchases, which is like free money to use in the store,” Woroch says. “You can earn $50 in ExtraBucks for filling prescriptions and getting your flu shot.”
She adds: “Since these are items you’re likely (buying) anyway, you can easily earn that reward and then apply the free rewards toward other daily essentials you need to offset costs.”
7. Tap Your Community Resources
Find out what help your community offers for free.
“Many cities and counties have programs to help pay for home renovations, community centers with senior programs that offer food, wellness, medicine and more,” says Terri Thomas, a community manager with JPMorgan Chase and based in Dallas.
To find one, type “community center near me” into a search engine. You can also call 211. According to the Federal Communications Commission, 211 is available to 94.6% of the U.S. population.
8. Ask Service Providers if They Can Lower Your Bill
Contact your cable or phone company and simply ask if they can cut you a deal for a lower bill.
“I did this two weeks ago with my cable company. I have the same plan but now pay $40 less each month,” Thomas says.
9. Pay Car Insurance Annually
If you have the money to pay your car insurance a year or six months in advance, you’ll save money. How much is hard to say. You’ll see numbers bandied about the internet, ranging from about 5% to 20%. Just check your insurance statement to see how much you’ll save.
[READ: 10 Easy Ways to Save $5 a day]
10. Create an Emergency Fund
The best time to pay for an emergency is when you don’t have one, so consider setting up an emergency fund and start putting money aside every month. You may not eliminate the expenses of an emergency, but you can at least prepare so you don’t have use a credit card and potentially pay interest.
11. Earn Interest Off Your Savings Accounts
“Make your savings make money for you,” Woroch says. She suggests opening a high-yield savings account.
Technically this is not a tip on cutting back, but the more money you earn, the less you have to cut back.
12. Pay Off or Pay Down Debt
If you’re carrying debt on a fixed income, you’re going to want to pay it off as soon as possible.
If you’re really struggling to pay it off you may want to go to Credit.org, the website for the Consumer Credit Counseling Service, or Nfcc.org, the website for the National Foundation for Credit Counseling. Either organization can connect you with a credit counseling service in your area that can help you bring down your debt.
13. Revamp Your Budget
Take a close look at your budget. Are you paying for a subscription service that you haven’t used in two years? If you analyze your budget closely, you may find some expenses you can cut.
14. Travel in the Off-Season
Airfare, hotels and rental cars are all typically going to cost less if you’re traveling in, say, January versus July. Granted, how much you spend always depends on where you’re going. Still, if you can avoid the summer and holiday season and take your vacation when the kids are in school, you’ll probably pay far less for your trip.
15. Get an Annual or Lifetime Pass to National Parks
This will also cut down your travel costs, and it’s a bargain. The National Park Service offers an annual Senior Pass for $20 (you’re eligible at age 62), but if you can open your wallet a little more, you could buy a lifetime Senior Pass for $80. The park pass covers entrance fees and provides discounts on other fees.
16. Get Rid of Your Car
If you live in an area without good public transportation, this might be a crazy idea. It might be a crazy idea even if you do live in an area with excellent public transportation. Many people love their cars.
But according to AAA, the average annual cost to own and operate a new vehicle in 2022 was $10,728 or $894 per month. That includes car payments, so if your car is paid off, it may make even less sense to get rid of it. But if you don’t drive that much and have other transportation options, there is no doubt about it: You will save money by ditching your car.
17. Utilize the Library
Check out books from the library instead of buying books. Libraries also offer other things you can check out like audiobooks, movies and sometimes park passes.
18. Frequent Thrift Stores
Consignment stores sell used clothing, home goods and other things that once belonged to someone else. If you like bargains, you’ll find them at these stores, and some like Goodwill offer discounts on top of already cheap merchandise. However, whether you get a senior discount may depend on the store as well as the day you visit, so you’ll want to check if the store has a senior discount and how it works.
[See: Best Buy and Sell Apps for Used Stuff.]
19. Get Some Silver Sneakers
If you have a Medicare Advantage Plan, you might be eligible for Silver Sneakers benefits, in which you’ll get a free gym membership. You can also use the membership to log into an on-demand video library of classes, workouts and how-to videos.
20. Find a Roommate
Maybe you’ve got a good friend or a few close friends you see a lot. Maybe you’re all single. You could find a nice apartment or house to rent, where you’d each have your own bedroom and could share housing costs. Maybe you could also get involved in each other’s lives and make a lot of sarcastic wisecracks and have fun misunderstandings.
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Update 08/22/23: This story was previously published at an earlier date and has been updated with new information.
