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If there’s a time in your life when you can save as much money as possible on discretionary spending, it’s when you’re retired and living on a fixed income. This is especially true at a time when prices for many consumer goods are still high, even though overall inflation is on a downward trend.
As life expectancy continues to increase, saving for retirement is becoming more important. It’s not uncommon for older people to live another 25 to 30 years after they quit their jobs, so it’s important to squeeze out as much money as possible.
To help seniors cut spending, AARP recently released a new guide to 99 Great Savings on everything from food and utilities to travel, entertainment and home repairs.
Here are some AARP tips on how to save money on groceries, gas, utilities, and more.
groceries
- Use ground chicken instead of ground beef. Beef and veal may be the most popular proteins used in dishes like chili and meatballs, but prices for these items have risen the most this year among the major food groups. Prices for chicken and other poultry meat, which are inexpensive to begin with, have not risen much.
- Eat leftovers before they spoil. Designate a shelf or bin in the refrigerator so leftovers and overripe foods can be eaten before others. This way you don’t have to throw food away.
- Take advantage of credit card benefits. If you have a credit card with cashback rewards, make sure you use it in the correct purchase category. For example, let’s say you have a card that gives you 5% back on food purchases. Visit websites such as CardRates and NerdWallet to compare your card against others.
- Use a cashback app. Apps and websites like FetchRewards, Coupons.com and Ibotta let you earn points on grocery purchases at Amazon, Target, Walmart and other retailers and redeem those points for gift cards.
car/gasoline
- Keep your tires fresh. Worn tires can reduce fuel economy, so you’ll need to fill the tank more often than with new tires. By some estimates, new tires can improve fuel economy by as much as 11%.
- Sell your car privately. The high demand for used cars gives you a lot of bargaining power as a seller and you can get the best prices by doing private sales. If you’re buying a new car, sell it yourself instead of trading in your old car to the dealer.
- Find the cheapest gas prices using our phone app. Many gas apps help you save money on your pump by guiding you to the best prices in your area. Popular apps include GasBuddy, Gas Guru, AAA Mobile, Google Maps and Waze.
- Do not change the oil yet. Changing your oil regularly is a good thing, but you don’t necessarily have to change it every 3,000 miles as some say. Many newer cars use synthetic oils that are changed much less frequently.
trip
- go off season. One of the best ways to save money on travel is to travel when others aren’t. Fewer tourists mean cheaper prices for hotels, restaurants, and his car rental services. Plus, you’ll get the added benefit of avoiding traffic jams, long lines, and crowded tourist areas.
- weekday travel. Similarly, you are more likely to get cheaper hotel and flight prices if you travel on weekdays rather than weekends. Some resorts offer discounted packages from Sunday to Thursday.
entertainment
- Enter happy hour. According to AARP, you can save about 35% on food and 20% on drinks if you eat during happy hour instead of after peak dinner hours. Sites such as Happable.com can help you get details on happy hour sales at local restaurants.
public works
- Use a toaster oven instead of a full-sized oven. Admittedly, this is not always possible. Especially if you’re roasting turkey or other items that won’t fit in your toaster oven. But otherwise, using a toaster oven instead of a traditional oven can reduce your energy usage and utility bills. And toaster ovens can preheat much faster than full-sized ovens, saving you time.
- Install a tankless water heater. Tankless heaters cost about the same as traditional water heaters, but they last longer and are up to 34% more energy efficient. These are great for empty nests that don’t need as much hot water as a large family.
- Unplug the power vampire. Leaving your unused phone, tablet or other cordless device connected to the charger wastes electricity and money. Unplugging saves an average of $100 a year. The same applies to televisions, cable boxes, game consoles and computers.
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