Everyone wants to save money, regardless of age. But most people equate saving money with giving up things they love. We beg to differ. At Lifetime Daily, we find the easiest way to save money is to cut back on things we don’t notice or miss.
Of course, saving money is easier said than done, and those of us approaching retirement age may feel like we’re doomed to lackluster golden years if we’re behind on saving for retirement or not up-to-speed with the latest money management apps or banking technologies.
Don’t fret — here are nine money-saving tips to consider:
1. Look for “Grey Charges”
Grey charges are charges that are often overlooked. They’re charges that we don’t realize that are being billed to our credit card or bank account on a recurring basis. Look at your account statements and credit card bills closely every month to see if you’ve signed up for something that has recurring fees. From gym memberships to online subscriptions, billions of dollars are wasted each year on grey charges. It’s great to have Netflix, but not if you don’t watch it.
2. Call Major Providers and Negotiate Lower Fees
Whether it’s your credit card’s interest rate or your monthly cable bill, you can call major providers and negotiate lower fees. Many of these fees occur on a monthly basis; even if you save $20 a month, it’ll add up. You may need to be somewhat aggressive. Sometimes you have to ask to speak to the customer retention office and tell them you’re considering moving your business to one of their competitors.
3. Use Craigslist to Sell or Buy Goods
One of our favorite money-saving tips is to buy used or second hand items. We’ve found great deals on Craigslist.com — like a $30 food processor that was in perfect condition. When it comes to specialty items like mobility aids or other expensive medical equipment, you can often get great discounts on barely used items. To be safe, always meet in public location to complete the purchase and bring a friend with you.
4. Take Advantage of Eligible Discounts
Many places offer discounts for people over 60 or 65, but you have to ask. (At first, none of us really wanted to announce we were over 60, but that 10% discount at Ben & Jerry’s put us in our place.) For example, your bank may give you a discount, but you have to request it. Movie theaters or restaurants are two more places where asking for a discount is a good idea.
5. Automate Your Financial Life
By automating bill payments, you can save money by never incurring late fees. If you have investments, you can set up dividend re-investments plans (DRIP) which save you money on brokerage fees for dividend stocks. You can also automatically transfer money from your checking account into a savings account every month. By automatically setting up a savings plan, you don’t have to think about it, and probably won’t even notice the monthly transaction.
6. Search for Discount Codes Online
The next time you’re about to buy something online, do a quick Google search for ‘discount codes’ for that particular retailer. Sometimes you can find a discount code that takes 10% to 20% off the purchase price.
7. Spend Time With — Not Money On — Your Grandkids
We love our grandkids and we love buying them things to show we care. But it’s far more effective to spend time doing something with them. Making memories together is far more important than buying them a toy, or game, or two.
8. Always Keep Your Receipts
It makes sense to keep your receipts for at least a month or two after you buy something new. If a product breaks or you decide you don’t like it, you can take it back and get a replacement or refund.
9. Borrow the Things You Need
If you need a ladder or a power drill, consider borrowing one from a friend or family member, instead of going out and buying a new one. A lot of home hardware stores also have tool rental programs.
