Money Saving Ideas for Senior Citizens
Practical Measures to Reduce Bills and Cut Costs
Dec 14, 2008
Whilst costs are rising, it is possible to use a series of money saving ideas to reduce bills and cut costs. Seniors should also check eligibility for state benefits.
Retirement may bring more free time, but it also brings a fixed income. This creates problems during periods where price rises occur on areas key to a senior citizen's financial survival. It is necessary for the elderly to identify ways to cut expenses and save money.
General Money Saving Ideas
- Buy unbranded foods and take advantage of special offers. Branded foods are more expensive so it is possible to save money on food by switching to unbranded foods. Take advantage of multi-buy deals and discounts on any short life foods.
- Price comparison sites. It is possible to reduce bills by utilising a price comparison site. Price comparison sites can be used to check: insurance costs, utility bills and all household goods purchases.
- Buy from charity shops. It is possible to buy a number of useful items from charity shops, including, clothing, presents for grandchildren, books and even some household goods. As well as helping charities, it also cuts costs on those items by as much as 90%.
- Shop at Pound Land and 99p stores. Whilst not everything sold is suitable, one can cut costs on: deodorants, certain medications, vitamins, children’s toys, tea, coffee and other essential items.
Reduce Gas and Electric Bills
- Don’t heat all rooms in the house. Reduce gas and electric bills by only warming those rooms regularly spent time in.
- Increase energy efficiency. The installation of double glazing, roof and wall insulation will prevent heat loss and reduce gas and electric bills. Most local authorities offer grants to assist with insulation costs.
State Benefits and Other State Assistance
- Free TV license for over 75’s. Once senior citizens reach the age of 75, they are entitled to a free TV license.
- Check council tax banding. Many senior citizens don’t have to pay council tax because of earnings limitations. Countless other seniors have been incorrectly banded, so this should be checked with the local council.
- Carers Allowance. If suffering from a long-term illness, mobility issue or other serious health problem it is worth checking to see if eligible for state benefits, such as Carers Allowance. It isn’t means-tested and could boost income by £200 each month.
- Pension credits. The government has guaranteed state benefits assistance and promises to top-up income via pension credits.
Putting a few of the above practical, money saving methods into place will help reduce costs considerably. If debt problems are an issue, there are a variety of debt solutions available that can help a senior become debt free. Always consult a debt advisor before proceeding.
The copyright of the article Money Saving Ideas for Senior Citizens in Senior Finances is owned by Asa Ghaffar. Permission to republish Money Saving Ideas for Senior Citizens in print or online must be granted by the author in writing.
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