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When you’ve pared down your retirement budget to its essentials, the last thing you need is more advice on how to cut costs further. This article aims to provide actionable steps you can take right now to begin reducing your expenses. It’s up to you how to utilize the savings—whether to bolster an emergency fund, invest, or treat yourself.
While some of these suggestions may be familiar, I hope you discover a few new ideas to consider.
1. Utilize Digital Coupons and Cashback Apps
If your approach to couponing involves tedious clipping from newspapers, it’s time to explore the modern method. Digital coupons let you save money without physical clutter. You can easily find money-saving offers on retailer websites, social media, or by using dedicated apps on your smartphone. Here are some of the leading digital coupon applications:
Honey: Available for both iOS and Android, as well as a browser extension, Honey automatically searches for and applies the best coupon codes during your online checkout process. Its extensive database provides access to discounts not commonly found elsewhere.
Ibotta: This app is particularly effective for grocery shopping. Start by browsing deals on preferred products or retailers, add items to your shopping list, and after your purchase (online or in-store), you can upload your receipt via the app. Linking a store loyalty account enables automatic redemption of applicable offers. Once your cashback reaches $20, it can be transferred to your bank account, PayPal, or used for gift cards.
Flipp: This app quickly scours digital flyers from thousands of retailers to locate the best deals nearby. You can create shopping lists, search for specific items or stores, and clip digital coupons that are directly linked to your store loyalty card for easy use at checkout.
2. Make the Most of Your Memberships
If you belong to a membership-based warehouse like Sam’s Club or Costco Wholesale, it’s worth maximizing your benefits. Take full advantage of services like optical care, office supplies, automotive services, discounted auto insurance, and more. If you’re in the market for a vehicle, you might find enticing offers through the store’s auto purchasing program. Additionally, consider pharmacy discounts and special rates on travel and local events.
Think about sharing a membership with a family member or friend to split the cost of bulk purchases, ensuring that you both get the items you need without excess.
3. Negotiate Your Monthly Bills
Utility companies often have flexibility in their pricing. Contact your providers to inquire about discounts, especially if you mention your status as a retiree who values remaining a customer. Services that frequently offer discounts include:
– Cell and home phone services
– Cable and satellite TV
– Home security systems
– Internet services
– Certain electric and gas suppliers
To negotiate effectively, follow these steps:
- Research competitors to understand if you’re paying too much.
- Communicate politely and express your needs while inquiring about available discounts.
- Be prepared to switch providers if you do not receive satisfactory terms elsewhere.
4. Take Advantage of Senior Shopping Days
Many retailers feature designated discount days for seniors, including:
Target
Walmart
Aldi
Dollar General
BJ’s Wholesale Club
Safeway, Albertsons, and Vons
Hy-Vee
Fred Meyer
Piggly Wiggly
Fresh Market
Kohl’s
Michaels
TJ Maxx
Ross Dress for Less
Saving a percentage off your purchase adds up quickly, making a difference in your budget.
5. Utilize Community Resources When Necessary
If you find it difficult to cover essentials like rent, home repairs, or groceries, don’t hesitate to reach out to nonprofit organizations and community resources in your area. A good starting point is 211.org, a service designed to connect individuals with vital community services. You can access 211 by calling, chatting online, or visiting their website.
Exploring new money-saving strategies can be an engaging and rewarding experience.
Source
www.fool.com