6 Ways Seniors Can Save Money

Saving money means different things to different people. Long-term or short-term? In your home or out and about? Supplementing your income or cutting back on costs? Whatever method or series of methods work best for you, here are some money-saving tips that seniors can implement to make your lifestyle more budget-friendly.

Get A Roommate Or Sublet

Getting a roommate can help minimize a wide variety of expenses. From rent and groceries to utilities and transportation, splitting the cost of monthly expenses can really take the load off your wallet. Having a roommate also means sharing household chores. Sharing the labor required to keep the home neat and tidy can save you time, as well as the money you save by splitting the rent. As an added bonus, it can be really comforting to have company around the house. Having a dear friend to eat dinner with, run errands with, and share ideas with can transform a house into a home. Human beings are social creatures, and having company around can quell the parts of us that feel lonely. You may already have some company in your home, like a spouse or a partner, and you’re just looking to put your extra space to work. Subletting or renting out a portion of your home to someone looking for a place to stay can be a great way to earn a little extra income.

Downsize

Do you have extra space, but don’t want to get a roommate? Subletting isn’t for you? Maybe it’s time to consider downsizing. Extra space that isn’t working for you can eat away at your money in unexpected ways: you end up heating and air conditioning an under-utilized space, and if you’re paying rent, you’re paying for the square footage you don’t really need. And, since you have the extra space, you might find yourself trying to fill it with furniture or items that you don’t need or use. This combination of unused space and items can chip away at your wallet over time, and it could be best to consider selling or donating your extra, unused items and moving into a smaller home or apartment. The process of downsizing doesn’t exclusively apply to those looking to move into smaller homes or apartments; it can also apply to you if you find yourself looking around a room full of your belongings and thinking, “when is the last time I used this?” Everyone can benefit from a little tidying up, and there’s no better time to spruce up your living quarters than during this pandemic, considering we spend the majority of our time at home anyway.

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