7 Ways Seniors Can Save Some Money

7 Simple Ways Older Adults Can Save Some Money

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Regardless of how much money seniors have for retirement, there are many ways they can make their dollars stretch much further. By using a little thought, planning, and creativity, older adults can experience substantial savings. Here are a few ways seniors can save some money.

1. Shop Wisely

Seniors have the potential to save money on shopping excursions by limiting outings to once a week. They should purchase only the most important items and resist the urge to overspend. Better yet, they can go shopping with a friend, which saves both time and money on fuel expenses and grocery items. Plus, the opportunity for socializing is also beneficial. 

When it comes to living a high quality of life, older adults may need more than just a few tips on saving money. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional home care. Winnipeg, MB, Home Care Assistance is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.

2. Join the Canadian Association of Retired Persons (CARP)

Adults aged 50 and over qualify to join CARP, which offers money-saving benefits. A membership provides seniors with discounts to many stores, hotels, restaurants, and transportation options. If not advertised, older adults should ask if the venue offers the discount.

3. Reduce Medication Costs

Sometimes it’s more cost-effective to buy medications at double the dosage and split the pills at home. Seniors should take the time to shop around for options that might decrease monthly medication expenses and consider using grocery store and chain store pharmacies, which often offer reduced prices. Applying for Old Age Security pension is also a good way to increase savings.

4. Save on Water Bills

Make sure your loved one’s water heater is set at no higher than 120 degrees Fahrenheit. Some households set the device at 140 degrees, which costs up to $60 more each year. If financially feasible, replace a conventional hot water heater with a tankless version that has the potential of saving up to $150 annually. Repair all leaky faucets and running toilets to save on water bills.

5. Conserve Water When Using Lawn Sprinklers

Lawns commonly get more water than needed between sprinklers and seasonal rainstorms. Most lawns only need one inch of water per week. Consider putting a glass, mug, or another type of container beneath the area receiving water. Move the sprinkler or turn the system off once the level reaches one inch.

6. Lower Electricity Costs

Unplug any electronic devices in your loved one’s home when they’re not being used. Any device that has a power light when turned off sucks electricity unnecessarily. Replace light bulbs with economical LED versions for a savings of up to $150 a year. Encourage your loved one to clean the lint filter on the dryer after each use. When clogged, dryers require more electricity to thoroughly dry clothes. 

Apart from managing their finances, older adults may also require assistance with basic everyday activities. If your aging loved one needs occasional help with bathing, grooming, cooking, or other basic household tasks, or if you need time to attend to important personal matters, reach out to Home Care Assistance, a leading provider of live-in and respite care. Winnipeg seniors can maintain their independence while living at home with the help of our reliable respite caregivers.

7. Reduce Cooling and Heating Costs

Use a lit candle or a smoking incense stick to check for drafts around doors and windows. Sealing these areas could save seniors anywhere from $150 to $1,000 annually in heating and cooling costs. Programmable thermostats also reduce costs by $100 or more. Your loved one can easily adjust the temperature up or down before sleeping.

Helping a parent with finances can be difficult, especially when his or her health is decreasing. If you’re the primary family caregiver for a senior loved one living in Winnipeg, live-in care is available if your loved one’s health has become too difficult to manage without professional expertise. At Home Care Assistance, we take measures to help seniors prevent illness and injury by assisting with exercise and mobility, preparing nutritious meals, helping with bathing and other personal hygiene tasks, and much more. To create a customized in-home care plan for your aging parent, give us a call at (204) 489 6000 today.