I have never been a good example of cheap spending nor do I spend impulsively. I would like to think of myself as a responsible spender. Whenever I need to buy something, I make sure that I absolutely need them and I get value out of my money. I wouldn’t recommend seniors to be cheap as well, as there are things you really have to spend your money on and not think of how to get around it—if you do, notice how spending on cheaper alternative usually gets you to spend more than you would if you bought the expensive one. I did this, more than once and I must say, I have already learned my lesson.
However, I do know that it is really important for seniors to have some kind of spending restraints as most of us only have monthly allowances to stretch forever. If we are not too careful, we might end up with holes in our pockets and begging for food which are never a good sight anyway. So here are my tips on how to spend wisely without leaving you feeling deprived:
·         Cut back on your credit card expenses. Better yet, maintain just one credit card and terminate the others especially if you don’t need them. Maintaining several credit cards will only generate annual fees even if you don’t really use them. Also, it is a temptation begging to be noticed so to be on the safer side, eliminate or lessen temptation as early as possible.
·         Use cash whenever possible. This applies for your small purchases, especially. Why? It is because small purchases have a way of accumulating without you ever noticing it. On the contrary, if you charge a big amount against your credit card, you are most likely to remember it.
·         Take advantage of senior discounts. Check with your local services as they usually offer discounts to benefit seniors. Instead of cringing away from your real age, why not use it to your
advantage.
·         Be in the know! Join forums and organizations which cater to seniors. This way you’ll be able to pick up valuable tips from your fellow members. What’s more, you’ll get to know other seniors in your area which is good for your social life too.
·         Compare prices. Funny how you would think you are getting the best deals from a supermarket only to discover that your local store is selling a certain product in much lower price. It is not uncommon to find yourself in a situation like this as prices really differ from one store to another. Your best defense is to monitor prices regularly so you would know where to buy your needs best.