How to Save Money in Retirement

To learn more about our non-profit continuing care community on Skidaway Island, GA, please call us today at 800-889-6238 or request a brochure.

Retirement can be like culture shock for many people. The reason is because making the adjustment from a regular weekly paycheck to a monthly pension check can be a challenge, especially when one is already accustomed to living a certain type of lifestyle.

For those living at The Marshes of Skidaway Island, having a budget and living responsibly offer the keys to living the life you want after you're retired. Here are some of the different ways our residents save money in retirement.

Take Advantage of Senior Discounts

Many retailers, restaurants, entertainment venues, hotels, and grocery stores offer money saving discounts to seniors. Taking advantage of these offers can help you save quite a bit of cash without having to sacrifice the things you love to do. For instance, here's a list of some of the potential savings you can enjoy:

  • Denny's: 10% off, 20% off for AARP members (55+)
  • IHOP: 10% off (55+)
  • Kohl's: 15% off on Wednesdays (60+)
  • The Salvation Army Thrift Stores: Up to 50% off (55+)
  • Holiday Inn Express: 15% off (AARP)
  • Lens Crafters: 30% off (AARP)
  • Belk's: 15% off first Tuesday of every month (55+)
  • Banana Republic: 30% off (50+)
  • AT&T: Special Senior Nation 200 Plan $19.99/month (65+)
  • Jitterbug: $10/month cell phone service (50+)
  • Verizon Wireless: Verizon Nationwide 65 Plus Plan $29.99/month (65+).

Limit Impulse Purchases

When you're living on a retirement pension and/or social security, impulse purchases can quickly derail your monthly budget. Therefore, it is important to avoid making unplanned purchases. If you have problems managing your purchases, try to limit your shopping ventures to once a month and block the at-home shopping networks on your cable box.

Negotiate for Lower Interest Rates

If you have outstanding debt, take the time to call your creditors to negotiate for lower interest rates. Simply getting your interest rates reduced can save you quite a bit of money every month.

Pay Annually for Certain Services

Certain services may be able to offer you a reduced price if you pay annually instead of in monthly installments. For example, if you own a car, you may be able to reduce your car insurance by paying the policy in one lump sum for the year instead of sending in a check every month.

Buddy Up When Possible

Get together with your friends or neighbors and buddy up for certain things. For instance, take turns driving when going to the grocery store or to the movies. You'll save on gas and other costs. You can even plan group vacations to help bring down the cost of your travel and accommodations.

Take Advantage of the Library

Today's libraries are full-service entertainment resources. From books to movies to audiobooks to magazines, you can save big on all of your entertainment needs simply by utilizing the public library to its fullest potential.

Conserve Energy with a Programmable Thermostat

Having a programmable thermostat installed and properly set can save you as much as 20% on your home's annual heating and cooling costs. As an added benefit, your heating and cooling system will work more efficiently while at the same time maximizing the comfort level of your home.

Enjoy Your Retirement at Savannah's Senior Living Apartments and Cottages

The Marshes of Skidaway Island offers premium Savannah senior living homes at an affordable price. Our community is specifically designed to help older adults live financially responsible retirements without sacrificing the things they love to do most.

To learn more about The Marshes of Skidaway Island or to schedule a visit to our luxurious Savannah senior living apartments, please call us today at 800-889-6238.