Top 7 Ways Seniors Can Live Well on Less

by | Jun 24, 2023

There are so many things to look forward to in your golden years. You have more free time, more flexibility in your schedule, and ample opportunity to pick up new hobbies.

However, in order to truly live well as a senior, you need to be aware of what you’re spending. If you’ve retired and you’re living on a budget, you’ll want to be cautious about how you enjoy time.

We’ve gathered a few tips on the best ways seniors can live well without breaking the bank.

1 – Use Senior Discounts

There are numerous discounts available for seniors looking to live their best lives. Restaurants, movie theaters, coffee shops, even grocery stores offer discounts for senior citizens.

Get in the habit of asking for your senior discount. Often, even if a place doesn’t have a specific policy, they’ll still offer savings. And it never hurts to ask!

2 – Get Creative with Housing

If you want to save money as a senior, one of the best ways is to look at your housing situation.

Do you have too much house for your current lifestyle? Save money by downsizing.

Want to give up home ownership and travel? Sell your house and get an RV.

Do you have plenty of space, but don’t want to move? Consider getting roommates. Then you get company and money!

Another option is selling your current home and moving into a retirement community. You’ll save money on things like taxes, utilities, and yardwork while also living in a resort-like setting.

3 – Consider Transportation Costs

Cars are expensive.

Whether it’s making those monthly payments or the cost of repairs and insurance, owning a car means spending money.

One way to live well on less is to sell any vehicles you don’t need. If you’re not driving regularly anymore, you can probably do just fine with one car.

Even better, if you live in an area with reliable public transportation, you could sell all your vehicles and be fine!

4 – Become a Savvy Traveler

Remember all those senior discounts we mentioned above? They also apply to traveling!

You can save so much money by traveling in the off-season, when everyone else has to go back to work or school. If you have the time, you can even travel to less popular areas with fewer tourist traps.

Instead of paying money for an expensive hotel, book a home rental. Not only are these options cheaper, but you can save money by cooking a few meals instead of eating out your entire trip.

Another tip is to check what perks come with your credit cards. You could be earning points and miles to make traveling cheaper for you.

5 – Take Care of Yourself

Some of the biggest expenses you’ll face as a senior are medical expenses. One way to live well is by investing a little money now to get healthy, so you don’t have huge bills in the future.

Get a gym membership and join a class. Set a weekly walking date with your friends. Do whatever you can to stay active.

Just as important as getting fit is eating right. When you’re working, grabbing the fastest, most convenient meals can become a habit. Use your new free time to start cooking. Find a local cooking class for seniors and learn something new. Watch a few cooking shows and pick one dish to attempt this week.

Improving your health will go a long way in helping you live well for years to come.

6 – Give Yourself Paychecks

Once you’re retired, it can be tempting to pull out whatever money you want as you need it from your investments.

But to get the most out of the next few decades, you’ll need to budget. Sit down and figure out what you need on a monthly basis. Then schedule that amount to be moved from your investments to your checking account once or twice a month, just like a paycheck.

Not only will this give you consistency, it will help your funds last as long as possible.

7 – Allow for Flexibility

Yes, you need to be careful with your spending, but you also need to have fun!

If you have a few things you want to splurge on, give yourself permission to do so. You can include these little treats in your monthly budgets or create a separate account that is just for special occasions.

No matter how you decide to live well as a senior, just remember you deserve it!


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