10 Ways I’ve Learned to Save Money After 60 — Sometimes You Just Have to Ask
At 79, I’m still discovering ways to save money that were available to me all along.
That’s probably the biggest lesson behind this article.
Sometimes I knew a discount existed but never bothered to sign up for it.
Sometimes I assumed it would be complicated.
Sometimes I simply accepted a price or a bill without asking whether there was another option.
Lately, several things have happened that made me think about this.
I finally signed up for a military discount I had ignored for years. I discovered that buying beef a little differently could lower the price per pound. I questioned an 18% increase in one of our monthly bills. And just recently, I received a notice about the interest being paid on one of my savings accounts.
None of these things will make anyone rich.
But together they reminded me of something important:
Don’t automatically accept the first price you’re given. Ask questions. Pay attention. And find out what options are available to you.
Here are 10 places I think it’s worth looking.
1. Ask About Senior Discounts
Let’s start with the obvious one.
If you’re old enough to qualify for a senior discount, use it.
I don’t have any problem telling someone I’m 79 if it saves me some money.
The problem is that senior discounts aren’t always advertised, and there isn’t one age when every business suddenly considers you a senior.
Some discounts begin at 55. Others at 60, 62 or 65.
For example, Walgreens currently has a Seniors Day program for eligible myWalgreens members age 55 and older. The details and exclusions can change, which is why I wouldn’t memorize a list of discounts from the Internet.
I would simply ask.
“Do you offer a senior discount?”
It takes about five seconds.
If the answer is no, you’ve lost nothing.
2. Veterans: Don’t Make the Mistake I Made
This one is personal.
I’m a veteran, and for years I knew Home Depot offered a military discount.
I never signed up.
Why?
I suppose I thought it would be more trouble than it was worth.
Last month, I finally decided to do it. I needed information from my discharge papers, but the process turned out to be much easier than I expected.
Now, when I make an eligible purchase at Home Depot, I can use the military discount.
Home Depot currently offers eligible veterans, active-duty service members and spouses a 10% discount on eligible purchases, subject to its current terms and limitations.
I could have been using it for years.
There’s a lesson in that.
Don’t assume something is too complicated before you’ve even looked into it.
If you’re a veteran, ask the businesses you already use whether they offer a military discount.
3. Pay Attention to the Unit Price at the Grocery Store
Recently I was buying beef at BJ’s.
I noticed that if I bought a somewhat larger quantity, the price per pound was lower.
That’s not a senior discount.
It’s just paying attention.
If Diane and I can use the meat and freeze what we don’t need immediately, paying less per pound makes sense.
Of course, buying more isn’t automatically a bargain.
If you buy twice as much food because it’s cheaper per pound and then throw half of it away, you haven’t saved anything.
But for foods you regularly use, compare the price per pound or price per unit instead of looking only at the package price.
Sometimes the better deal is sitting right beside the one you were about to put in your cart.
4. Don’t Automatically Accept a Big Increase in a Bill
Our Waste Management bill recently increased by about 18%.
I wasn’t happy about it.
I could have complained to Diane, paid the bill and forgotten about it.
Instead, I contacted the company.
I explained that I’m a senior citizen and asked whether there was anything they could do to reduce the monthly cost.
They’ve worked with me in the past.
At the time I’m writing this, I don’t know what they’ll do this time.
So I’m not telling you that Waste Management offers a senior discount. I’m simply telling you what I did.
I asked.
That’s something any of us can do when a recurring bill suddenly increases.
Internet. Telephone. Trash collection. Insurance. Cable or streaming services.
Ask whether there’s another plan, a promotion, a loyalty discount or some other way to lower the bill.
Sometimes the answer will be no.
But occasionally it won’t be.
5. Find Out What Your Savings Account Is Actually Paying You
Here’s another example that happened to me just recently.
E*TRADE notified me that the Premium Savings account I use is currently paying me 3.75%.
What interested me wasn’t only the rate.
There isn’t a minimum balance requirement on its standard Premium Savings account, and the money isn’t locked away for a certain period the way it would be with a CD.
That got me thinking.
When was the last time you checked what your savings account is paying you?
It’s easy to leave money sitting in the same bank for years because that’s where we’ve always kept it.
I’m not suggesting everyone move their savings to E*TRADE. Interest rates change, promotions differ, and everyone’s financial situation is different.
I’m suggesting that you look at your own statement and ask:
“What am I earning on this money?”
If the answer is almost nothing, you may want to investigate your options.
Your money doesn’t have to take unnecessary risks to earn something.
6. Look at the Little Banking Fees Too
While we’re talking about banks, don’t overlook fees.
ATM charges are a good example.
One or two may not seem like much. But small fees have a habit of adding up.
E*TRADE’s Max-Rate Checking currently provides ATM-fee refunds worldwide, and its banking information also lists free standard checkbook reorders for eligible accounts.
Again, I’m not telling everyone to open an E*TRADE account.
The lesson is broader than that.
What is your bank charging you?
ATM fees?
Monthly maintenance fees?
Check fees?
Minimum-balance fees?
Maybe you’re paying nothing. Great.
But if you are paying fees, ask whether your bank has another type of account that would eliminate them.
And compare other banks or credit unions if necessary.
7. Review Your Insurance Occasionally
Insurance is one of those expenses that’s easy to put on autopilot.
The renewal arrives. We pay it. Another year goes by.
But things change as we get older.
Maybe you’re driving fewer miles.
Maybe a vehicle is older.
Maybe you’re paying for coverage you no longer need.
Or perhaps your insurance company has discounts you aren’t receiving.
I’m not suggesting changing insurance companies every year to save a few dollars.
I am suggesting that every once in a while you ask:
“Would you review my policy and tell me whether I’m missing any discounts?”
You might save money.
You might discover you’re already getting a good deal.
Either answer is useful.
8. Ask About Travel Discounts Before You Book
One of the nice things about retirement is having a little more control over when we travel.
That can create opportunities to save money.
Ask about senior, veteran, membership and off-season discounts before booking hotels, transportation and attractions.
Amtrak, for example, currently advertises discounts for eligible seniors and U.S. military veterans on qualifying travel, subject to its rules and restrictions.
But don’t assume a discount automatically applies.
Check before you book.
The same goes for hotels and attractions.
Sometimes changing the day you travel can save more than a senior discount would.
The important thing is to look before clicking Buy.
9. Check for Property-Tax and Utility Programs
This could be much more important than saving a few dollars at a restaurant.
Property taxes and utilities are significant expenses for many retirees.
Depending on where you live and your circumstances, there may be property-tax exemptions, credits, energy assistance or other programs available.
The rules vary tremendously from one state and community to another.
So I wouldn’t rely on a national article telling you exactly what you qualify for.
Call your local assessor, tax office or utility company.
Ask:
“Are there any programs for seniors that I should know about?”
You might not qualify for anything.
But this is another situation where there’s very little downside to asking.
10. Get Comfortable Asking One More Question
This may be the most important lesson of all.
You don’t have to see a sign saying SENIOR DISCOUNT before asking whether there’s a better price.
Ask:
“Is there a less expensive plan?”
“Is there a discount I qualify for?”
“Do you offer a veteran discount?”
“Would buying it differently save me money?”
“Can you do anything about this increase?”
“Am I paying a fee that I don’t need to be paying?”
At 79, I’ve gotten pretty comfortable asking questions.
Maybe that’s one of the benefits of getting older.
I’m not embarrassed to ask someone whether there’s a better deal.
And I’m certainly not embarrassed to keep money in my pocket when there is.
I’m Not Interested in Chasing Every Penny
I should probably make something clear.
I don’t want to spend retirement driving across town to save 30 cents.
There comes a point where saving money can become more trouble than it’s worth.
That’s not what I’m talking about.
I’m talking about the bigger picture.
The Home Depot military discount was available to me for years. I simply wasn’t using it.
At BJ’s, paying attention to the price per pound could save money on something we were buying anyway.
When Waste Management raised our bill 18%, I questioned it instead of automatically accepting it.
When E*TRADE notified me about the interest rate on my savings, it reminded me that we should know what our money is earning.
These aren’t complicated financial strategies.
They’re ordinary decisions.
But ordinary decisions repeated over a year can add up.
Final Thoughts
One thing I’ve learned about money as I’ve gotten older is that financial peace isn’t always about making more money.
Sometimes it’s about taking better care of what you already have.
Pay attention to your bills.
Look at what your savings is earning.
Use the discounts you’ve earned.
Question large increases.
Compare prices.
And don’t be afraid to ask whether there’s a better option.
You won’t always get the answer you want.
But every once in a while, you’ll discover that you’ve been paying more than you needed to.
At 79, I’ve learned something pretty simple:
Asking a question doesn’t cost me anything. Not asking sometimes does.
Here is another good article to read. Living on Social Security Alone Isn’t Easy-Here Are Some Ways To Make It Work.