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When your parents reach their senior years, your primary concern is likely to be their health. However, there is another factor that you should not overlook, and that is their financial health. Unfortunately, many seniors have concerns over money, and this prevents them from being able to fully enjoy their retirement. If your elderly parent is concerned about their finances and wants to reduce their outgoings, there are many ways that you can help them with this. Check out these money-saving solutions for seniors:
Shop Around for Discounts
An excellent way to cut for seniors to cut their spending without missing out on buying their favorite products is to get familiar with senior discount days. Shopping in stores that offer senior discounts, such as Walgreen’s “Senior Discount Day” is an excellent way to pay less for both regular household items and treats.
Making a note of which stores offer senior discounts and which days they offer them will help to make it much easier for your elderly parent to know where and when to shop.
Cut the Cost of Repairs and Professional Services
One thing that many people worry about is the cost of an unexpected repair bill coming in, and for the elderly, this can be even more of a worry. Creating a list of recommended, trustworthy tradespeople that also offer a discount for seniors is helpful and will mean that if issues do occur, your parent will know who to call without worrying about being charged a fortune.
As well as getting discounts on services and repairs from plumbers and electricians, look for hair stylists that also give a senior discount, this is especially useful if your elderly parent likes to have their hair done frequently.
Make Savings on Travel
If your elderly parent has stopped driving in their later years, then ensuring that they get the best deals on the cost of bus and train tickets is crucial. It is worth investigating to see if they are eligible for further discounts on travel and transport, as this will help to keep their regular outgoings as low as possible without them losing their freedom and being stuck in the house every day.
As well as saving on your elderly parents’ shopping bills, the most significant savings that you can help them to make is by cutting the cost of their utility bills. Helping your parent go through their utility bills to ensure that they are receiving all the senior discounts and support that they are entitled to is an excellent starting point. Once you have established this, you can help them to make further savings by comparing utility providers. If you find a cheaper supplier that your parent can easily switch to, this is something that could help them to make massive savings over a year.
Helping your parents to save money in their senior years is something that may only take up a few hours of your time but could help significantly reduce their outgoings.