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How to Save Money in Your Golden Years in Arvada CO

7 Strategies for Saving Money in the Golden Years

According to the National Committee to Preserve Social Security and Medicare, millions of senior citizens in the United States live on fixed or low incomes. Given the rise in the cost of living, cutting corners is often necessary. Here are a few ways older adults can easily save money.

1. Unplug Electronic Devices When Not in Use

Many electronic devices continue using electricity when turned off. Some of the most obvious culprits are appliances with miniature LED lights that stay on day and night. By unplugging these devices until they need to be used, older adults may notice considerable reductions in their monthly utility bills. 

Some seniors may find it difficult to pay their bills and plan their finances while managing daily activities. Aging adults who require assistance with the tasks of daily living can benefit from hiring a reliable Arvada home care provider. Families trust in Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent and manage serious illnesses and encourage them to make healthier decisions as they age.

2. Cut Utility Costs 

Seniors should close the vents and doors to bedrooms and other rooms when not in use to reduce utility costs. Utility bills can also be reduced by adjusting the thermostat at night to 65 degrees Fahrenheit during the winter and raising the thermostat to 72 degrees Fahrenheit in the summer. 

3. Limit Shopping Trips

Seniors who visit the grocery store once a week are less likely to splurge on unnecessary items. Older adults should make grocery lists and refrain from purchasing items not on the list. They might also consider grocery shopping after enjoying a full meal. This way, they are less likely to buy impulse treats or foods they don’t usually eat. 

If your loved one needs transportation to run shopping errands, consider hiring a professional caregiver. When searching for reliable Arvada home care agencies, families want to know their senior loved one will be well taken care of. At Home Care Assistance, our expertly trained caregivers are available around the clock to assist with tasks around the house, provide transportation to medical appointments and social events, and much more.

4. Look for Discounts

Older adults are often eligible for senior citizen discounts. Many places that offer goods and services advertise these money-saving benefits. Discounts are often found in a variety of facilities, ranging from coffee shops to retail stores. Take advantage of the price reductions offered by commonly frequented services. 

5. Get Rid of Cable

Monthly cable or satellite services for TV can be quite expensive. Most people rarely watch the majority of channels these services offer. Seniors often save hundreds of dollars annually by cutting cable services and using other options. Public libraries offer DVDs to rent. The monthly fees for subscribing to Amazon, Hulu, and Netflix cost a fraction compared to cable costs, and these services enable older adults to view their favorite programs and movies. 

6. Remove Landlines

Unless needed for business reasons, having a traditional phone line can become costly. Cell phones and payment plans designed for older adults are cost-effective options. Seniors should consider how much time they spend talking on the phone and select the plan depending on the amount of usage.

7. Sign Up for AARP Membership

For a small annual fee, seniors are privy to a magazine subscription containing helpful topics. An AARP membership also provides older adults with discounts on top of other senior citizen cost reductions. Discounts run the gamut from offers given by local stores and restaurants to insurance and travel benefits.

Consider hiring a professional caregiver if you need a break from your caregiving duties to tend to your loved one’s financial matters. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Arvada respite care experts at Home Care Assistance are here to help. All of our respite care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. To hire a professionally trained caregiver, give us a call at (720) 642-1600 today.