I’m a Frugal Shopping Expert: 8 Shopping Tips I Suggest for Retirees
While retiring has many advantages, it also means not being able to rely on a paycheck anymore, instead transitioning to a fixed income. And with this new phase in life comes necessary financial adjustments.
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In turn, many of them have to learn how and where they can find additional ways to save money while shopping and how to find search — and find — deals.
Thankfully, many experts said that there are many ways retirees can save money, from senior discounts to loyalty programs, which can span several sectors, from healthcare needs to groceries.
Here are some shopping tips for retirees, according to experts.
Ask Before You Buy
Some retail stores offer discounts to seniors on designated days of the week, while others offer a discount any time if you ask, said Tanya Peterson, consumer finance expert and vice president of brand at Achieve.
This includes public transportation systems, museums, restaurants, hotels, rental car companies, cruise lines, movie theaters, pet insurance companies, national parks and some state parks.
Peterson noted that not every establishment will advertise the senior discount openly, so get in the habit of asking.
“‘Retirees’ can fall into a wide age range, and so do ‘senior’ discounts,” she added. “Some start at age 50, 55, 60 or 65. Don’t assume it’s always 65.”
On the other hand, she said, some places you might expect to offer a discount do not.
“For instance, there are so many fit senior skiers at some major ski resorts that they no longer offer a discount — or at least not until age 80. Again, ask, don’t assume,” she said.
In addition, she said that for some starter lists to give you an idea of the breadth of discounts available, check the AARP and Senior Living websites.
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Sign Up for Loyalty Programs
Enrolling in store loyalty programs can lead to significant savings over time.
These programs often provide exclusive discounts and coupons and earn points that can be redeemed for future purchases, according to Neal Shah, founder and CEO of CareYaya, adding that some notable loyalty programs for retirees include Walgreens Balance Rewards, CVS ExtraCare and Rite Aid wellness+.
“By implementing these frugal shopping strategies, retirees can stretch their budgets further and enjoy more financial peace of mind during their golden years. Remember, small savings can add up quickly, so don’t hesitate to take advantage of every opportunity to save,” Shah said.
Compare Prices Online
Another way to save money — especially before making a significant purchase — is to take the time to compare prices online.
“Websites like PriceGrabber, Google Shopping, and Amazon allow you to easily compare prices from multiple retailers, ensuring you get the best deal,” Shah said. “Don’t forget to factor in shipping costs and any available online coupons.”
Buy Generic or Store-Brand Products
When it comes to groceries and household essentials, opting for generic or store-brand products can lead to substantial savings without sacrificing quality, said Shah, who added that many store-brand items are manufactured by the same companies that produce name-brand products, so you can often get the same quality at a lower price.
And as Achieve’s Peterson said, store-brand groceries can cost 40% less than brand-name items.
“So, for example, a couple that spends $200 a month on name-brand groceries could save $80 every month.,” she said.
Shah also recommended taking advantage of free samples and trials as these offers can help you save money on items you might need, while also allowing you to test products before committing to a full-size purchase.
“Look for free samples at department store beauty counters, or sign up for free trial offers online,” he said.
Shop Around for Exercise Classes and Gym Memberships
According to Peterson, if you have a Medicare Advantage plan or regular Medicare and a supplement plan, you likely are able to receive a huge benefit in all kinds of free, no-strings-attached memberships and classes in everything from dance and yoga to strength training and Pilates.
“While some may be seniors-only offerings, most are just no-cost benefits at clubs and classes with regular members and attendees,” she said.
Join a Warehouse Club
Retirees may overlook them, but many things don’t come in large quantities and don’t perish easily, Peterson said.
“And there are many ‘individual’ and multipacks of food options, with more and more organic choices. It’s smart to split up goods with family, friends or neighbors,” she added.
Avoid Prime-Time Entertainment and Travel
Very often entertainment like movies and shows charge less money for matinees and nonpeak time performances, said Bobbi Rebell, CFP, founder of Financial Wellness Strategies and author of “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Be Everyday Money Smart.”
“Same show, lower price,” she said.
In that same vein, retirees have the freedom to travel at nonpeak times and are more flexible about dates and schedules. By booking off-season flights and hotels, or even last-minute trips, retirees can save a lot on travel.
Price Check Medical Procedures
Another way to save a lot of money when it comes to health matters is to find out the cost first if you have a significant procedure approaching.
“Check with your doctor to see if there are options for where they can perform the procedure, and then ask about pricing from each,” Peterson said. “It’s also smart to get a second opinion – on both cost and care.”
Most insurance policies cover the cost of a second opinion provider appointment, but check with your insurer first, she added.
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