Are you a senior living on a predetermined budget? Budgeting in retirement can be a challenge that gets harder the older you get due to increased spending requirements related to medical expenses. What you may not have wanted to do before is start claiming your Senior discounts, but now may be the time to start saving a bundle by doing so.
Learn to Ask
Too often price haggling is avoided by consumers in Australia. However, it is surprising how many low income people give up a chance to save a large amount of money simply because it is not the convention of the day. Haggling in other parts of the world like China and India is seen as a survival skill. Without being able to reduce prices in these places your standard of living would be a lot worst and is the single largest reason why many western tourists are fleeced on items that locals pay only a fraction of the cost.
Yet, if you are 50 years or older you too are probably giving up part of your lifestyle simply because you do not want to ask for a “senior’s discount” – the fact that most companies offer a seniors discount. Your never really too young or old to start asking for a discount, as a senior, your hit rate will be high. Start asking for a senior discount on everything; coffee, travel, medication, dry cleaning, lodging, restaurants, everything.
Regardless of your financial situation, the more money in your back pocket the better – seniors who ask for discounts generally save 10% – 30% on most purchases.
Compound the Savings
If you were able to save 20% on purchases starting as early as 50 years old and were able to effectively save $1000 every year for 15 years at a 8% interest rate, this would equal almost $30,324 worth of savings, not including the yearly savings. This simple idea of taking the discounts that are already offered could actually be equal to tens of thousands of dollars over time, especially if you were to invest the savings for later use.
Yet even if you could not invest any of the savings, being able to save 10-30% of your annual retail purchases in a year could result in a quality of life difference.
There are senior discounts available at most retail stores and services. These discounts are either in a loyalty program, assigned to a specific day of the week or available every day. Ask wherever you shop to start getting real savings on every purchase.
Don’t forget you government issued Seniors Card and the different benefits you may be entitled to from Centrelink.
Other businesses offering discounts include restaurants, hotels, car rental agencies, and many more. Every time you need to pay for something get in the habit of asking “What is the senior’s discount?”
Overtime you will know exactly where to shop or go to get what you need at the best price. This is important for those who really need to watch their budgets closely – it can also be fun.