5 Ways Retirees Can Save $20 on Everyday Essentials

After you hit retirement, you’re usually watching your cash flow. With not a ton coming in, it’s important to find places to cut corners in a way that’ll pad your pocketbook without feeling like a sacrifice.

Here are five ways retirees can say $20 on everyday essentials.

Read more about seven things you must buy at Dollar Tree while on a retirement budget.

Groceries are a big part of every household budget. That’s why it pays to plan ahead.

One of the easiest ways to save is by making a weekly meal plan. When you know exactly what you’re shopping for, it keeps you from buying things you don’t need, because you won’t make impulse purchases. If you’re disciplined about it, you can lower your grocery bill a lot this way.

Make a habit out of being on the lookout for coupons, both paper and digital. You can even try planning your meals based on your coupons!

Also try shopping at discount grocery stores, which often carry generic brands at lower prices but with comparable quality to name brands.

Speaking of grocery shopping — if you’re not already using rewards cards, now’s a great time to start!

All kinds of retailers have loyalty programs — not just supermarkets — and they’ll let you earn points or discounts on future purchases. It’s usually free to sign up for the cards, and then you can start getting savings on the purchases you’re already making. 

There are also credit cards out there that will give you rewards for the everyday spending you’re doing anyway. Look out for cards that have no annual fee and with a rewards program that makes sense for your normal spending.

These cards can earn you points, cash back or discounts that add up to big savings if you use them right. Just be sure to always pay off your balance each month to avoid interest charges –that could easily wipe out the savings you’re getting.

Prescription drug costs add up fast. Luckily, there are a few ways to make your medications more affordable.

First of all, talk to your doctor about generic alternatives to the medications you’re taking. Generic drugs can cost a lot less than their brand-name counterparts, and they work just as well.

Check if you’re eligible for Medicare Part D, which will give you coverage for prescription drugs. There’s also the Pharmaceutical Assistance Program, which, if you meet the income requirements, will help pay for your prescriptions. 

Shop around at different pharmacies to compare prices. A lot of times the costs for the same prescription can vary widely from store to store. Your pharmacy may even offer a discount program — or even $4 generics — for common medications that you’re taking. 

Your monthly bills, such as your cable TV, internet and phone, are all places where you can eke out some extra savings.

One often-overlooked way to save money is just negotiating with your service providers. You’d be surprised how often companies are willing to give you a discount or a promotional rate, just by calling and asking.

Let them know you’re on a fixed income and ask what they can offer you. If you have more than one provider where you live, find out what service costs from a competitor and ask if they can match it.

Also, be sure to take a look at what you’re paying for now and see if there’s anything that you don’t need anymore. Maybe you’re paying for premium cable channels or high-speed internet that you don’t really use. Maybe you signed up for Netflix to watch one show, and then you just kept paying for it.

Cutting back on these kinds of things will help keep your monthly bill down. 

Take advantage of the many senior discounts available. Restaurants, movie theaters and all kinds of other businesses offer discounts to customers over a certain age. Don’t be afraid to ask if a senior discount is available whenever you shop or eat out.

Some memberships like AARP will give their members exclusive discounts. The savings from this kind of membership can easily pay for itself over time. Always keep an eye out for special promotions that are targeted toward retirees.