Breaking down the popular money-saving tips for seniors

Finances are some of the biggest considerations to make when retirement planning. Seniors living in retirement communities may be searching for ways to cut cost corners, and while a number of online sites have posted tips to help save cents, older adults should take these recommendations with a grain of salt.

While a number of reputable sources list pointers from the pros, there are several money-saving myths floating around in cyberspace that seniors should avoid. Consider the following when determining what to do with funds in the future:

Bulk products: To buy or not to buy
While some retailers insist that bulk deals are in the consumer’s best interest, older adults should exercise caution when considering that buy-one-get-one deal. Seniors may want to consider taking advantage of these offers when they apply to non-perishable products, such as trash bags and toothpaste, but purchasing too much food may be more trouble than it’s worth. It may be tempting to get four bottles of orange juice because they are on sale, but in the long run, it’s worth it to buy one regular-priced drink and save your fridge space.

Cut ALL frivolous expenses?
When trying to save money, adults are encouraged to cut all non-essential spending at once to help build savings. However, Aging Care reported that this kind of activity can actually be detrimental to seniors in the long run, as they may be tempted to spend a large sum of money on one impulse buy down the road. Instead of cutting out all of the extras, adults should phase out frivolous spending over time, gradually ceasing purchases and moving toward only spending on the essentials. One small indulgence here and there won’t have a significant impact on the bank account, but frequent purchases may quickly eat funds.

The truth about free trials
Some companies offer free trials to people who wish to sample the offerings before they purchase them. Online magazines, retailers and subscription-based services typically provide a free month to interested parties, and while these deals may seem too tempting to pass up, fees can quickly sneak up. Seniors who do not closely monitor their memberships on these sites may be hit with a large fee when the trial period is up, especially since many of these businesses do not warn consumers when the end of their trial is coming near. Those who genuinely wish to sample services from these companies should write down the exact day they joined, and discover the exact day their free subscription ends so they can choose whether they would like to cancel.