12 ways to stretch your money on a tight budget
The transition to retirement is difficult, particularly when it comes to managing a fixed income. The good news is that yes, while it can be tricky to make your money go the distance, with a bit of planning it’s certainly not impossible.
And while there are plenty of ways to secure a reliable source of income in retirement like Equip’s innovative MyPension income stream, every cent that you can save adds up.
Based on the best money advice from members of the Over60 community, we’ve put together 12 ways to stretch your money on a tight budget. Follow this advice and we think you’ll be pleasantly surprised to see how far your money goes.
- Judy Valentine has a few tips for ways you can be smarter at the supermarket, “If I buy a frozen chook at Aldi and cook it in the oven at home I use a turbo oven. It’s heaps cheaper than a BBQ chook or pre-cooked smaller serves from supermarkets.”
- Sue Walshaw caters for her grandkids, “I buy snack packs of chips for the grandchildren cause they last longer and eat less. Smaller packs of chicken are good for just two of us.”
- Bernice Wuttke also espouses the benefits of clever shopping, “Scrooge is my middle name. I stock up when things are on special. I check the weekly brochures and write my shopping list.”
- Rob Smith recommends heading a little further out, “We are fortunate to be able to shop at a Farmers Market where we can buy most of our food and support local farmers. Any supermarket shopping is done at an independent store who also support local suppliers. If we ate seasonal food as much as possible without relying on imports, we would all be better off.”
- Michael Dwyer has sworn off bottled water, “For a resident of Melbourne to buy bottled water is the height of stupidity. I know that residents of other cities are not blessed with the water quality of Melbourne, but even they should have drinkable tap water.”
- Robyn Stokes says, “I do shop from a list and that saves heaps, only divert if your regular items are on special and whilst we all try to buy Aussie made the generics stretch the budget. I am managing to save a lot more by this method.”
- Lynne Clarke Carter has some tips for meat shopping as well as getting a better deal on utilities, Only buy meat when marked down or on special, ring up your gas and elect supplier to get a better deal, they want to keep you, so will oblige.”
- Wendy Coman recommends generic brands where possible, “I suggest that buying generic brands is a good idea, but please support Australian farmers and producers. Not a fan of losing our own brands. If you read labels and buy specials it can be done.”
- Mike Lippert believes you should take advantage of discounts and high interest accounts, “Get loyalty cards, but research before, have a linked online access account for your necessary back-up cash, an account that pays around the 3 per cent at present.”
- Avrina Woodyatt A'Bell says you should always be on the lookout for opportunities to take advantage of senior discounts, “Some stores don't offer discount but if you ask they will give you one. I have been given discounts in cafes, sports stores, smaller supermarkets even though they aren't listed in the book. Why not ask they can only say yes or no.”
- Shirley Stokes also adds that you can even use your senior discounts when travelling, “You can also use the senior’s card in many places in Europe. I've used in museums in England, France (very good discount) and buses in Croatia, among others.”
- Sylvia Harrison reminds us that you should, “Never be afraid to ask! I and my friends ask where- ever we go, because there are people who make excuses, or will always say 'No!' to anything which reduces their earnings. Got the card – use it!”
Do you agree with these money saving tips? Are there any that you would add to the list? Let us know in the comments below, we’d love to hear from you.
Equip manages $7 billion of investments for members working across a wide range of Australian industry sectors. This superannuation fund has been providing strong investment performance and has been a reliable provider of retirement benefits for over 80 years.
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10 foods you must stop buying at the supermarket