You may have noticed that your habits and interests have changed as you’ve gotten older. More than likely, you exercise and participate in physical activities at a slower pace than when you were in your youth. Even the foods you enjoy today may be rather different than 30 or 40 years ago. These changes in lifestyle can make a dramatic change in the type of expenditures that appear in your current budget.
Don’t change anything except the way you shop
Shop differently. If you shop at grocery stores in which you aren’t normally seen at, like bulk food stores and low-cost groceries, you can often buy the same brand-name products you’re used to only at reduced costs. This type of cautious shopping is a great way to save money on your grocery bill.
Find low-cost food alternatives
You can easily cut down on your snacks by shopping more inexpensively. If you are used to spending $5.00 a day on a muffin from the corner store, shop for pre-packaged muffins at a low-cost grocery store and bring one of those to work with you each day. This is a way that can save you a ton on your grocery food bill. You can do this with snack foods very easily. Simply purchase inexpensive snacks at your grocery store when you do the shopping. Bring these snacks with you when you are likely to snack.
Makeover the kids habits
If you raised kids, the expenditures in your budget are probably significantly different today than when your children lived with you. Then, you probably looked for “family†discount packages for vacations and entertainment events. You probably purchased milk in a gallon container and kept a large supply of laundry and cleaning products. You probably cooked large meals with leftovers for one, maybe two, days.
Your medicine cabinet probably had lots of bandages and alcohol for those times when the kids scrapped their knees, as well as vitamins and cold tablets to keep them healthy and protected from viruses transmitted by their classmates.
But now that you’re older and the kids have flown the coup, it’s time to look at how to budget for the 50-something lifestyle for you and your spouse (or for you, if living alone).
Grocery choices
When purchasing goods with short shelf lives or expiration dates, such as milk, cheese and other dairy products, avoid getting the “jumbo†or “family-sized†container for your scaled down family of just you and your spouse. Generally, dry goods can last a long time, and you may be inclined to purchase the large bag or box of rice, cereal, and flour. However, if it takes you a very long time to consume the product once the container has been opened, that product can lose its freshness and original properties. For example, homemade cookies made with old, exposed baking powder will not rise as much as when the powder was fresh.
Energy efficiency
If you are retired or no longer working, you may have noticed that your heating and cooling bills are higher now that you are in the home over more hours per day. Therefore, you may want to acclimate yourself to slightly lower temperature settings on your house thermometer. If you have a timer system on your thermometer, you might adjust the time settings as well. In fact, if your equipment is more than 15 or 20 years old, you may want to consider upgrading or replacing it with a more energy-efficient furnace and air conditioning system. Sadly, the rate of prescriptions continues to rise. So, remember to include the cost of your medication, medical services and long-term care, when modifying your budget, also.
