Let’s not mince words: if you’ve hit 60 in Australia and your super’s thinner than a Big Mac lettuce leaf, it’s time to wield the red pen and get ruthless with your spending.
Sure, you’ve earned a bit of comfort, but nostalgia won’t pay for your Flat White or keep the plumber from charging $90 just to lean against your wall.
Here are 11 tips to keep more dollars in your pocket without sacrificing your dignity:
Shop around for savings accounts and term deposits. Loyalty is lovely, but banks don’t reward it. Get online, compare rates, and if your current lender’s paying you less than the interest earned on a tray of lamingtons at a school fete, move your money.
Energy bills are the new villain, so get onto the comparison sites and switch if you find a better deal. Flicking the heater off is good, but flicking your energy provider may be better for your bank balance.
If your knees don’t bounce, why pay for extras that cover Pilates classes and orthodontics? Review your health insurance and axe what you don’t need. Ring up, haggle and remember that “over 60s” stretch further than most elastic waistbands.
The Seniors Card unlocks discounts on everything from train travel to steak at the RSL. If you’re not brandishing it like Excalibur, you’re missing out – and paying more than you should.
The supermarket duopoly loves your pension. Don’t let them have it. Use price-matching, shop at farmers’ markets for in-season produce, buy home brands and don’t be shy about asking for markdowns near closing time.
Download money-saving apps like “Frugl” for grocery bargains or “Get Reminded” so your insurance doesn’t quietly auto-renew at inflated prices.
That golf set gathering dust or those antique drizzle spoons? Sell them on Gumtree or Facebook Marketplace. Your kids don’t want them, but someone’s willing to pay – and that’s more money for pinot and holidays.
Never book without checking deals on the Travel at 60 website. We have deals to extend your travels further.
Coffee pods, pre-chopped veggies and next-day delivery? Nice, but you’re paying a premium for laziness. Brew your own, chop your own and embrace patience as a virtue.
If your home’s now echoing with the ghosts of school lunches, consider downsizing – or even renting a room to a fellow senior. Less space means lower bills (and possibly a friend who doesn’t leave socks everywhere).
You don’t need to bankroll the local golf club to stay active. There’s a universe of free events, walking groups and workshops for seniors. Make your local council’s website your best mate and try something new.
Bottom line? Saving after 60 isn’t about misery, it’s about outsmarting the system. Don’t let them fleece you because you have silver hair; fight for every last dollar, spend on what matters and never pay extra for a name badge that says “Oldie”.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.
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