11 ways to save money while on the pension

It can be hard when you’re on a pension to see people your own age having fabulous trips and travelling all over the world without looking like they ever say no or “save up”.

Some people seem to have it all and while you wish you did too, the reality of life is with you every day.

While the pension doesn’t seem like a lot of money (because it isn’t), there are ways to save every week so that you can enjoy life and make the most of your 60s and beyond.

Here’s 11 awesome and clever tips to save money in your everyday budget.

1. Pay your bills in advance – put whatever you can a week towards your electricity or gas bill, even if it is $5. You’ll be surprised how far ahead you may get. Another idea for bills is to have an account especially for them where your direct debits come out of. Add you your yearly expenses and divide by 26 (how many times you get the pension).

2. Grocery shop either around 8am or 5pm to take advantage of mark downs in the supermarkets at the end of day – supermarkets are well known to use these times of the day to mark down fresh produce, which you can freeze if you’re buying in bulk or may not use it straight away. Items like bread, meat and fruit are all cleared that this time, as is fish and deli items.  

3. Get rid of the car if you don’t need one – if you live close to shops and your relatives, and only drive a few days a week, it could be a good idea to get rid of your car and in turn the added expenses that you obligate yourself to. It may feel like you’re getting rid of your independence but in actual fact you will get more money to spend on things you enjoy.

4. If you need something, buy it secondhand – Gumtree and eBay have millions of items ready for you to purchase at a great price, and some even for free on Gumtree. You can get awesome deals on things that have barely been used.  Our throwaway society can well and truly benefit you with nearly new items. 

5. Find a side gig – if you are really doing it tough, why not starting doing something you love and get paid for it? Write a book, start a blog, sell your goods at markets, or set up a dog walking business, do some babysitting! This small amount of extra income will get you close to your goal.

6. Stay away from restaurants – restaurants are an easy target if you want food and now. If you want a great meal, why not have friends over and everyone brings a plate? Plan your meals in advance so you can only buy those ingredients and freeze anything you don’t eat.

7. Look for and use coupons and discounts – there are plenty of great coupon sites such as Groupon that allow you to get discounts off every day services and products. A good habit to get into is to Google search the shop you want to go to and see if there are any special coupons you can use before you go. Smart phones are useful in that you can find a voucher then display it on the screen to the attendant. And don’t forget to use your Seniors Discounts. 

8. Take advantage of free activities and events – free activities are everywhere…you just have to find them and keep your eyes open. You can have a whole day out for absolutely nothing in every state in Australia. Google search wherever you are and look up event listings.

9. Sell up – let’s face it: as we get older, we accumulate more stuff, some of it we don’t really need. We bet there’s at least 10 things in your house that you could sell and earn yourself some cash. Why not hold a garage sale or even sell your items on Gumtree? It’s free.

10. Sign up for free customer rewards programs – many retailers want you to sign up to their rewards programs for free and they will reward you with coupons and so forth.

11. Make your own gifts – it seems so easy to buy a readymade present for everyone in your life but if you have a big family, it can get very costly. So why not make presents? Pinterest has thousands of ideas for making cheap, heartfelt gifts. This can include cards as well, which your grandchildren will love.

Do you have any other pension-saving tips to add?