The money tips you need to know as an over-60

If you’re a pensioner or you’ve lived on a low income, then you know what it’s like to watch over cent you spend.

While you mightn’t think you have enough money, there are actually plenty of ways to save every week so that you can enjoy life and make the most of your 60s and beyond.

You all see the get-rich-quick schemes but they aren’t always guaranteed to save you money. But we’ve found 24 of the best money saving tips that work and you might not have thought of before!

1. Rent out unused room 

Do you have an extra bedroom that’s not being used? Rent it out on a site like Airbnb or Gumtree. If you live near a popular or tourist area, doing so get you some nice pocket money.

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2. Make your own cleaning supplies 

Don’t spend money on expensive products. Here’s a streak free cleaning spray recipe, and a list of 5 other homemade cleaners.

3. Grocery shop either around 8am or 5pm to take advantage of mark downs

Supermarkets are well known to mark down fresh produce at these times of day. You can freeze cheap meats if you’re buying in bulk.

4. If you need something, buy it secondhand

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Gumtree and eBay have millions of items ready for you to purchase at a great price, and some even for free. You can get awesome deals on things that have barely been used.

5. Sell up

Let’s face it: as we get older, we accumulate more. 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 online?

6. Cut and dye your own hair, or go to the local hair college

If you want a cheap haircut, contact your local hair college – the students will give you a trim for a bargain price. There are supervisors present to watch the trainees at work. Otherwise, you can dye your hair yourself – there are plenty of online videos.

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7. Do a wardrobe clean out

By cleaning out your wardrobe, you can sell items you don’t need, or at the very least find other clothes to wear. Here’s how to make it easy.

8. Stop paying for convenience

Stop paying ATM fees because you can’t find your actual bank’s ATM. Stop paying for soft drinks, milk and bread at ultra-high prices at the service station.

9. Use the Gasbuddy app

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There is a new app called Gasbuddy that can assist you in finding the cheapest petrol, anywhere you are.

10. Glasses

Where we get our eyes tested is often where we buy our glasses. But did you know you could save a bucket load by taking your prescription elsewhere and shopping around? Websites like ClearlyContacts, 39DollarGlasses and Discount Optical have great deals on frames and lenses. If all else fails, the $2 glasses from the discount store are better than nothing!

11. Air conditioner

Did you know you can cut your electricity bill by switching your air conditioner to dry mode? This article explains – we wish we knew earlier!

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12. Cut down on food expenses by drinking more water

Over 30 per cent of Australians are chronically dehydrated, which can trigger a false feeling of hunger. Drink more water and see your food costs go down and your pant size.

13. Go on coupon websites before you shop

ShopaDocket, OzBargain and All the Deals are good places to start. Otherwise, simply Google “coupons for …..” or “discounts for …..”

14. Sharpen disposable razors

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Wait! Before you throw out that blunt razor, why not sharpen it? It’s as easy as running the razor along your arm in the direction of hair growth six or seven times. Alternatively, you can do this on your jean leg. One man online said he used the same disposable razor for years.

15. Go to the library

Libraries can often be ignored but they offer free books, internet, cheap printing, plus free hire of movies, games and they often have book clubs and activities.

16. Eat vegetarian meals

Save your wallet and your health by having one or two vegetarian meals a week.

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17. Call your insurance and ask for a discount

It’s really as easy as that. As a loyal customer, you deserve a discount and as they say, if you never ask, you’ll never know.

18. Put more air in your tyres

Fuel consumption can be impacted by how much air is in your tyres, and you can use a lot more petrol if you’re flat. Go to the servo every few weeks and check the levels.

19. Order water at restaurants

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It’s tempting to order a wine, beer or soft drink at a restaurant but the costs can add up. Try self control and just have a water.

20. Try eBooks

eBooks are often 50 per cent cheaper (or more) than hardcovers. Amazon and Booktopia have eBooks available and the best part is that you can read them on a tablet or eReader – no more lugging around a huge book. There are also millions of free eBooks online here.

21. Lower the brightness on your TV

If you lower the brightness of your TV, you can reduce your bill by up 40 per cent.

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22. Over the counter medication

Brands exist to compete with each other for your hard-earned money but if you’re buying branded medication over-the-counter, the generic product will do just as well. This includes Panadol or Nurofen – the $1 stuff at the supermarket does the trick.

23. Cups of coffee

Many of us are coffee addicts and love to drink one or two cups (or more!) a day. If you’re buying these at a coffee shop or convenience store, you likely already know how much it can add up. Instead, buy a coffee machine and buy your own beans, or go the easy route and purchase a pod coffee machine and some pods. The average price of a coffee is about $1.15 a cup.

24. Makeup

Women love to look good, but most of the time it costs a pretty penny. Makeup can cost a fortune but you actually don’t need to spend a lot – $20 is the most you should spend on foundation, with some great brands costing $15 and under. Scrimp on lip stick, nail polish, mascara, eye shadow and eye liner. You can buy all of these at the chemist or other cheaper stores. You won’t notice the difference but your wallet will!

Tell us, what’s your best money saving tip?

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.