14 Ways Seniors Can Reduce Their Monthly Expenses During These Tough Times

In today's world, it has become more important than ever for seniors to save their hard-earned money.

The average Social Security check in 2022 is less than $1,500 before taxes. That adds up to less than $17,000 per year and it's not enough for most people to live comfortably these days. 

2022 is an expensive year and it's not easy for all those hard working seniors that are getting prepared to retire. The costs of healthcare, housing, utilities and even food have all skyrocketed.  

It is an unfortunate time which is why we've compiled this long list of the best ways that seniors can save money and make their retirement last longer!  

Check Out Our Top Savings Picks For 2022 ⭐️⭐️⭐️⭐️⭐️ 

1. Explore All Restaurant Discounts

Some of your favorite restaurants may offer senior discounts:

  • Denny's: 55+ special menu with discounted prices
  • IHOP: 55+ breakfast sampler, discounted deals for seniors
  • McDonalds: Beverages- including coffee is discounted at participating locations
  • Dairy Queen: 10% off at participating locations
  • Subway: 10% discount
  • Outback Steakhouse: 10$ off for AARP Members

2. Examine Your Social Security Payment

Understand your benefits. Remember that your benefits are based off the average of your 35 highest-earning years. You'll be surprised how often these calculations can be wrong. Don't let this impact your retirement. 

3. Seniors Could Get $309/mo+ off Their Mortgage Thanks to a "Much Needed Stimulus"

Seniors can save $309 per month on average, thats $3,708 each year, by taking advantage of the what is being referred to as a "Much needed stimulus."

If you could benefit from an extra $3,708 it is important to check eligibility today. Click below and enter your zip code to find out how much you could be saving.

4. Retail/Entertainment Discounts

  • Kohl's: 15% every Wednesday for seniors
  • Ross: 10% off every Tuesday for seniors
  • Ace Hardware: 10% off at participating locations
  • Amazon Prime: Discounted membership with proof of Medicaid card

5. Homeowners are Switching Their Home Insurance and Doing This Instead

Still unknown to many homeowners is a brilliant new website being dubbed as "The Amazon of Home insurance" that could benefit millions of Americans and reduce their monthly payments significantly every year! You could bet the home insurance companies aren't too thrilled about losing all that profit and might secretly hope homeowners don't figure out how to use this site View Your Savings Eligibility Now »

6. Seniors Without a DUI Could Save $700+

Seniors are exceptionally safe drivers, and rarely get a DUI. If you've never had a DUI, you could be eligible to take part in what is being referred to as the "Sober Drivers Award Program." After checking your eligibility here you may be able to get a $700+ auto insurance savings.

7. Save on Your Utility Bills

Did you know that most utility companies offer some type of discount to seniors. Depending on the state, you might be eligible to receive a discount on the majority of your utility bills.  

The only caveat is that you have to ask! These discounts are available but you have to call and apply.  

8. Americans Age 65+ Are Using a "Medicare Flex Card" to Help Cover the Cost of Groceries

Cost of groceries covered? It's true! Americans age 65+ are so grateful for the new "Medicare Flex Card." It could help cover the costs of groceries, medical appointments, prescriptions, and more. Just enter zip code below to check eligibility.

9. Homeowners are Saying Bye to their Electric Bills

Power companies are fighting a losing battle and they're blaming savvy customers who are taking advantage of massive government savings programs. More specifically, they are blaming Government Solar Incentives that are encouraging homeowners to use clean energy by reducing solar power projects to $0 installations. The days of high electricity bills are coming to an end.

10. Home Depot / Lowes Discounts

These major hardware stores offer discounts and offer you the tools to DIY home projects.   It is very beneficial to avoid major repairs by fixing them yourself.  If you're a handyman then you already know how much you can save by tackling some of these projects yourself.  

Check your local stores to see what type of discount you may qualify for.

11. Cellphone Plans Made for Seniors

Stay connected with family and friends at affordable prices.  Technology is advancing so fast and becoming more expensive each day.  Seniors can not benefit from these custom plans made specifically for them. 

  • Sprint - The unlimited 55+ plan offers special deals for Seniors
  • T-Mobile - The unlimited 55+ plan offers special deals for Seniors
  • Many cell phone retailers offer senior discounts on selected accessories.  Make sure to ask!

12.  US Citizens Can Now Get Life Insurance at Incredibly Affordable Rates

Will your family have enough money to cover a funeral and other expenses when the time comes? The average funeral costs over $10,000. A good life insurance plan could easily ensure that your family is able to afford final expenses, the mortgage, and other living expenses. You can make sure your loved ones are taken care of at an affordable cost. Special programs are now available which are allowing seniors to obtain high-quality life insurance plans for close to nothing. Learn how affordable life insurance plans really are today.

13. Join AARP: 25% Off Your First Year With Auto-Renew + Free Gift

Join AARP for just $12 your first year with automatic renewal, plus get a 2nd membership free for a household member! Whether members want to enjoy discounts on things like meal deliveries, prescriptions not covered by Medicare, and eyeglasses, or get resources and information on social security, jobs, caregiving, and retirement planning, AARP provides you with a wealth of opportunities to save money, play, learn and volunteer. And you'll get AARP The Magazine.

AARP even has a Rewards program to inspire you to learn, prepare and get ahead of whatever life has ahead. Become an AARP member to earn 50% more points on every activity and unlock members-only rewards like point-only deals, discounted gift cards and more.

14. Seniors Are Getting Massive Discounts by Bundling Home & Auto Insurance

$730 is the average amount seniors save when they combine their home and auto insurance. Most seniors end up overpaying for their home and auto insurance by using separate policies. Take this 60-second quiz to check your savings!

© 2022 seniorsavingssurvey.com. All Rights Reserved.

*Average savings of $3,250 per year (270 per month) from http://www.freddiemac.com/finance/pdf/RefiReport2013Q3.pdf

**homeowners who refinance from 30 year fixed mortgages to 15 year fixed mortgages can save up to $145,000. Further information: www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html.

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