More times than not, mature women are surprised by how expensive life can be after retirement. Many don’t have a substantial amount of savings to help pay for the expenses retirement usually brings, such as traveling, gifts for grand kids, groceries, bills, Medicare, etc. It’s important for mature women like us to make the most of the money you do have. That way we aren’t scrounging for dollars by the end of the month.
The reality is that mature women live longer than their male counterparts, so it’s important that we manage our money wisely and save enough to go the distance.
Shopping for Mature Women
There are two main areas in your life where you can better your spending and grow your savings. As much as we women hate that men always make jokes about our shopping habits, they aren’t always wrong. Shopping can be a difficult habit to quit, yes.
But who said anything about quitting?
We need to be more aware of the deals we are missing out on when we shop without planning .
1. Couponing Apps
Planning out your purchases is the first step to becoming a savvy shopper, and one of the easiest ways to do this is by couponing. Now we aren’t talking about the old-fashioned paper coupons that we get in the Sunday paper. There are far more advanced coupons to take advantage of for that these days.
To use coupons, you’ve got to find them. Coupons are everywhere! The most convenient place to find them is on coupon apps. There’s an app for that? Yes! There’s an app for everything.
My favorite website on how to coupon and where to find the best deals is The Krazy Coupon Lady. You can also still find great coupons in newspapers, in magazines, in-store, and on products. However, the apps seem to offer the most useful deals.
Once you have your collection of coupons, organize them. You’ll thank us later. Go to the dollar store and buy a binder with a few gridded sheet protectors. An old photo album can work for this too. Divide your coupons into specific categories, such as cleaning, food, leisure, etc.
After you’ve organized them you can easily see how many of each type of coupon you have. From there, you’ll want to plan out your shopping list based on the types of coupons you have.
2. Buy in Bulk
Buying certain products in bulk allows you to save on each item you purchase. Whether you save $10 per item or 10 cents, savings is savings! However, you can’t just buy in bulk anywhere and anytime.
I’m sure you are familiar with Costco, and if you aren’t a member… you might want to consider joining. Costco has a great membership program that allows you access to some of the best savings in bulk shopping. This superstore has two forms of memberships. Both of which have a fair yearly fee. The more expensive program gives you greater rewards you with cash back after spending so much. When you join Costco, you get an extra membership card for another person, so consider going in with a friend to buy a membership which you can both use.
Another way you can buy in bulk is by keeping a look out for those random sales. Grocery stores, clothing stores, any store really, all have these special deals that you should definitely be taking advantage of. Many of these stores offer you the chance to join their email list so that you can advance notice of such sales.
Take Bath & Body Works for example. Most women’s favorite days at Bath & Body Works are their “Buy 1 Get 1 Free” days for their 3-wick candles. Don’t just buy one of their 3-wick candles when you know that they run their sales fairly often. Waiting for the sale days is a great way to take advantage of savings.
If you enjoy shopping from home, don’t worry – you can find similar deals online There are many websites that allow you to buy in bulk at wholesale prices. It might not be the first place that you think of for bulk buying, but Amazon actually has many products available for bulk order at great savings. However, be surey ou always, always, always read the description and specifications of the product. The images can sometimes be misleading.
3. Shop on Special Weekends
Many stores have regular sale events these days, and special weekends are some of our favorites. Most mature women dread entering the chaos of the holiday sales – including me! However, you can rake in crazy savings if you shop on these days.
The most popular weekends for saving big in-store are:
- Black Friday
- Tax-Free Weekend
- Memorial Day Weekend
If you’re like us and don’t want anything to do with screaming, tackling, and pushing, then you’ll particularly like Cyber Monday. Cyber Monday is the first Monday following Thanksgiving. In short, it’s Black Friday, but online. We know – awesome, right?
Banking for Mature Women
The second big part of life that people miss out on saving money is the way they bank. It’s actually quite easy to make these changes to your banking style yet most of us don’t do it. It seems like a hassle to make changes in our banking habits, but the rewards are worth it.
The men and women of Wall Street know what they’re talking about. However, navigating the stock market can be a difficult process. Instead, invest in penny stocks. My favorite app to use for investing and trading penny stocks is Robinhood. This site allows you to trade stocks that are currently priced under $1.00. There are several videos on Youtube that you can watch to learn easy strategies for trading these penny stocks.
You can also invest in real estate. Investing your money in properties requires more work, but property appreciates over time and is a relatively safe investment. Later on it can generate a monthly income or a nice lump sum if you decide to sell.
5. Change Your Credit Card
If your current credit card doesn’t offer any rewards – change it. If you don’t have a credit card at all – get one! Credit cards are not only a great way to build your credit, but with the right card, it’s a great way to earn cash back. Some cards even reward you with things like miles and discounts.
Some examples of cards that offer rewards are:
- American Airline Advantage
- Capital One Quicksilver
- Citi Double Cash Card
- Chase Freedom
- Blue Cash Preferred Card
Because you are being rewarded for spending, having a card like one of these helps you make the most of your money. Research the features of each card to see which one will give you the most benefits for your spending habits.
6. Use A High-Interest Savings Account
Everyone should have some form of savings account, especially people preparing for a big life transition, such as retirement, buying a home, expending your family, etc. However, if you use a savings account that has high-interest rates, you’ll be able to grow your savings much faster.
When looking for a high-interest savings account you should compare banks. Nerdwallet published this great post that details some of the banks offering the highest interest rates. Be sure to check both online banks and credit unions as well.
7. Always, Always Budget
Budgeting is the key to taking control of your spending. Without realizing how much your spending, you will end up spending more on leisure items rather than necessary ones.
A few things you can do to help monitor and budget your spending is:
- Use an app. There are a ton of apps you can download completely for free to help with your budgeting. Some examples of apps that are great for budgeting are Acorns, Mint, and Wally.
- Write it down. If you’re like us and remember things better after you have written them down, then make a budget journal. Make a list of everything you have to pay for each month along with the amount. You should round up on the amount, so that at the end of the month when you have extra left-over money, you feel like you have saved more.
- Create a calendar. You can use the calendar on your phone or a paper calendar, whichever you prefer. If you use the calendar on your phone you can set reminders for when bills are due, and savings goals for each month.
Mature women are always trying to find new ways to save money. Implementing all or even just a few of these tips can help you make the most of your money.