Few issues have garnered more headlines in recent months than the
drastic events that are plaguing the nation’s financial institutions.
For seniors who might have lost some or all of their retirement nest
eggs, the unfortunate financial developments since late 2008 have
only highlighted the importance of surviving on a fixed income. Those
who may or may not have lost some retirement savings in the faltering
economy should consider the following tips for living on a fixed
income.

* Join price clubs at grocery stores and pharmacies. By signing up
for price clubs at neighborhood grocery stores and pharmacies, you’re
often making yourself eligible for sale prices on items without
having to scour the Sunday newspaper circulars and clip coupons.

* Buy select items in bulk. Buying nonperishable items in bulk can
also be a great way to save money. Many neighborhood grocery stores
now sell certain items, such as toiletries and paper towels in bulk,
and some even have aisles devoted entirely to bulk items. If the
neighborhood store does not, call around to the bulk stores that
require memberships and inquire as to the membership fees associated
with each. If the differences are negligible, choose the store that’s
closest to home to save money on gas and make trips more convenient.

* Don’t be skittish about senior discounts. While some seniors
might scoff at taking advantage of senior discounts, such discounts
are a great way to save money and making the most of them is nothing
to be ashamed of.

* Cook at home rather than eat out. Seniors don’t have to try new
restaurants in order to taste new cuisine. Visit the local library
and check out some cookbooks to use in the comfort of your own
kitchen. Limit trips to restaurants to special occasions.

* Invite the kids to your house. Seniors often can’t visit their
kids and grandkids enough. Unfortunately, if the kids live far away,
the cost of these visits can really add up. For seniors who live in
warmer climates, invite the kids and grandkids to visit during the
winter, offering a welcome respite from the cold winter weather and a
great chance to reconnect with family.

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