Eight Smart Shopping Tips for Retirees
A financially secure retirement involves more than building a substantial nest egg. To maximize each dollar, it also requires adapting long-time spending habits to a retiree’s new way of life.
Adjusting to this new normal isn’t always easy, especially when a little retail therapy is a tempting excuse to get out of the house.
1. Create a Budget
Reconsider your priorities, including the possibility of scaling back to a more affordable lifestyle. List essentials and factor in the unexpected—like car repairs—and then calculate your disposable income.
2. Stick to Your Shopping List
Many stores are designed to encourage impulse buys. En route to the paper towel aisle, consumers may pass by enticing items, landing at check-out with unplanned purchases like a new television.
3. Beware of Bargains
Retailers lure in bargain hunters with the “great deal.” For retirees on a tight budget, discount havens such as dollar stores may be treacherous—everything is so inexpensive that it’s a license to stock up.
4. Don’t Confuse Socializing with Shopping
Retirees who feel isolated may head to the store to socialize. Instead, consider more rewarding options that are free—volunteer in your community or join organizations that interest you.
5. Don’t Let Stress Drive Spending
Research shows that anxiety can dictate spending, prompting unnecessary austerity or impulse buys. This is especially true for retirees who tend to be more anxious than non-retirees. By following the 24-hour rule, you won’t end up with a budget-busting item that sits in your closet.
6. Avoid Making Shopping your New “Job”
Tracking down an item or best deal may provide a sense of accomplishment, but the more people shop, the more they buy.
7. Pick a Frugal Shopping Companion
Consider the kind of shopper you’re heading to the store with before inviting this person along. If your friend has expensive tastes, you may end up spending more yourself.
8. Know How to Spot a Genuine Deal
Not all bargains are a spending trap. By comparing prices online, you may find significant savings on everything from airfare to car insurance to housewares. And continue comparing while walking down store aisles. Check out a competitor’s prices on your smartphone, and show the clerk. Many retailers will price-match on the spot to win your sale.
© 2016 LPL Financial LLC. All Rights Reserved. The information contained herein has been prepared by and is proprietary to LPL Financial. It may be shared via social media in the exact form provided, in its entirety, with this copyright notice.
For more information, please call Householder Group at 661-297-7566.
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