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Older couple budgeting and thinking about how to spend less and live more

Live more, spend less in 2023

Tips on how to stretch your dollar to go further

From fruit and vegetables to fuel and energy bills, and everything in between, the cost of living has increased in the past year.

Here’s a list of smart tips to help you manage your money and stretch your dollar further.

Sign up for a seniors card

A Seniors Card, an initiative supported by the Government of South Australia, is an easy way to access discounts.

Deals and discounts are available for public transport, home and car insurance, cinema tickets, holiday accommodation and much more.

To be eligible for a seniors card, you are required to be 60 years or older, a permanent South Australian resident, and working less than 20 hours per week in paid employment.

Option to earn more

In September 2022, it was announced that Age and Veterans Pensioners can earn an additional $4,000 in the 22/23 financial year without losing any of their pension.

This increase allows a wage of $11,800 before the pension is reduced.

The Federal Government introduced the measure to enable older Australians to work more and help ease the workforce shortages many industries across the country face.

Draw up a budget

It may seem basic, but a budget helps create financial stability for both the day-to-day and long term. Creating a budget helps you define your short and long-term goals, decreases your chances of spending money you don’t have, and sheds light on good and bad spending habits.

Older lady buying veggies at the market, to save money

Smart supermarket hacks

Get better value by comparing unit prices on items at the supermarket. Unit prices break down the cost of a product into standard units of measurement such as per 100 grams for rice or per sheet for paper towel.

By looking beyond the headline price of an item, unit prices let you compare different brands or package sizes to make sure you’re buying the most economic option.

More retailers are now selling products that can be refilled, such as hand or body wash, which means you can save money and reduce the amount of environmental waste. Research has found that these products can deliver an average saving of 32% compared with buying another pre-filled dispenser.

Downsize your home

Downsizing to a smaller home, such as a retirement living unit, can mean less upkeep and maintenance costs and lower energy bills. It is an exercise in saving both money and time.

If you are thinking about downsizing to a more manageable lifestyle an ACH Group retirement living unit could be your next smart move.

This article was published in Good Lives Magazine – Issue 11

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