7 Best Budgeting Tips for AARP Members

Seniors approaching or in retirement often have budgeting in mind to save money, but it’s not always easy. AARP members can take advantage of benefits and services that improve their financial well-being.

The organization for people ages 50 and older also provides money-saving advice to its members. Planning a budget may take some time and consideration. AARP makes it easier so members can spend and save wisely.

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Here are seven best budgeting tips for AARP members:

1. Set goals — Plan to save a certain amount each month or during the year, AARP suggests. Anything from $100 to $400 a month or $2,000 to $5,000 a year helps an overall budget. Tell friends and relatives about your plans to help meet the goals.

2. Financial planning — Services available to AARP members assist them in planning a budget for their particular needs and saving money in the long run. An exclusive investment service through TD Ameritrade offers planning tools for investment choices, cash or gift cards, and commission-free trades.

3. Automatic withdrawals — Withdrawing money from a checking account on a monthly or regular basis to automatically go into an investment account or toward debt helps people get used to living on a certain budget, AARP notes. It helps seniors stick within a budget.

4. Reduce credit card use — Use cash instead as often as possible. Credit cards make it too easy to spend, and seniors might end up buying things they don’t really need. Having cash on hand or going to the ATM to get cash gives people time to think about purchases.

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5. Dining and shopping discounts — Don’t forget to take advantage of the many discounts available through an AARP membership, which can reduce spending significantly. Members can get 15- to 25-percent off the menu prices at many restaurants, the Motley Fool points out. Shopping establishments, such as Family Dollar and Tanger Outlets, also offer discounts.

6. Auto insurance — Members also save on getting their auto insurance through AARP. Seniors save hundreds of dollars a year in some cases through the insurance program offered from The Hartford, according to Money Talks News.

7. Travel discounts — AARP members have reduced rates on hotels, flights, cruises, and rental cars to greatly help with their budget when traveling.

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