Retirement & Finance – Tips for Saving Money

As part of Asian culture and values, one is often taught that saving money is of paramount importance and one should always save up for a rainy day. These practices and habits are inculcated from a young age in hopes that one gets wiser at managing finances.

For seniors who are approaching retirement or are currently in retirement, ensuring that one has sufficient coffers is of top priority. Having reserves to tap on in times of emergency or simply being able to retire comfortably is important.

For caregivers, learning how to effectively save money might be an area of interest as it can better help manage one’s financial burden. Caring for a loved one who is unwell or aged is not an easy task on all fronts – mentally, physically and also financially. Here, we share tips on how seniors can save money and how caregivers can help in this process.

Tips for saving money 

Be on the hunt for good deals

There are many perks and discounts for seniors be it for shopping, visiting attractions and also when dining out. These discounts, even though small, can go a long way in helping one save money. 

Here are some good deals seniors can take advantage of:

• The PAssion Silver Concession Card is an all-in-one card that entitles Singapore Citizens above 60 years old to concessionary fares, as well as exclusive benefits and privileges of a PAssion Card Membership
• Up to 55% off adult fares on train and basic bus services
• A longer crossing time at Green Man+ pedestrian crossings (click here for locations)
• Member’s rates at Community Centres and PAssion Wave outlets
• Earn yuu Points by tapping your linked PAssion Card at 7-11, Cold Storage, CS Fresh, Giant & Guardian
• Exclusive offers for PAssion–CapitaStar Programme
• Discounts at over 1,500 PAssion / PAssion Silver Merchant outlets
• Complimentary National Library Board (NLB) Partner membership

Do budgeting 

Keep track of your expenses – This might seem self explanatory but how to effectively do it plays a part in helping one save money. (1) Use a budget or expense tracking app to get a sense of how much you’re spending a month (2) bucket your expenses into different spending categories (3) set a budget (4) identify spending categories to cut down on to fit the budget. 

If you need help, there are various sources of which you can obtain help – from your family members to your financial advisor. Or simply make use of the myriad of resources online – check out this article on financial planning here.

How can caregivers help?

As a caregiver, budgeting becomes even more important as caregiving might be expensive especially if one has to give up their job to perform caregiving duties. Taking care of a loved one is not easy on many fronts, and especially on finances. Without sound financial planning, you’ll run the risk of draining your coffers. Check out this article on pre-planning in the caregiver journey here.

As a caregiver, it is key to involve our loved ones in the process. Oftentimes, our loved ones might be unreceptive to our “financial advice” as they previously might have managed their money in a way that works for them. 

It is not only important to involve them in the budgeting process, seeking their opinions on how they want to budget their money (as it is ultimately their money) but also to empower them with the knowledge on how to. One might be adverse to the idea of others teaching them how to budget and track expenses as they might not know much about this topic and thus creates general discomfort. By sharing the rationale on how to approach this, one might be more receptive towards the importance of sound financial planning and thus better manage their finances. 

Conclusion

Generally in Asian societies, the habit and importance of saving is often emphasised upon from a young age. Despite this, learning how to effectively save money is actually more important and even more so for seniors and their caregivers.