6 February, 2019
In India, retirement planning is still a term that is not commonly used, or applied. Most people are not aware of retirement planning and the various options that are available to people. They feel that it is just something that they should look into a year or so away from retirement. The truth, though, is that one needs to start planning for retirement quite early. This is how one can assure can a comfortable and independent living, once one is not actively working and earning.
The typical early retirement planning hacks include, planned and systematic savings, investments in mutual funds, SIPs, and life and health insurances, owning and paying off a house or vehicle debts early on before retiring. These strategies would be good to follow, even if you are assured of a pension and regular monthly income, post-retirement. Also, once retired, there are many savings schemes beneficial for senior citizens, as well as tax sops, which can be availed of. However, how can one make a rupee get more than what it does? Are there any ways in which we can spend wisely and earn and save as well? Read on, to look at some exciting hacks that can be easily implemented.
It may be a good idea to start using cards for most purchases, as most cards have loyalty points associated with it. Also, there are discounts provided on many purchases, if cards are used. If one is not comfortable using a credit card, one may also use a debit card, instead. Even using a credit card is not a bad idea, as you will always be to use it in cases of emergency, for larger amounts than possibly be available in the account and accessible through a debit card.
Cards can now be used for small as well big purchases, and even digital wallets like Paytm which can be used for very small purchases with the local sabjiwalla or the beachside juice seller, offer loyalty discounts. It may be a good idea to do thorough research into what offers the various cards are providing and then make an informed call about owning one. These can save you money and also get you more for your spend in terms of payback points which can be redeemed in many ways.
Many of the regular services like the cable/dish, phone, newspaper, magazines, and any other maintenance contracts, usually provide a good discount on paying annually. Hence, it may be better to opt for an annual payment on those, rather than a monthly payment mode. Even specific insurance policies offer you some benefits on paying premiums annually in one shot.
It is not necessary to purchase everything from supermarkets or brand stores. Many regular use items like vegetables may also be purchased from local vendors, at a cheaper rate. Also, many supermarkets too have loyalty cards, and this can also fetch you discounts. It is good to always believe in the policy that anything cheaper may be of lesser quality or vice versa. Some utility and household items are available in the supermarkets in their brand. It may be a good idea to try out such items, which may come at a cheaper rate, as against any well-known brand. In the long run, such purchases may also save you considerable amounts of money.
Also, many supermarkets like Big Bazaar, Reliance Fresh, etc., provide special discounts on certain weekdays, and usually the rates spike up on weekends. So, it is good to do regular purchases on such discount days. There are also many online retailers like Amazon, Flipkart, Big Basket, Grofers, etc., that also provide discounts on purchases. Even medicines can be purchased online with discount, and certain offline medicine shops like MedPlus offer a discount as well. If you are a member of any Senior community like Samarth, then too, you may be able to avail such discount through purchase options through them.
Cell phone connections
In today’s highly connected world, most telecom operators are competing with each other for survival and hence, providing cheaper services and more options to choose from. They are also giving add-on services and few added freebies. Thus, it may be a good idea to check out which operator’s offers suit your needs best and choose the best one.
Travel is undoubtedly cheaper for senior citizens, as discounts are offered by most airlines and Indian Railways on the regular ticket fares. While booking tickets, this needs to be considered, and the same can be availed with age proof. A few state government road transports also provide concessions for senior citizens.
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