Here’s a Fun Way to Save More Money After 60

Do you want to save more money? We all do! Unfortunately, as we reach our 60s, most of us find ourselves having to make difficult financial decisions.

So, today, I would like to share an article from one of our guest writers, Donne Davis, on how taking the “spending challenge” can help you to save more money every month.

Come join us for a cup of tea (or coffee) and a chat. And, if you enjoy the show, please tell one friend about us today. Your support means so much to me!

Here are today's community questions.

Have you found any creative ways to save (or make) more money recently? We’d love to hear your ideas! Please join the conversation and tell one other woman about Sixty and Me today. The more the merrier!

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[amyvictoriamcewen]

Dear Margaret - I have started watching you every day, and feel that it is helping me so much. I suffer from terrible loneliness (my husband, with whom I used to do so many things) died 7 years ago, my career in Museums, which was exceeding stimulating & demanding ended; I now have financial problems. But I am finding that watching you is so very helpful. I will try the Spending Challenge or Spending Fast (as children, we used to give up treats for Lent!); I do save $5 Bills. I am going to try to sell my jewelry and things on Ebay. Thank you for doing this series. And I love your necklaces, especially the one you are wearing in this video. It is lovely! Be well and thank you for caring about us!!!

[nancyoppegard]

Margaret, Just watched your video on cutting back on spending.  I recently heard the term "No Buy Year" and have decided to try it with my best friend in North Dakota.  We thought we could save enough to do a quilting trip in 2020, so that is our inspiration.  We will make our individual rules, but our main purpose will be to not spend money on non-essentials like clothes, jewelry, shoes or cosmetics.  I pulled up my bank account for the past 60 days and added up what I spent at the grocery store, dining out, the dollar store and the thrift store...the 4 places that were hurting me the most.  It helps me to know just where my dollars were going and just avoid most of those places...or at least cut way back.  I hope everyone who tries this will have success and learn a little more about themselves.  Thank you for the video...it's a great subject.

[jocelynrose]

Thanks for your no nonsense advice & wisdom. I appreciate your videos & you being one of the few not full of yourself.

[karenlowes]

Not eating out for a month is our challenge! When I see the amounts we spend on lunches and coffee out, I realize we need this challenge. So far, so good!

[amandahunter]

A useful video. Thank you, Margaret. I had no choice but to do this when my ex left me, and left a mountain of debt that I hadn't known about and that he refused to pay towards. I also had to pay to divorce him, which lasted for 3 years. I was working full time and struggling to pay for all of it, so had to be really careful with what else I bought, even food. No treats at all for me. But it was a very interesting lesson in many ways. I managed to pay towards the debts and pay for my divorce as I went along and, after a year I was even able to save a little, something I had never been able to do when I was married. I'd lived all of my married life thinking my ex was better with money than I was, but discovered the opposite is true and he had been the spendthrift. I found it easier to organise my finances than I had thought, even though I was in a desperate situation. When I opened a savings account and put the first £50 in it, I felt absolutely thrilled. And, even though I am not working in the same job now, I have no debts and I've managed to keep saving ever since. I can also buy myself things and treats, and buy gifts for others, in an organsed way that really counts. It's a good feeling to be in control of our finances, and I think a 'spending detox' is a good way to get started.

[Teresa-K]

I've always been frugal with my money because I worked hard for it. I believe in saving. The money challenge may make one appreciate their purchases more and be more decisive in buying. BTW, you look lovely in your blue today with your different colored necklace. Think spring! It will be here soon!

[wildgemwizard]

I've never had the will power to save money. My vehicle broke down and I have to save to fix it. It needs a motor :(. So I have been making several changes. I've been a diet soda addict 12 cans for every two days for years. Saving approximately 40.00 a month. Now I drink water and i'm doing pretty good at it. Still have the temptation, but I have to stick to it. I also have cut down on my electricity bill. I make sure I turn off lights fans that are not being use. Set my heater at comfortable temperature in the winter and the a/c in the summer. So far we've saved over $30.00 a month. So I'm slowly saving to fix our car. It's gonna be a long time before I save $3, 000. I don't think about it much cause I'll cry. Just keep saving is all i can do.

[thatmarionchickonyoutube]

Thank you for this video, I've never done this no spending challenge but this week I have vowed no online shopping from today until next Monday!!
I shop online way to much and I need to stop so this has helped me tremendously, thank you!!

[irinikalampoyia]

Hi, I just came across this video today and wanted to reply to your question. The thing that helped me to not spend and save money was to unsubscribe from Amazon and other favorite shopping sites. I also now dye my hair and do my manicures myself. Also, because of the pandemic, I realized that I really did not miss so many things that I would do daily that required spending money. The only thing I missed was time with my children and grandchild.

[laruethornton]

Putting things on my wish list is as satisfying as actually buying, and when I go back and look at it later I either realize I don't really want it and delete it, or make a plan to buy it later.

[phyllishobson]

I can't recall which book I read to prompt me on this, but a few years back I did a year without buying any clothes or shoes. I had enough of everything, and usually purchase first from thrift shops, but decided to try this. I enlisted a few friends to encourage me, and gave them quarterly updates. It was so freeing in a lot of ways. I realized how much I just "stopped the mall to look" and would end up purchasing something, and even now I don't really go to the mall much at all. I am just 6 weeks from retirement, and will try this challenge as well. She is right that the confidence it brought was a great byproduct.

[patriciabarasch]

Have thought of this but never got around to it. Will be doing this for a week too. Have just bought weekly groceries and have a weakness to 'pop in' shop after work and, I admit, am an online shopper. You make it sound like a fun challenge Margaret with a sense of achievement at the end. A whole can do

[martha]

Thank you so much, great suggestion. I have thought before, wish you could 'buy' willpower! The discipline is a challenge but worth it.Would love to see your home sometime, or just the room you are in, looks so nice.

[davidjenson]

Very well said and we all have too much already taking a break is the answer .

[coettahannah]

I did a no spend month in Nov. 2019, for first time. It was pretty easy. Shopping doesn't being me pleasure if I don't need them items . But, traveling does, but that's expensive when o es retired. I enjoy your videos.

[pearlwalden]

My weakness was going to take my laptop or tablet and go to a coffee place to drink coffee and relax once a week. I cut that out because the pastries were a temptation too. It was a challenge for me at first and then I decided to go a week without going and then I found I could do it for another week. I found I have a strong will power to stop spending money when I need to.

[eileentarrant]

Hello again ..I watched your video yesterday and inadvertently sent for two bottles of the vit C serum luckily they sent me an email, so then I had to figure out how to cancel one, which I hope I did right ( still learning ) So this click and buy is sometimes too easy xx ET

[GinaStanyerBooks]

Oh yes, this is such an important topic. I feel so grateful that was able to learn this when I was young (I'm 49 now) - but it was tough. Now I often go for a week without spending and I don't even notice it any more. Spending money is just not a habit for me any more. I had to stop subscribing to magazines and lifestyle blogs that MADE me want to buy. Sometimes I still look at them, but it is rare. It is so much easier if you aren't getting that stuff crammed into your brain every day.
Thanks, Gina

[angie]

Great video..yes I've tried this but only for a few days. My weakness is eBay ! The other thing I do is a partial fast for 16 hrs and I do feel quite
smug with myself that I've managed some discipline in not eating so much ! I'm from UK .

[carrienecas]

excellent video! thank you Margaret....I love all your videos!! Im going to take this spending challenge do buy alot of things I do not cause Im bored.