It is always better to save money so you can have something to use on emergencies. Retirees and old people sometimes just rely on their monthly pension and they do not find ways to save money anymore. Hence, they always end up taking payday loans which would then become a big debt because they do not have a fixed income to repay the said obligation. Also, old people must think about medical services that they might possibly undergo and it would cost a lot of money. Retirees can save money even at home. They can clip coupons and use this to buy groceries. That way they can have savings for financial emergencies.
Also, they can cut back on their monthly utilities like internet, phone, cable, water, and electricity. They can have a lesser number of channels on their cable TV so they will have to pay a much cheaper monthly subscription fee. They can also cut back on internet subscription and just rely on mobile phone for communication. That way they can save money and they can deposit this money into their savings account for the rainy days. They can also obtain health and life insurance so they do not have to pay anything when they get sick. Also, they can use the premium expense as tax deductions so they will have to pay lesser taxes year after year. Further, the money that they can save can also be used for holidays. Old people should go on holidays and enjoy the money that they have earned in the previous years while they are still working.