Secrets of Single Senior Savers: The Financial Wisdom You Need

Life is a journey and many unexpected things can happen along the way. For these four women, becoming single during their later years reinforced their frugal lifestyle. Here, they offer up their financial wisdom on travel, secondhand shopping, and how to get entertainment for free.

“I won’t pay someone to do what I can do.”

Meet Deborah DeHoff, she’s a 52-year old financial planner who got divorced at the age of 40. During DeHoff’s upbringing money was pretty tight, and her family often didn’t use the heating to save money. Each day she woke up to milk the cows and bale the hay.

“I vowed that my life would not be that way as an adult,” says DeHoff. And, she’s worked hard to make sure it isn’t. In fact, she’s now certified financial planner and owns 10 acres of land in Elkhart, Indiana. She lives on her land with her pride and joy, her two horses, Monster, and Sophie.

After DeHoff’s marriage ended, she started thinking on her feet and convinced her employer to help pay for a college degree. This move let her switch from part-time work to full-time, boosting her paycheck in the process.

However, her prudent ways still run deep. “Frugality is a lifestyle,” she says. “You have to make a conscious decision about every last thing you spend on.” DeHoff accesses everything she needs from her local library, not paying a single dime for things like internet, books or movies.

Her best tips include:

Cut your own lawn. “I won’t pay someone to do what I can do.”

Shop with a list, and don’t stray from it. “If I need black pants, I don’t buy the blue skirt that’s on sale.”

Buy in bulk. DeHoff’s two horses are her only extravagant expense. But, she still allows buys in bulk to get their grain and hay at a discounted rate.

Keep a loose-change jar. Dump change into it at the end of each day; never raid it. When it’s full, make a savings account deposit.

Spend on what matters. For vacation, DeHoff decides to stay at home and spend more time with her horses. “I don’t even go to Starbucks,” she says. “Feeding the horses is more important.”

“Experience new places like a local, not a tourist.”

Next up is 77-year old budget-travel blogger Evelyn Hannon. Divorced more than 30 years ago, Hannon loves to travel and has set foot on all seven continents, despite being on a budget. She blogs at JourneyWoman.com and has been dubbed the ‘grandmother of women’s travel’.

Even though she can now afford some luxury travel, she still prefers frugal adventures. “The most fun you can have traveling is trying to live like a local,” she says. “And the great thing is that when you do, you invariably save money.”

Hannon began her travels during the 1980s when women seldom traveled alone. “I said to myself, ‘If I can travel on my own for 35 days and not die, it will be a metaphor for the rest of my life.’”

Her top budget-travel tips include:

Fly during the middle of the week. Tuesdays and Wednesdays offer the best fares.

Travel off-season. Try just a few days after major holidays.

Pack an e-reader, or borrow one. “Downloading guidebooks and reading material saves big cash.”

Consider staying in dorms. “In the summer, university housing can often be rented for a song.”

Don’t buy a cheap suitcase. Go for a top-quality one with good wheels. “It will save you money in the long run,” she says.