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20 Ways for Seniors to Easily Save Money – Part 1

20 Ways for Seniors to Easily Save Money – Part 1

While it has already been almost half a decade since the economic crisis ensued, it is quite clear that people’s lifestyles are not what they used to be, and instead almost everyone has chosen (or has been forced to choose) to live a frugal life. In fact, saving money has went from being something merely necessary to being almost mandatory for anyone with hopes of having a comfortable financial future.

And of there is one kind of citizen that definitely has it harder when it comes to savings, it is senior citizens.

Because of that, in the next four entries in this blog, we’ll take a look at 20 different ways in how seniors can start saving in a relatively easily manner.

Let’s start:

1. Go Shopping for New Medicare:

One of the most common mistakes made by seniors when shopping for Medicare coverage is to think that last year’s coverage is the best deal. This is equivalent to thinking that personal loan interest rates of last year are the best. The truth is though that every year health reforms bring in several changes that immediately affect Medicare policies, and its prices. So make sure to find out when next year’s open enrollment for Medicare coverage starts and apply for it instead of going for this year’s plan.

2. Shop Only Once a Week:

Constraining your shopping to once a week will not only limit impulse purchases, but most importantly, it will force you to plan your needs and requirements a lot better, which in turn will allow you to cut down on both your home and transport expenses. If necessary, you could get a small personal loan that could allow you to do some shopping for the entire month if possible.

3. Don’t Settle for High Interest Rates:

Another grave mistake made by seniors when acquiring a personal loan or other financial aid is to think they are already getting the best deal just because they are seniors. Nothing could be further from the truth though. In fact, a lot of banks and lenders take advantage not only of seniors, but of just about anyone who comes for a personal loan by always offering them the highest interest rates from the start. What few people (including Seniors) know about is that by negotiating and bargaining, they can bet far better deals. Even if you have already acquired a personal loan and you have debt outstanding, you are still on time to go and negotiate a better deal for your personal loan.

4. Consider Refinancing Your Mortgage:

While refinancing a mortgage or a large personal loan usually is uncommon, with the current value of home loan rates (which are at 50-year lows), you might want to seriously consider refinancing. If you do, always keep in mind how much that will cost you and how longer you plan on keep living in your home. Do the same for personal loans, since the current state of the economy provides the perfect excuse to bargain for better loan terms.

5. Choose Annual Payment Whenever Possible:

If you think about it carefully, there are a series of payments that you can take care of annually and save money while doing so. One of the most common examples of this are insurance payments, which offer sometimes heavy discounts if you pay annually. Some particular cases of personal loans are just the same, allowing you to save money by paying one large amount at the start of the year, saving the amount pertaining to the personal loan’s interest rate when doing so.

And there you go. Check back later and in the following days for the next entries in this series of how Seniors can save money.