9 Convenient Ways for Seniors to Cut Expenses
While it has already been four years since the country faced the economic crisis, it is still not entirely out of it. In fact, several families across the U.S are being forced to live a frugal lifestyle if they still want to live without concerns. Of course, some of the citizens affected the most by this are senior citizens, who increasingly have it harder to find jobs or who have not saved enough to make for a decent retirement. That said, here are 9 different ways in which you, as a senior citizen can start saving considerably more.
1. Look and shop for new Medicare:
One of the most common mistakes that owners of Medicare tend to make is to think that last year’s coverage will be just fine for this one. But in fact, health reform has changed dramatically, which in turn has affected both Medicare’s policies and prices.
2. Try shopping only once a week:
One of the most harmful habits that people has is to shop impulsively and to do so many times a week. Instead, try to make a comprehensive list of what you really need and go out to get it with the necessary amount of money just once a week. Planning your weekly expenses this way will really help you.
3. Always look for lower interest rates:
If you have always been punctual and have paid all your debts, then you have all the reason to benefit from lower rates. So, if you are planning of getting a new personal loan or a credit card, this is the perfect opportunity for you to get lower rates on your payments.
4. Seek for a mortgage refinancing:
If you are a senior and are still paying for your mortgage, this is the time to start looking for refinancing, since the rates are at a 50-year low. So it is time to renegotiate your mortgage even if you only have a few payments left. You will definitely benefit from the new rates.
5. Make annual payments:
Insurance and several other services that you tend to pay every month can be negotiated to be paid annually. This allows you to better organize your finances before the end of the year comes and forget about some important bills all year round.
6. Go shopping with friends:
When you create the shopping list mentioned above, make sure to make the trip to the market with a friend or neighbor. Not only will you have a nice time shopping with some company, but the main purpose of this actually, is for you both to save money by getting items of larger sizes and splitting them between you two.
7. Travel with friends as well:
In the same line the saving that you can achieve by going shopping with friends, every time you go on an errand or small trip you have a great opportunity of saving big time by taking a friend along who is willing to share expenses. Both have a great time at half of the price!
8. Skip on buying films and books:
The Internet offers several alternatives for reading and watching movies for free, so it makes sense for you to avoid buying movies or books completely. Most libraries also lend users digital copies of their favorite books.
9. Never be late for your payments:
Have a list of when all your most important payments are due and be diligent with them. If possible, use online bill payments so you don;t even have to worry about remembering a due date.