Financial Tips For Seniors

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Saving money is a concern at every age. Seniors are particularly at risk of going into bankruptcy.

financial tips seniors

The following tips are designed to help seniors put some extra cash away for a rainy day:

Opt for one shopping trip per week

This will help you curb the impulse to spend on unnecessary purchases. It will also reduce your car expenses and encourage you into meal planning.

Mortgage refinancing

Home loan rates are at a 50-year low. Refinancing may be a viable option for you. First consider how much will this new rate cost you? Divide this figure by the number of years you are planning to stay at your current residence. Then consider how much your monthly payments will decline if you opt for a lower mortgage rate. If you only have a few years remaining, find yourself a new mortgage lender or bank right away.

Pair up with a friend or relative for groceries

When it comes to purchasing food, buying in bulk is always cheaper. You will save money buying in bulk and splitting the item.

Public Transportation

If possible, use public transportation. It is more economical and will save you car maintenance and petrol expenses.

Avoid purchasing books and movies

The library is stocked with books and DVDs you can rent. Many libraries also offer digital lending.

Avoid late fees

Try to pay all your bills on time. For online payments, you can avoid overdrafts on your account by setting up recurring bill payments. That way you don’t have to worry about missing out on a bill payment.

Unplug unused appliances and devices

You can save a lot of money on your next power bill if you unplug all devices that are not being used. You should also be mindful to always turn the light off each time you leave the room.

Opt for generic brands

This is especially true of prescription and over-the-counter medications. Food stores also carry in-house or generic brands which are far more economical (and taste the same) as branded items.

Look for seniors discounts

Most places offer seniors discounts on particular days i.e. Tuesdays. Try to shop at those stores on days when that seniors discount is applicable. The usual discount rate is 10%.

Opt for a cell phone OR a home phone, not both!

Do you really need both types of phones, especially if you tend to stay at home most of the time?

Run a full load

If you have a dishwasher, washing machine and or dryer, try to avoid partial loads. It is a waste of electricity and detergent, not to mention money.

Choose water over soda

Soda is not only bad for your health but can also run up a bill. Changing your soda habit will prevent unnecessary weight gain and save money.

Create your own greetings cards

Greeting cards can run up a bill. Making your own personalized ones is not only creative but it will be much more appreciated by the recipient.

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