Like every other segment of the American population, seniors are facing tough times when it comes to stretching their savings. There are plenty of ways to reduce senior spending, however. Following are some important money saving tips to help seniors save money and weather the current economy.
11. Make a monthly budget.
This is the most basic, fundamental step, but it’s one a lot of people seem to forget. Just crossing your fingers, throwing money around blindly, and hoping you’ll finish the month in the black isn’t likely to work unless your last name is Rockefeller, Gates, or Buffett. A Fox personal finance article lists Federal Trade Commission recommendations for establishing a personal budget. You start by listing all your income for the month. Next, list your fixed expenses such as mortgage payments and insurance premiums. Third, list variable expenses such as entertainment and recreation. By identifying necessary expenses and prioritizing the rest, you can stay within your means and save money a lot more easily than you would without a game plan.
10. Cut down on going to restaurants.
You might be amazed at what you spend on restaurant meals. You could have made that $7 sandwich at home for a fraction of the cost—and it probably would have tasted a lot better. Enjoy fresh foods at home and know what you’re putting into your stomach. Look for weekly specials and buy plenty of fresh vegetables. Even if you’re not a polished cook yet, there are tons of recipes available online and no limit to what you can learn.
9. Check for senior discounts.
Ask merchants whether they offer them. Support establishments that offer discounted rates to seniors. After all, those establishments are facing a tough economy, too.
8. Don’t fall through the gaps in Medicare coverage.
Check out Medigap plans. Medigap can help protect you by covering Medicare-approved costs not covered by Original Medicare. Whichever Medigap plan you choose, it can go a long way toward helping you stay within your budget.