This article “10 Budgeting Tips For Seniors” is here to show you a few tips on how to keep more of your money in your pocket. Why would you give anyone even $1 extra dollar if you do not have to. Let’s not waist any more time, so here we go.
1. Senior Discounts
This one can safe you thousands! Most retailers, restaurants and every other business you can think offers Senior Discounts. This will be a few dollars here and a few dollars there but over time this will be one of your biggest saver. NEVER BE SHY TO ASK FOR AN SENIOR DISCOUNT!
2. Set a Budget
If you talk to any finical experts, this will be there first recommendation. Set a Budget for your food, entertainment and other expenses. This way you can track how much you are spending and where the money is going.
If you make a list before going shopping you will spend less money on stuff that you really don’t need. This is not a just 10 Budgeting Tips for Seniors, this is a Tip for everyone.
3. Insurance Shopping
When it comes to insurance, we can be talking about hundreds per month. For example; I have clients that call me often who have Medicare Supplement plans to review them. You have no idea how many times those people are paying let’s say $275 per month and the same plan is available from another company for $175!
This is not uncommon at all. Then you have people who are paying for a Medicare Supplement but an Advantage plan with $0 per month would work for them the same.
Life Insurance is very important to have, but I have clients that were paying let’s say $125 for a $20,000 whole life policy and I was able to find them the same coverage amount for $60 to $80.
You would not believe how many people are overpaying for insurance products but the same applies to car insurance and any other coverage you might have. It’s so important to shop around!
4. Electric, Cable, Phone, Water etc...
When was the last time you called your Electric, Cable, Water, Phone company to ask them if they have any new Senior Discounts? All of these companies offer senior discounts of usually between 5% to 20% off services. Some of these companies have program specifically for seniors.
If you are a snowbird and you live half the year up north and summers down here, you need to be on a snowbird plan where you only pay a few dollars when you are not in town. They will not offer anything for free, YOU HAVE TO ASK!
5. Veteran Discount
This of course only applies to you if you are Veteran but in addition to your Senior Discounts you can add a few more percent if you are a Veteran. Never be ashamed to ask for you, You earned it!
6. Join AARP & Other Groups
These organization have usually minimal cost to join but the value you get is big. The American Association of Retired Persons (AARP) is an excellent organization that helps seniors balance their budgets with discounts on hotels, insurance and food.
If you don’t like them, there is other like them out there you can join. Join your local Seniors Groups to find out about activities and savings in your local communities.
7. Sell Your House
I know this one might be new to you but if you still live in a big house that you actually don’t need, sell it. Most people in retirement want to have time and freedom to enjoy life. Keeping up a house cost a lot of money, if you live anywhere in FL where I am you will find active senior living communities all around.
These are mostly condo’s and you don’t have to keep up on anything. Maintenance and everything else is usually included in a HOA monthly fee. You don’t have to worry about the roof or anything, you can just enjoy retirement.
8. Pay Annually Or Quaterly If You Can
Most Insurance companies, service providers and other organization will give you a discount if you pay for the services in full or on a yearly or quarterly bases. Monthly payment cost companies money to process so they rather give those saving to you if you are willing to pay them accordingly.
For example; In my case if I pay for our car insurance monthly it’s $220 but If I pay for the whole six month’s, I save over $150.
9. Don't Buy Movies & Books
The library remains a great way to save on books and movies. If you’re comfortable with eBooks and streaming videos, check to see if your library has digital lending.
Many have started offering this service so if you have problem leaving your house, you can still have access to everything. Books are not cheap if you buy them in the store but they are free to borrow at your local library.
Don’t forget about other senior services that libraries offer, they have great gatherings and activities all week long.
10. Apply for Medicaid & Other Government Programs
Even if you don’t need Medicaid, there may be programs available to help you with other needs. You can apply for a budgeting program for utilities, have a contractor visit your home to install energy saving items like CFL light bulbs or weather stripping, or just get a few tips on making ends meet on Medicare.
There is a creazy amount of goverment programs for seniors that seniors don’t know about. They are not advertised anywhere, you have to apply to find out about them. Some people think that they make to much money to qualify for anything and that might be true but all program have partial qualifications too.
That means you might not get full help but only partial. APPLY BECAUSE THE WORST THING THAT CAN HAPPEN IS THEY SAY NO! And if you have applied before and you were denied, apply again because the requirements every year.
Thank you for reading my article “10 Budgeting Tips For Seniors”.