Friday 14 February 2014

Cutting Back on Daily Expenses: Six Tips for Seniors

Living on a limited income seems to be par for the course for senior citizens. It may seem that everything costs much more than you anticipated when you were saving up for retirement, and the wasteful habits you had when you were younger seem incomprehensible. Seniors can save on daily expenses in a number of ways, and here are a few to get you started:

Renegotiate your power bill

Utility companies often have special offers or sliding scale fees for people on a limited income, and there's no harm in calling to see if you can get a better rate. Also make sure your meters are accurate so you're not getting overcharged. Taking steps to be more conscious about lights in the home and air conditioning use will also help you save a great deal of money.

Double-check your Medicare plan

You may be able to save big on healthcare premiums by making sure you're on the right Medicare or healthcare plan. It can be difficult to navigate the healthcare options yourself though. Your local senior center should have an adviser who can help you make the right decision on your health coverage.

Consider relocating

If you're not using most of your family home, there may not be a reason for you to stay there. Many people find it hard to move out of a home they've had for a long time, but moving to a senior community can help you live the life you want and get the help you need while saving a lot of money. Many places offer amenities and activities that can save you more money than doing everything at separate locations.

Adjust your travel plans

Traveling on weekends is for people who don't have the weekdays off. You can save a lot of money by scheduling your vacation to go from Tuesday to Monday, and you'll spend less time waiting at the airport, too. Look for deals online and take advantage of traveling various locations on specific days that have the best value.

Ask for generics

Ask your pharmacist if a generic drug is available for your prescriptions, or see if they have any samples they're willing to give you. Generally, doctors get inundated with samples from hopeful salespeople, and they're often happy to share. You can also save quite a bit of money by going with generic brands for everyday items like lotion, shampoo, toilet paper and much more.

Consider dropping cable

If you prefer network shows, you may not need cable. Whether you don't watch as much TV or would to take advantage of other online streaming, getting rid of cable might be worth it. If you make the move to a smaller place in a senior center, you may find that your cable costs are covered altogether.

You don't have to sacrifice your quality of life just because you're on a limited income. Simply calling and inquiring about lowering your rates or asking about a special deal could save you hundreds. You can also contact your local elder advocacy group to see if they have a financial adviser available who might be able to spend some time helping you lower your everyday expenses.

Do you have have any questions or suggestions? Write in comment section.

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