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Senior Spending: 5 Savvy Financial Tips for Seniors on a Budget

Date : May 02,2014
By : Karleia steiner

The retirement years are challenging for any retiree who has a limited amount of savings set aside. If you’re a senior on a budget, these tips will help you control your spending and help your savings last longer.

1. Pay all of your bills on time.

While everyone should be careful to pay their bills on or before the due date, seniors must be extra diligent. When bills are paid late they often carry stiff penalties that can quickly add up. If you pay, on average, two bills late per month and each of those carries a $25 late charge then you’re spending an extra $600 per year for the “privilege” of paying late. If you’re having trouble paying bills on time you may need to talk to a firm, such as D. Thode & Associates Inc., that can help you manage your debts and possibly even modify payments to creditors.

2. Cut services from your budget.

Between lawn maintenance services, car detailing services, housecleaning services, and all the other conveniences you indulge in, you might be surprised at how much you’re spending each month. By taking on more of these duties yourself you reduce your overall spending.

3. Reevaluate your insurance policies annually.

Every year the value of your assets change. Some assets may gain value while others will lose it. Insurance policies that promise to protect the value of your assets after an insurable event should be adjusted to reflect those changes. Generally, if you pay for insurance that exceeds the value of your assets, you won’t be reimbursed that additional amount therefore you are wasting your money. Keeping a close eye on this can save you hundreds of dollars each year.

4. Join your local senior center.

Every senior has a different vision of the perfect retirement. While some enjoy the thought of relaxing on the porch and watching the world go by, others want to continue to be a very active part of that world. Sometimes, the more active and social a senior wants to be, the more they will spend. Becoming a member of your local senior center will expose you to discounts on popular local activities and is a very affordable way to keep up your socializing.

5. Focus on saving, not spending.

During your working life, you likely concentrated on saving for your retirement. That mindset shouldn’t shift the minute you leave the working world. Now is not the time to start focusing on depleting your hard-earned savings, but on maintaining your savings throughout the rest of your years.

If you treat your retirement savings with respect and you manage your money carefully, you can help ensure a long and comfortable set of golden years for yourself and your spouse.

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