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.
7. Ride the bus or train.
Especially with the high price of gas, Americans of all ages are looking for ways to reduce the cost of getting around. Add in car maintenance and repair costs, and it’s no wonder public transportation is thriving in so many places. According to US News & World Report, public-transportation ridership last year reached its highest level in over 50 years, and it’s still increasing. If public transportation isn’t for you, try reducing your dependence on the car and enjoy some of your outings on a bicycle. Remember how much fun that used to be?
6. Check online to find the best travel deals available.
Whether you’re a seasoned traveler or a beginner, travel-related websites make it easy to ensure you’re getting top value for your dollar. You don’t have to be an expert to save on travel costs. Websites like orbitz, hotwire, and priceline make it easy to compare costs for airline fares and hotel accommodations. Simply google “cheap travel,” “discount airfares,” “travel discounts,” or anything along those lines, and dozens of websites will give you the option of comparing costs on whatever trips you have in mind and saving a fistful of money.
5. Don’t waste electricity.
Remember when your mother told you to turn off the lights when you left the room? Well, it’s still good advice. It’s even better if you switch to fluorescent bulbs first. Whenever possible, turn appliances and devices off instead of letting them “sleep.” Is it possible to set your cooling system just a few degrees higher, and your heating system just a few degrees lower? Electricity bills during extreme-weather seasons can be pretty extreme themselves, but if you look for ways to waste as little electricity as possible, chances are your effort will pay off handsomely.
4. Consider saving on prescription drug costs by enrolling in a Medicare Advantage Plan.
Aside from all of its other advantages, Medicare Advantage gives you the option of joining a prescription drug plan to make brand name and generic drugs all the more affordable. Not only will you have some vital protection to help you stay healthy, you’ll have some extra money and peace of mind.