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.
3. Evaluate your housing situation.
Are you living in “too much house”? According to msn.com, citing an AARP report, Americans over 50 are facing unprecedented financial hardship related to housing. Many older Americans – particularly those over 65 – continue living in much larger homes than they need at this point in their lives. Even if many of those houses are paid off, they are expensive to maintain. Looking at smaller, more affordable housing alternatives may be a wise financial move.
2. Avoid purchasing things on time.
Do you really want to spend five years paying for that car? Chances are you’ve got better ways to use all the money you’d be pouring into interest payments on the loan. It’s often said that wise people consider the total cost of an item before deciding whether they can afford it or not, while foolish people consider only the monthly payments and overlook the big picture. Pay in cash whenever you can. For items that aren’t absolute necessities, buying on time can be a big mistake – and you certainly won’t save any money by stretching payments out over months or years.
1. Get plenty of exercise and try to reduce stress.
This is almost certain to save you money in the long run. While you’re at it, make sure you’ve got the health coverage you’ll need in the event of any emergency or catastrophe. Remember, Original Medicare isn’t likely to meet all your health care needs, so you’ll probably want to look into the added protection offered by Medicare Advantage and Medicare Supplement Plans. Getting the health care coverage you need is just as important as making healthy lifestyle decisions when it comes to laying the foundation for a healthy, secure future.
If you’d like to know more about how to keep health care costs within your budget, or would like information about Medicare Supplement or Medicare Advantage Plans, contact MedicareMall now and one of our licensed, bonded representatives will be glad to discuss ways you can get the best health coverage available at the very best price.
Top 11 Tips to Save Seniors Money © 2012 MedicareMall.com