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Heed This Financial Advice to Stay Afloat During Your Golden Years

by Camille Johnson (Guest Author) | Bereaver |

Are you on a tight budget in your golden years? Do you wish you had a bit more cash to do all the things you really want to do? If so, consider some easy budgeting tips and financial tweaks you can make to stretch your budget further each month. With some minor changes to your budget, it's possible to enjoy your free time and live your best life. Heed the financial advice below and you'll be better equipped to stay afloat during your golden years.

Consider Your Insurance Policies

Another way to make sure you're spending your monthly budget wisely is to check your insurance policies. Every state requires drivers to have minimum coverage. When you first started your policy, you may have added additional coverage that you don't need anymore. Other ways seniors can save on their car insurance rates is to invest in anti-theft devices, reduce the mileage they drive yearly, and keep driving records spotless.

You can also save on healthcare costs by signing up for a Medicare Advantage plan. These plans offer extra benefits like vision, dental, and prescriptions, so you won’t have to pay out of pocket.

Save on Home Expenses

When you’re a senior living on a fixed income, staying in your current home may no longer be financially feasible. You can save on maintenance costs and property taxes by selling your home and downsizing into a new one. If you absolutely must stay in your current home, consider renting out a few rooms to help pay for expenses. If you’re willing to give up some equity in your home, you can also minimize your monthly mortgage through a home refinance. Please keep in mind that refinancing your mortgage is most appropriate for homeowners planning to stay in their homes for a long duration.

Become a Coupon Clipper

Coupons are everywhere; you can find them in magazines, newspapers, newsletters, and in your mailbox. You can even look for printable coupons on websites such as LOZO. You can save a lot of money by searching these coupons on a regular basis for great deals. Collect all of the coupons that relate to things you typically use and maybe even some for items you might use in the future. Before heading out to the grocery store, consult your pile of coupons to see if you have any that correspond to items on your shopping list. This is a quick and simple way to save on everyday items without much effort at all.

Talk to Your Pharmacist

For many seniors, prescription medications, over-the-counter medications, and vitamins account for a huge part of one's monthly budget. Private insurance or Medicare may cover most of the bill, but even copays can add on quickly. One way to decrease the cost of how much you are paying for these products is to talk to your local pharmacist. Not only can pharmacists help you find suitable generic medications, but they may also be able to help you enroll in programs that are created for people just like you. You should also consider any programs or groups you already belong to. For instance, members of senior citizen groups or affiliations may be able to get lower rates as a result of that particular membership. It's important to work with your physician and pharmacist when looking to cut prescription and medication costs to ensure you don't compromise your health but can save money each month.

Take Advantage of Senior Citizen Discounts

Many retailers, restaurants, and entertainment venues offer daily or weekly specials for senior citizens. Discounts can include a percent off clothing at a nearby boutique, a free beverage at a restaurant, or even discount baseball tickets at the local stadium. By saving more money monthly, you can afford to indulge in a night out. Regardless of monthly savings, it's still important to take advantage of these generational discounts to help you save even more, which can be put towards savings accounts, paying down debt, or saving for your next night out.

By applying the financial tips outlined above, you could easily save hundreds of dollars a month. By lowering your monthly car insurance payment or switching to generic medication alternatives, you can still live the life you are used to without going broke every month. Instead, you can assert a bit of financial freedom and indulge in things that make you feel good, change your routine a bit, and reduce the stress in your life.

Photo via Pexels


About the Author: Camille Johnson

Camille created Bereaver after she went through the ups and downs of the bereavement process herself following the loss of her parents and husband. With the help of her friend who was also experiencing a loss of her own, she learned how to grieve the healthy way, and she wants to share that with others. There is no one way to grieve, but it is important to do it in a way that supports your physical and mental health throughout. ||

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