9 Money Tips for the Elderly

9 Money Tips for the Elderly

As you become older, there is a constant need to cut back on the expenses without it having much effect on your quality of life. However, maintaining this balance is not always easy. We give you some tips that can help you save some money.

1. Make note of your current expenses

Before you start any kind of financial planning, it is extremely important to know where exactly is your money going. To start with, simply make a list of your expenses (major and minor). This will give you some idea as to where and how you can save your money.

2. Make note of recurring expenses

It is important to review your recurring expenses such as utilities every once in a while to ensure that you are getting the best deal. You will realize that you usually end up overpaying for them. Know that these are the kind of expenses that you cannot cut back on, so it is vital that you spend wisely.

3. Ask for senior discount

It is right there for the taking and you should make the most of it. There are several utility companies that offer senior discounts. The discount might be available for certain days in a week, and so you can try and ensure that you shop on those days.

4. Phone expenses

Try switching from a landline phone to a mobile phone. This will not only give you connectivity on the go but will also let you benefit from a number of plan options. If your State offers a free cell phone plan for people over a certain age, then do take it. You could also go for a low-cost no-contract cell phone plan. That way you will be able to change the plan without any penalty. Also, try researching on flexible family plans where you can share minutes to save additional money.

5. Medical expenses

In case your health insurance does not cover some particular expense, try asking the doctor’s office if you can get some discount if you pay in cash. Furthermore, using generic drugs can help you save a lot. You could also order your routine medications in bulk by mail.

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