Saving tips for retiring seniorsDate posted: 9/8/17 04:30:00 PM
Whether you are currently retired or approaching retirement, if you're looking to continue saving money, check out these tips:
Compile current expenses
The National Council on Aging suggested first creating a list of all your financial obligations to ensure every penny counts. Is your mortgage paid off? How much does your health insurance cost? Do you need prescription drugs or other healthcare items? Keep in mind, it is the little things that add up and can prevent your money from going as far as you originally planned.
Once you've identified all of your expenses, you can move forward with a budget that works for your situation. This budget can be altered over time as your needs evolve.
Reconsider your cellphone bill
NerdWallet suggested evaluating your cellphone needs before committing to a plan, which can save you more money in the long run. Once you determine which is more important—minutes, data or texts—you can choose the plan that fits into your budget.
Make sure you take a look at the coverage map and understand all the hidden fees associated with the plan, if any. Also check to see if the provider offers any discounts for retirees, which could further reduce your monthly bill.
Take advantage of senior discounts
Senior discounts can save you money on a variety of things. AARP offers deals on everything from travel and insurance to special offers at local retailers. Take the time to research potential deals to ensure you make the most of your money.
Take advantage of technology
Managing your money is easier than ever with today's technology. Free online banking provides a quick and easy way to view your account balances and history, and pay bills online. Additionally, there are several websites and platforms that can provide tips and tricks for budgeting.
If you are comfortable with even newer technology, you can try out person-to-person apps. Whether you want to send money to your grandchild for his or her birthday, or you need to pay back a friend for dinner last week, these options allow you to send money straight from your phone to someone else. However, while this technology is convenient, make sure you understand the process and platform before providing any personal information.
No matter your age, saving and managing money is a critical part of staying on budget. When your needs and income change, you need to adapt. By making a few changes and considering these few tips, you can ensure you save as much money as possible.
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