Time to be Frugal!

More than ever, it is important for seniors to manage their income. We talk to dozens of seniors that were virtually wiped out financially during the stock market crash of 2008. Housing prices are down and many people are upside down on their homes.

We feel that there are certain steps you can take to make sure you are on the correct road to financial security.

1. Do you know what your monthly expenses are?

If you do not know this is would be wise to add them up and see where your money goes. Often, people are spending a lot more money on food and other miscellaneous item than they realize. Just last week, we consulted with one senior that did not realize they were spending 200 plus dollars per month on coffee at Starbucks. The same senior was also spending 200 dollars per month on cell phone overages due to massive amounts of text messaging.

We suggest that you look at things like this and make corrections. Brew your own Starbucks coffee instead and look into switching to an unlimited text messaging plan.

2. How much are you spending on your healthcare expenses?

This is an issue that many seniors are often frustrated and confused about. During our financial consultations, we find that seniors are overpaying for their medigap plans. If you visit the previous link you can see you good information on how to save on your insurance.

For example, many seniors do not know that all medicare supplement companies offer the same plan benefits but vary in price. We suggest that you go here to get a medicare supplement quote. MedicareSupplementalInsuranceQuotes.com is one vendor we use to consult with our seniors regarding their insurance coverage. They have the ability to offer you many quotes from various companies. Our average clients saves 500 dollars per year getting a quote.

3. Do you use credit cards?

At theseniorgazette.com we suggest that seniors cut up all credit cards. It can be tempting to overspend your monthly budget if you have extra credit available to you. This is not a wise move if you are retired. The goal during retirement is to have all debt paid off and to live comfortable on your monthly income. We know that this is not always easy but it can be done. If you are frugal and watch every dime you will be able to slowly dig out of your debt.

4. How healthy are you?

We feel that it is wise to make sure you eat properly and exercise. It is proven that seniors who exercise and limit their fried food are 47% healthier than the average person. You can talk a casual walk at the mall in the morning if it is too cold out or plant a garden for physical exercise and eat the health vegetables.

We know that times have been hard the last few years. It seems that the economy is getting better. Once the economy turns around and your retirement funds start making you more money, it will be vital to follow the steps we have laid out so that you can save for the next “rainy day”