While it’s a good idea to save money where possible, baby boomers sometimes fall into the trap of being too frugal and missing out on life. Instead of staying home and saving every last penny, find ways to strike a balance between frugality and enjoying yourself. Use this guide (brought to you courtesy of expenseRegister) to learn creative ways you can save money that can free up cash to help improve your quality of life.
While pinching pennies on a regular basis might seem like the best way to save money, there are actually more effective options to boost your savings. For example, shopping around for cheaper health insurance, cutting down on transportation costs, and taking advantage of senior discounts can all help you pad your bank account.
Seniors often pay higher premiums for health insurance, which can be a big financial drain for many. If you’re on Medicare, it’s a good idea to check in with your agent and determine whether you need to make changes during the annual open enrollment period from Oct. 15 to Dec. 7 each year.
Even without a daily work commute, transportation and car ownership costs can amount to an average of nearly $8,500 each year. If you can do without a vehicle, you can cut costs considerably by switching to public transportation. However, if you need a vehicle, shop around for lower car insurance, and consider taking fewer outings each week to save money.
Another convenient way to save money is by seeking out senior discounts . There are a number of different types of businesses that offer senior discounts: retailers, gyms, and even some utility providers have lower costs and fees for seniors. Some businesses offer senior discounts to customers as young as 55, but call ahead or check business websites to find out if you’re old enough to be eligible.
You can also save money each week on your grocery shopping by getting in the habit of meal-planning and making lists for your shopping trips. When you’re making your meal plan for the week, come up with a couple of larger dinner options that can be reheated for leftovers. And, challenge yourself to clean out your fridge before heading to the grocery store; you’ll probably come up with some interesting or new meal ideas just by making use of what you already have.
Alongside your money-saving strategies, consider making a new budget for yourself that helps you put away money each month for activities that bring you joy. There are many apps available to help make budgeting easy and manage your expenses. Budgeting can be especially helpful for seniors who are on a fixed budget and need to watch their spending.
Frugality doesn’t have to mean putting life on hold: if you’re ready for a vacation, think about cheaper ways to travel. Instead of looking into cruise options or international travel, consider planning a road trip that allows you to explore nearby states and national parks. You’ll save money and likely discover areas near your home that you’ll want to revisit in years to come.
While it’s possible to find small ways to save, it’s worth thinking bigger and considering options such as refinancing your home. Interest rates are lower than usual, so it’s a great time to look into refinancing in order to lower your monthly mortgage.
While saving money is important, it’s vital to strike a balance between frugality and enjoying life. You can save money in plenty of ways, whether it’s lowering your health insurance premiums or getting rid of your car. Even something as simple as planning out your meals each week will save you money. Just remember to set aside “fun money” when you’re budgeting, and consider planning a road trip to check out nearby national parks instead of traveling overseas.
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This article by the Bankrate team, Average cost of car insurance in October 2021, talks about insurance premiums, how it varies, factors that affect cost and so on. In particular, the sections on cost in each state and how age and gender influence premiums is very informative.
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