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Money Tips

Tips on Saving Money for Retirement

by Carol Marak
written by Carol Marak

A great question to ask when buying something, especially big ticket items, “Is this the best you can do?” It doesn’t hurt to ask.

A recent article at Money features Sam Parr, founder of The Hustle, a media company that produces a popular business newsletter, has raised over $1.3 million in funding. Parr credits most of his success to the smart money habits.

Save More

If you’re frugal and shop smart, you can put what you save into a retirement account, don’t just leave that extra money sitting in the bank. Put it in a savings account.

Aside from saving for retirement, if you’re frugal and spend wisely, a person can get out of debt, completely. That happened to me.

Twenty years ago, I owed ten thousand dollars on my credit card and my credit rating was way below 550. I knew one day I wanted to buy a house again but with no savings and credit like that, it would be impossible.

Here’s what I did. I promised to get out of debt. Secondly, once I paid off my credit card, I swore to save most of my money. It took one year to pay off my card and another year to save for a reasonably priced condo.

That was 1997 and 20 plus years later, I consistently paid credit cards off each month and my credit rating ranks at the top.

My tip, stay laser focused on getting out of debt and stay on target.

I know what it feels like when in debt and have the worries of hitting the credit wall. You may feel exhausted, and like there isn’t anything more you can do to become debt-free. But I encourage you to keep going because if I can do it, you can too.

Here are ways I got out of debt — put them to work for you too.

  • Cancel cable or satellite and watch your favorite shows online. I use a digital antenna and stream movies via Amazon Prime. I am a Prime member.
  • Eat at home. It’s healthier and cheaper to eat what you cook. Invite friends over for a potluck and share a meal instead of meeting up at a restaurant.
  • Avoid coffee shops. I stock up on my favorite coffee when on sale and never go to coffee shops.
  • Visit the library. This is where I go for books to read. I haven’t bought a book in years. Why should I when the library has them for free? Plus, it’s where I rent movies for free.
  • Plan your grocery trips. Don’t go hungry. And buy the food on the grocery list.
  • Cancel the gym membership. Do Yoga or stretch in the mornings at home and take a long walk.

 

The money you save, put in a savings account!

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How to save money in an advertisement world
Money Tips

How to save money in an advertisement world

by Rod Spurgeon
written by Rod Spurgeon

“Hurry in for our winter savings event! Act now and save $10,000 off the purchase of this new truck!” How to save money in an advertisement world
“Save, save, save!” is the popular mantra for these exciting ads. But are they really savings events?
If someone must buy this new truck to replace an old one that no longer serves its owner’s needs, it could be a way to save money. Shopping for a needed item when it’s on sale is a smart way to make a purchase. But for someone who has a fully operational truck and doesn’t need to buy one as a replacement, spending money on another one isn’t saving a dime. It’s an unnecessary expense that drains savings.

Spending is the opposite of saving.

“Savings” advertisements fill the airwaves for vehicles, home furnishings, cell phones, and more. When money flows from the pockets of a buyer to a seller, the buyer isn’t saving anything if he or she didn’t need to spend the money in the first place.
Here’s an easy way to think of savings. When your money flows into and remains in a financial account you control, it’s called savings. When your money flows into a financial account someone else controls, it’s called spending.
Savings advertisements will use different tactics to coax viewers into parting with their hard-earned money, but they all have one trait in common – manipulating viewer emotions.
Advertisers use a web of emotional triggers to gain a response from a target audience, including:
Anticipation and joy – Ads create desire by showing viewers how much more exhilarating life would be with a new product.
Fear – Ads make viewers concerned they’ll miss out on a great deal unless they act immediately.
Trust – Ads ease the anxiety of buying from an unfamiliar seller by using phrases such as “the number 1 trusted seller,” “award-winning,” “highest rated,” and many others.
Sellers want to move product, and they use emotion to manipulate ad viewers into action. Emotional manipulation is a highly effective strategy to generate revenue.
The next time you see an advertisement, identify how many emotional triggers it uses to prompt you into action. What effect did these triggers have on you? Were you tempted to take advantage of the offer, even if you don’t have the financial means now to buy the product?
Advertisements can act as seeds of desire. Businesses plant these seeds in viewers’ minds, instructing the audience on what they should want to purchase. Over time and with constant watering (additional ads), these seeds grow and flourish. They encourage viewers to alter behavior patterns that will eventually permit them to buy these items if it isn’t financially possible to do so now.
No matter where you encounter an advertisement, whether on television, a website, social media, or anywhere else, keep in mind the strategy of the ad. It’s a message designed to manipulate your emotions to drive you into action. Don’t be an advertiser’s marionette.
If an advertisement attempts to get you to buy something you don’t need by manipulating your emotions, the ad becomes a virus. Once you identify the virus, it’s easy to come up with a cure – ignore the ad and keep your hard-earned money in your pocket. How to save money in an advertisement world

How to save money in an advertisement world

How to save money in an advertisement world How to save money in an advertisement world How to save money in an advertisement world How to save money in an advertisement world How to save money in an advertisement world How to save money in an advertisement world
 

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Easy Ways for Caregivers to Cut Costs
Money Tips

Easy Ways for Caregivers to Cut Costs

by Kathy Macaraeg
written by Kathy Macaraeg

 
Most caregivers are in their role for 5 – 10 years. On their caregiving journey, they can spend thousands of dollars on non-medical supplies for their loved one. Over time, that can really do damage to a person’s savings account. Once you also factor in lost wages due to caregiving, it isn’t a huge surprise that one of the major stressors for caregivers is the financial impact of caregiving. Easy Ways for Caregivers to Cut Costs
If you and your aging parents are on fixed incomes, it can be hard to make ends meet. In fact, even if you’re not on a fixed income, the long-term costs of caregiving can put a strain on most budgets. Since most of the caregiving and healthcare costs are necessary, it’s hard to cut those costs so you need to get creative about saving money. Easy Ways for Caregivers to Cut Costs

Easy Money-Saving Strategies for Caregivers

 

  1. Save money on utilities: Did you know many utility companies offer discounted rates for low income seniors? Even if you don’t qualify, maybe your aging parent will qualify, which can free up money for other necessities.
  2. Check for new deals: If you have had your car insurance, cable contract and cell phone contract for a long time, chances are, they may have special offers that you’re missing out on. Call and ask if they have deals running. You can also suggest that you will quit their service if you aren’t offered their new customer deal. My dad does this every so often and always gets a lower rate and even a few freebies thrown in.
  3. Change you cell plan: If you have a robust cell phone plan but rarely use your phone, consider a pay-as-you-go plan. On the other hand, if you are frequently paying overage charges because you go over your data limits, consider upgrading to a better plan to save money on overage fees.
  4. Look for deals on things you already buy: If you have items that you regularly purchase, find out where it is sold at the lowest cost. For example, if you purchase contact lens solution or specific vitamins monthly, look into Amazon Prime Subscribe and Save. You can save up to 20% on regularly used items. If you don’t like shopping on line, check out a big box store like Costco – just make sure you are actually saving by shopping the big box store. . For example, I purchase many of my caregiving items here on Senior.com for big savings and convenient FREE SHIPPING.
  5. Save money on groceries: Shop in season produce, go meatless one day per week, shop the circulars and use store discount cards to save money on groceries.
  6. Save money on prescriptions: Consider switching pharmacies or using mail order prescription delivery if your insurance offers that service. Many times, mail order is significantly cheaper than chain pharmacies. Some pharmacies also have better deals on medication so your co-pay could be less. You could also ask your physician if your medication can be safely split. If it can, you can request they write you a prescription for a larger dose that you split at home, which can make your medication last longer. Of course, only do this if your physician is on board. You can also consider generic medication, if it is available and works for you.
  7. Request the senior discount frequently: Did you know some grocery stores offer a senior discount one day per week? The next time you grocery shop, ask the teller. Additionally, clothing stores, movie theaters, restaurants and hair salons may also offer senior discounts. Don’t be embarrassed to ask. The money you save can go toward other necessities.
  8. Create a budget and take a close look at your expenses: Are you just spending freely without tracking your expenses? Take a few hours to sit down and figure out your expenses and income to make sure you are spending money responsibly. If you find that you are frequently short on cash, are there items you can cut out? If you can’t lower your cable bill any more, decide if it is really necessary. A Netflix subscription is only $7.99 per month. Can you swap cable for Netflix? Many networks even have their shows available to watch on their website. Is that an option for you? Cutting costs now can help you feel more comfortable financially in the future.

Caregiving can be expensive. Between paying for parking, medications and treatments not covered by insurance, the expenses add up quickly. If you’re struggling with covering costs, these tips can save you money on some of your basic necessities so that you can make ends meet, at minimum, or save money for your own future. Easy Ways for Caregivers to Cut Costs
Saving Money After Retirement

Easy Ways for Caregivers to Cut Costs

Easy Ways for Caregivers to Cut Costs Easy Ways for Caregivers to Cut Costs Easy Ways for Caregivers to Cut Costs v Easy Ways for Caregivers to Cut Costs Easy Ways for Caregivers to Cut Costs Easy Ways for Caregivers to Cut Costs Easy Ways for Caregivers to Cut Costs

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How to Save Energy and Money at Home
Home Improvements

How to Save Energy and Money at Home

by Kimberly Johnson
written by Kimberly Johnson

Older adults tend to spend a lot of time at home so it’s important to watch energy expenses. While cranking up the heat to a comfortable temperature can feel good, the big bill which follows is definitely not a pleasant surprise. If you’re struggling to pay for gas or electricity or simply want to spend less and enjoy your retirement, here are some steps you can take to cut down your bills. How to Save Energy and Money at Home

Save on Electricity

Many of us don’t realize that we often leave the lights on when not necessary and all electric appliances always plugged in; make sure to turn off lights and unplug electric appliances, as they draw power even in standby mode. To make this easier and more accessible, plug various electronics into a power strip. This way, you can easily push the off switch with your foot and turn off everything at once without having to bend down.
Replace traditional lightbulbs with energy-efficient lightbulbs, such as CFLs, and avoid really bright lights which you don’t really need anyway.
Finally, use a microwave for smaller meals, which uses a lot less energy than a stove or an oven. Alternatively, make more than one batch of dinner and freeze the leftovers in individual portions; this will save you energy and time.

Save on Hot Water

Aim to set your hot water heater’s temperature to around 120 degrees in order to save money on hot water. You will still have plenty of hot water to do the dishes and to shower. Furthermore, by wrapping a thermal blanket around your heater, you will prevent heat loss.
Use cold water for laundry instead of hot water and don’t do laundry every single day; your clothes probably don’t get that dirty after one day of wearing them and by washing them less you will not only save time and energy but you will also ensure your clothes last longer.

Stay Warm or Cool

Make sure to avoid overheating or overcooling rooms, as this can really impact your bills and the environment. Move your chair – or get someone to help toy move your chair – next to a sunny window in the summer and a cooler area in the winter.
Use a small space heater with a timer in the winter to heat the room you’re in to a good temperature and seal cracks around doors and windows to reduce uncomfortable drafts; this will help you save on your heating bills!

Consider Living off the Grid

Living off the grid means living off the land without government assistance; it can be a challenge, but it can also be very rewarding. Living off the grid can give you more space and more independence. Living off the grid can also help you cut costs and enjoy your retirement years
Power in off-grid homes is derived from solar panels or wind power, and requires lots of planning to be effective. Power efficiency is an issue in every home, but it’s even more relevant in an off-grid home as it could result in a blackout until more power is available. It’s important to plan your off-grid energy needs and design a system which will fulfill your power requirements while reducing costs.
Many of the same rules as living on the grid apply off the grid as well, such as turning lights off when they’re not needed, unplugging appliances when not in use and using LED lights, but it’s also smart to consider window placement to let more light in and also to allow the house to be cooler in warm weather by considering wind movements.
In the US, there are several sustainable communities that have chosen to live off the grid; although they are obviously cut off from traditional electricity, water, gas and sewage lines, these sustainable communities communicate via satellites and generate their own electricity, and can be a great support system if you’re planning to live your retirement off the grid.

Find the Best Rate

If going off the grid is too much, check that you have the best energy rates you can get. Some energy providers offer special discounts to adults who are over 60. Check the energy providers in your area to see if you qualify for a senior rate or senior discount on your electricity and natural gas supply.
Most of what we’ve suggested is simple and straightforward; all it takes is a little more attention and the determination to make a change. By following these tips you will easily save energy and money – and the environment will thank you for it.
By Jackie Edwards How to Save Energy and Money at Home

Now working as a writer, Jackie started her career in the health care sector, but after becoming a mom refocused and decided to spend more time with her family. When she’s not writing, she volunteers for a number of local mental health charities and also has a menagerie of pets to look after. How to Save Energy and Money at Home

How to Save Energy and Money at Home

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Simple Tips on How to Save Money
Money Tips

Simple Tips on How to Save Money

by Jeff Dailey
written by Jeff Dailey

In this world today, prices seem to go higher every year. Saving money can sometimes be a hard job for many people. To help you save money, here are some pointers for you: Simple Tips on How to Save Money

  • Determine the things that are important to you. Identify the items that you need and the items that you want to have. Always remember that you should only buy things that are important and needed in your lifestyle.
  • Make sure that you spend your money only on basic needs like food, transportation, shelter, and clothing. These basic needs are worth spending for because these are important for your health and security. They are the things that you cannot live without and should be allotted in your budget.
  • Make a list of the things that you want to buy and be sure that the items that you are buying are good enough to sustain your basic needs. You have to be satisfied with the things that you have now, as long as it is still useful and can accommodate your needs.
  • You may avoid unwanted purchases by trying the item first before buying it. This is to make sure that the item is worthy enough to acquire. There are instances that you tend to buy things without even knowing its effectiveness and quality. You have to keep in mind that you always need to spend your money wisely on items that have quality and are according to your budget.
  • You may try to budget your money in advance. You can make a plan first before spending your money. There are instances that you spend your money without even thinking that it is not the right time to have it. It also advisable to buy items at the end of the season, prices at this time of the year are low and cheap.
  • You may compare items on their prices. Do not limit your options to just one store only. You may find the best item that can be useful and affordable to you by window-shopping first rather than buying by impulse. Many stores out there carry the same items and can offer lower prices.
  • You can save more money in your household by conserving electricity. Be sure to turn off appliances that are not in use. You may compare your monthly electric bills regularly to check if you are maintaining your desired bill.
  • You can save on your transportation by traveling wisely. It is recommended that you make your itinerary to help you to not forget your destinations. Being organized will help you save money and time.
    Simple Tips on How to Save Money

Simple Tips on How to Save Money

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Stop Spending Too Much Money on Groceries
Diet & Nutrition

Stop Spending Too Much Money on Groceries

by Jeff Dailey
written by Jeff Dailey

For many families, it is a new school year – a fresh start. Time to renew your finances, make brand new investments and to cut down on a big list of things! While you are all geared up right now, saving bucks is no less than scaling Everest and thus there are high chances that you might get back to square one. Stop Spending Too Much Money on Groceries
We have a little tip for you this year, if saving money is your New Year resolution – start with small treks and not Everest directly. Instead of setting up big recurring deposits that you might end up depleting later, start with small money saving treks. And as they say – Charity begins at home. Here are a few hacks that will help you make grocery shopping a less expensive affair. Stop Spending Too Much Money on Groceries

GO BEYOND BASICS WHEN COMPARING PRICES

Don’t restrict yourself to basics such as bread, milk and bananas when comparing prices. Be it meat or healthy crackers make sure you hit the internet to compare prices of everything on your grocery list. Just search online grocery shopping in San Francisco – access online stores and compare. You will be surprised at the amount of pennies you can save.

BUY FRESH PRODUCE DURING ITS SEASON

The best way to save money on fresh produce would be to buy fresh fruits and vegetables online. And to save a penny more make sure you pick the fruits and vegetable while they are at the peak of their season. For instance, in Strawberry season, when the market is flooded with the fruit, you are bound to get good quality and decent rates. Stock up your freezer and you’re sorted. Try using internet – options for online grocery shopping in San Francisco will surprise you.

PACK YOUR LUNCH Stop Spending Too Much Money on Groceries

If you add up the amount of money you spend on lunch daily – your jump will drop to the floor when you see the total at the end of the year. Create a lunch plan in advance. Buy fresh fruits and vegetables online and carry fresh home cooked lunch to work daily.

SAVE ON PROTEIN FOODS

As much as you need a regular and efficient supply of proteins in your meals daily, protein rich foods can often leave your grocery bills sky high. Whenever possible substitute heavy duty proteins such as chicken or turkey with lighter and cheaper options such as eggs, tofu and beans. To keep it simple make sure to buy fresh fruits and vegetables online.

BANK ON STORE BRANDS

National brands often tend to be priced at the higher end of the scale when compared to local and store brands. When purchasing items such as flour, sugar and grains pick the store brand – not only the prices will be cheaper, but also buying local helps the economy. If you have apprehensions about the quality of the local brands, connect to your trusted local store through FreshOnly.com. Stop Spending Too Much Money on Groceries

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