Little-known Investment And Money Saving Tips For Seniors

Though many people see becoming a “senior” as simply becoming old, hitting the 65 year mark yields a whole new world of possibilities. Retiring means that you no longer have the responsibility of working, and can now do what you like and take your life anywhere you wish it to go. You will have a sense of freedom that those still working could only hope for. Many seniors feel intimidated by this freedom and worry that their savings will be quickly depleted. We’re here to give you some consolation and tell you that there are plenty of ways to save money as a senior. Though you may know some of them, we guarantee that you won’t know all of them, and that this list will provide you with at least a few new tips on how to make your cash last.

• Save

image courtesy of Stuart Miles/freedigitalphotos.net

1. Free Telephone Plan

Many carriers offer free phone service plans for eligible seniors. Check out www.lifelinesupport.org to see if you meet the requirements, and save monthly!

2. Avoid Late Fees

If you can keep track of all your payments and taxes, and avoid being late with any of them, you can stop paying late fees on top of your normal payments. Keep a log of what payments are due and when, updating and checking it often.

3. Senior Discounts

Many retail stores offer discounts for seniors. Check out the website www.seniordiscounts.com to see if your favorite stores offer deals on goods you frequently purchase, and save money each time you go shopping.

4. Don’t Purchase Books and DVD’s

If you’re looking for a new book to read, or DVD to watch, check your local library for either and don’t pay a dime (unless you return it late). Or try streaming services such as Netflix that charge a flat monthly fee (that’s usually cheaper than the price of buying one new DVD) but give you access to a large library of TV shows and movies.

5. Manage Your Electricity Usage

Unplug utilities that are not being used, turn off air conditioning in rooms that are not currently occupied, and try using electronics less in general. This can cut down on your monthly electric bill and save you a great deal of money – more than you might expect.

6. Health Insurance

Medicare offers a few different savings programs that can put a nice amount of money back in your pocket each month. Each plan, though, has different eligibility requirements, so check to see which would suit you best and save you the most.

7. Make Your Own!

If you need to buy something, try making it yourself! The Internet has a great deal of “how-to” articles and “do it yourself” guides for anything you can imagine. So next time you need to buy something, check if there is a way to make it yourself. You’ll save money, have a fantastic activity to keep you busy, and feel extremely fulfilled.

8. Investing In Colored Diamonds

Colored diamonds are rare, and as time goes on they increase exponentially in value. According to Nuwireinvestor.com, a BVLGARI blue diamond purchased for $1.4 million in the 70s sold for $15.4 million in 2010. Though they are rare, there are still opportunities to invest in colored diamonds. If you find yourself in a position to acquire one for a reasonable price, we suggest you do it. In ten years’ time, the diamond may be worth much more than you paid for it.

9. Simplify Your Diet

Instead of drinking juices or sodas, drink water. Instead of cooking big meals with many ingredients, try having brown rice or vegetables. You save a lot of money this way, and eat much healthier and feel better at the same time.

10. Shop online

With how popular online shopping is becoming, Internet marketplaces are popping up everywhere. Amazon.com is a great example, and there you can get items you would find in a store but usually at a discount. You may have to pay for shipping, but you’ll save the gas you would’ve consumed going to the store to buy the same item!

Peter LaChance is a freelance writer based in New York City. He is a frequent content provider to Diamond Envy (www.diamondenvy.com).

Finding The Right Retirement Planner For You