Every senior can benefit from some savings; we’ve put this list together of ways seniors can save money easily. Whether it be your heating costs or your internet bill, there are many ways to stretch those dollars out and stay in the black. Check out the tips below, and start saving today.
1. Check your credit report
A credit report lists all your credit activity, both good and bad. Checking your credit report will allow you to see what bills are being reported to the bureaus; if any errors or fraudulent activity listed don’t represent you, you can dispute these items and remove them entirely from your record. It’s essential to check from each bureau because one may list something that another doesn’t.
2. Pay off your credit card balances
Every month, you have to pay a minimum payment on your credit cards, but if you can spend more than that, you can save yourself a lot of money in interest because the more you pay off each month, the less you have to pay in interest. If you have a card that has a higher interest rate, then you can transfer your balance to another card with a lower one, or if you don’t want to pay interest on the entire amount, then only use the card for things that won’t result in any late fees.
3. Shop around for energy providers
Depending on where you live and the type of energy provider nearest to you, prices can differ significantly. In some areas, electricity can be up to $10-20 cheaper per month. Using a portal like powertochoose.com, you can compare all the rates from different companies and apply for the cheaper one for you.
4. Switch your heating and air conditioning
If you have old, inefficient heating or air conditioning units in your home, switching to a more modern and efficient one can help you save on energy costs. Instead of running the entire house at once, using only the necessary heating or cooling area will help you save money.
5. Upgrade to energy-efficient light bulbs
If you’re unsure which type of bulb is best for you, consider going with energy-efficient light bulbs like Compact Fluorescent Light bulbs. These lights can be found at your hardware store or home improvement place, and they come at an incredibly affordable price.
6. Use coupons
One of the best ways to save money on your bills is to use coupons. You can save money, but you can also help the environment by keeping more cash in your pocket. The trick is to find the correct coupons because if they are not printed clearly and visibly, the merchant may not honor them.
7. Call your credit card company to discuss rates
If you’re really having trouble paying off your debt or feel that your interest rate is just not affordable, call your credit card company and explain your situation. Some credit card companies will agree to lower the interest rate for a certain period to pay it off more quickly, but you won’t be able to charge anything else on the card during this period.
8. Get debt counseling
No one wants to go into debt, but if it’s the case that you can’t quit spending money or that your job is just not giving you enough cash flow, then consider getting professional help. If you’re too far behind on your bills, then a debt counseling agency may be able to help you
9. Lower your monthly bills
If you’re trying to save money and you’ve only been able to make $10 here and there, then look into ways to get lower bills. Some will be able to lower their payments without asking for anything in return, but if you want something from the merchant, then ask them for it before dropping the credit card.
10. Switch car insurance companies
Even if you have the healthiest of drivers in your family, you’ll still likely pay more for insurance than is necessary. Using a portal like insweb.com, you can compare rates from many different companies and discover the one that works for you.
11. Reduce your home services
If any services are not being used in your house, consider switching to a lower tier or canceling it altogether. Some home services can cost more than gas, electricity, or your cell phone bill, which means you could be spending more money on something that is not needed.