10 Ways To Save in 2024
The new year is upon us, with possibilities, plans, and opportunities. Given the exorbitant cost of living, it is an opportunity to practice frugality and save money.
Smart Strategies for Saving
With economizing in mind, here are ten ways to keep more money in your bank account this year. Some of these ideas are small, while some require research. Either way, we hope they help!
1. Create a budget
Unfortunately, it’s not uncommon for seniors to struggle financially. If you or an older adult you care for find yourself pinching pennies more often than usual, create a budget and learn to live within it.
2. Save money on groceries
Everyone feels it in their bank account- the escalating cost of keeping the fridge and pantry stocked. A few ways to lessen the pain include using coupons, joining a store’s loyalty (discount) program, experimenting with generic brands, sticking to your grocery list, and checking the price per unit on the store’s shelf (may require reading glasses); shop online if you’re prone to impulse buying.
3. Maximize Medicare
Yes, plan benefits vary widely, but some insurers give small gift cards to incentivize people to get colonoscopies, mammograms, etc. Others provide a quarterly allowance for over-the-counter items such as bandages and even toothpaste.
4. Make the most of the library
Mabel C. Fry Public Library serves Yukon with many offerings. The library’s website offers access to 45,000-plus print, audio, and video materialsand 54,000-plus e-books and e-audio selections online. Many other resources are available, including six public access computers for use in the library and free Wi-Fi that extends outside the library across the library property.
5. Dining discounts abound
The Oklahoma Senior Journal provides an extensive list. Take advantage of breaks from Friendly’s to Papa John's.
6. Retailers, movies, and other businesses want your business
Peruse the seniorliving.org site for a comprehensive list. (Note: some stores require that an older customer be an AARP member, and there are sometimes other criteria to be met.)
7. Beware the “little things”
Just imagine how much money may be spent on things like coffee a few times a week. The average cost for many “little things” can become quite impressive when you add it up.
8. Be mindful of energy use
Many people vividly recall their parents admonishing them to “turn off the lights!” and with good reason. Energy costs are high across the board. Get in the habit of turning off appliances like TVs, computers, and lamps when they’re not in use. Avoid running the washer, dryer, or dishwasher unless there’s a full load.
9. Check out the potential for public benefits
The National Council on Aging has a benefits checkup page on its website to search for nearby benefits. Simply by putting their ZIP codes on the site, older adults will be directed to services that may be available, from housing assistance to price breaks on medications.
10. Is a reverse mortgage for you?
A reverse mortgage is a financial instrument that allows older homeowners to supplement their income in retirement by tapping the equity they've built up in their homes. According to the Consumer Financial Protection Bureau, there are several criteria older adults must meet to qualify. Here’s a brief intro to the concept: Like a traditional mortgage, a reverse mortgage enables homeowners to borrow money using their home as security for the loan. The key difference is that with a reverse mortgage, homeowners don’t make monthly payments; instead, the loan is paid back when the borrower no longer lives in the home. It’s not a black-and-white proposition, so research the subject carefully.
Visiting Angels of Yukon, Oklahoma
At Visiting Angels of Yukon, Oklahoma, our home care is customized for seniors based on their individual needs and preferences. Our compassionate, competent, reliable caregivers help countless older adults remain happily and safely in the comfort of their own homes while providing their families with peace of mind. If you or a loved one needs personalized, nonmedical in-home care, contact us to schedule a free, in-home consultation.