10 Money-Saving Tips for Seniors

By Roslyn Lash

Benjamin Franklin said, “Beware of little expenses; a small leak will sink a great ship.” That’s why I’m always looking for ways to save money. Here are a few tips:

  1. Before buying a high-ticket item, wait at least 24 hours. If the need (or want) is still strong, buy it the next day.
  2. Compare prices and check the reviews on all purchases. Some websites, such as Amazon, have reviews written by other buyers.
  3. Change your heat filters monthly. The unit uses more energy with dirty filters and this costs you more money.
  4. If you’re paying more than 30% of your net income on rent, look for a cheaper place to live.
  5. If you own a home, consider refinancing your mortgage. An interest rate that’s two percent less than your current rate could save hundreds of dollars. But be sure not to extend the term of the loan.
  6. Replace old light bulbs with energy efficient bulbs. Call your local energy provider for free bulbs. Duke Energy often offers coupons for free bulbs.
  7. Check with your doctor and pharmacist about getting generic medicines instead of brand name medicines. Check with the pharmaceutical companies for discounts or see if you qualify to receive at no cost.
  8. Ask your credit card company to lower your interest rate. If they won’t, then switch to another company’s lower fixed-rate interest credit card.
  9. Eliminate or reduce your cable package. You can use a streaming device that will allow you to look at most programs, shows, and movies.
  10. Clip coupons and save on your monthly grocery bills. Stock up on non-perishable items such as toilet paper, soap, and detergent when they are on sale.

Roslyn Lash is an Accredited Financial Counselor and the founder of Youth Smart Financial Education Services. She specializes in youth financial education and adult coaching, working virtually with adults to help them to navigate through things like budgeting, student loan debt, and credit repair. She has been featured in national publications such as USA Today, TIME, Huffington Post, NASDAQ, Los Angeles Times, and others. For more information, visit YouthSmartEdu.com.


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