Seniors: Making the Most of Your Money Over 50

Seniors: Making the Most of Your Money Over 50

You've saved, you've scrimped, and now you've finally retired. Now that you don't have a regular income adding to your savings each month here are some ways to make the most of your money once you've hit the golden years.

Budget

Many people have never does this simple little thing that can really help you save money.

Do two weeks worth of analysis on where you spend your money. Write down every single purchase and then at the end of two weeks decide if you think each purchase was worth it. Use your analysis of how you spend money to make your budget. Everyone's budget is different, make sure yours fits your lifestyle.

Lessons in Retail

Everything is negotiable. That's right. Everything. Not just cars and asking prices on homes. You can talk down the price on just about everything. Don't be afraid to try it. It could end up saving you a bundle. A second lesson in retail... buy used. You can buy a two year old car with about the same quality as a brand new one for half the price.

Refinance

Anything you can. If you can get a lower rate on your car insurance, your mortgage, or most importantly your credit card, do it. If you haven't already paid off your credit cards, now is the time to do it. You don't want your debt outliving you. If you can, make a balance transfer to a credit card with a much lower rate. Also look into your life insurance, do you have enough to cover funeral costs and maybe even have some left over? Funerals and all the fees surrounding them can get rather expensive and you don't what your spouse having to worry about finances after you pass on.

Senior Discount

You've reached the golden years... you should make use of that societal status! Use your senior discount wherever you can. Join the AARP. Many people are hesitant to join at first because it will officially label them a senior citizen but the savings are well worth it. Even if you're not sure if the place you are at has a senior discount, ask. Most stores have one, it just isn't widely advertised. You can get discounts on everything from meals to dry cleaning to rental cars. If you really want to cash in on your age check out SeniorDiscounts.com.

Health Check-ups

You should get these at least once a year. Women need to get mammograms about every two years as well as bone density screenings. Men need to get prostate exams regularly as well. Making sure you are staying healthy through regular doctor check-ups can really save you money in the long run. If there is a problem you will find it early and most likely the cure will cost much less than if you had found it at a much later stage.

Make that Money Work!

Make sure your money is working for you. Consider putting some of your savings into a high yield fund if you haven't already. This will guarantee that you get appreciation on your dollar to offset the costs of inflation. If that appreciation is high enough you could even beat inflation and actually be making income. Check out the Fidelity funds at Fidelity.com.

Stick Close

To family and friends that is. If you ever have a rough patch your family will be there for you and put you through. Don't ever underestimate the value of family in your golden years. If your family is not close or if there have been arguments and disagreements, now would be the time to make amends. As you start getting older and older the friends you have of your generation will eventually start leaving and it's then that you will need friendship and support from the younger generations in your family.