If you are on a fixed income and find that fuel costs or rising food prices are squeezing your budget, there are things you can do to cut back and trim expenses.
According to Andrea Downing Peck of AARP Bulletin, there are six things that are often overlooked when it comes to saving money. They are:
- Stop doing what you’ve always done. If you are no longer reading Better Home and Gardens, or are no longer active in professional or civic organizations, don’t renew the subscriptions and memberships. Also, be sure to check credit cards statements to make sure you aren’t being charged for things that you don’t receive any benefit from anymore.
- Review charitable giving. If you can no longer sustain the same amount of giving you’re used to, cut back. It’s important to check your spending and budget before any donation is made. Consider giving your time instead.
- Rethink your cell phone. If you rarely use it, consider canceling your service and carrying the phone just as an emergency link. In the United States and Canada, wireless carriers are required to connect all calls to 911, whether the cell phone account is active, past due or canceled.
- Reevaluate insurance needs. Review your life and auto coverage to ensure that policy details match your needs. Do you have kids at home? How many miles do your drive a year? Do you still commute? Consider adding roadside assistance to your auto policy rather than maintaining membership in an auto club. Be sure to ask you agent for any discounts as well.
- Mine the Internet. Use the Web to find discounts, dinner specials or other dollar-stretching deals. Sites like Groupon and Living Social are good for this. Also, check coupon sites for electronic coupons that can be used on your next shopping trip.
- Buy only what you need. Try to shop your house first so you know what you’ve got in the house and aren’t doubling up.
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Strategies for Saving
, Smart Spending
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