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Saving Those Pennies Where We Can

One of the first things that I do in working with my clients is to go through expenses with a “tooth comb” to make sure that we are not needlessly spending money.  In today’s economy it becomes important to look for savings, especially for seniors who are usually on a fixed income.  I have to say that I have always been able to save money somewhere.  For me it becomes a treasure hunt and I love to do it!

 

Here are a few tips that might help improve your budget.

  • Do check bank accounts and credit cards each month to make sure there are no extra items you don’t need.  Perhaps you signed up for a service or subscription that you don’t use now, but are still being charged. 

  • Bill paying can be confusing.  Make sure you have not paid the same  bill twice.   Making a list of bills for the month can be helpful with a check mark when a bill is paid.

  • Banks are loading on fees these days, so watch out!.  If you are incurring bank charges, go into your local branch and talk to them.  They have strategies that can eliminate them, or you can always tell them you will just go and find another bank!

  • Check phone bills, and phone plans carefully.  Make sure you are or paying for minutes you don’t use, or services such as data and text that you don’t need.

  • Cable bills are always a place to look for some extra cash.  Sales people will sign you up for extras like movie channels and DVRs, and you may forget that the service is only free for a period of time, after which you will see your bill escalate.  Contact the company for a reduction, and ask if they have any new promotions that might save you money.  They should be enthusiastic to keep your business.
    Remember if you are on cable you can always move to dish, and if you are on dish you can always move to cable!

  • Beware of bundling!  Make sure that the services in the bundle are what you need.  I had a client who was paying for internet in her bundle, thinking it was something to do with her TV and she didn’t even own a computer!

  • And last but not least, always be on the look at for fraudulent activity on your
    accounts.  Financial abuse of the elderly is on the rise.  If you see an item that does not look right, call your credit card company or call your bank to report it.  They will assist you as to what to do in protecting your accounts.

Just putting in a little time every month, checking your bills and accounts can save you some much needed money.  There is an old saying “ take care of the pennies and the dollars will look after themselves”.  So do make sure you are looking after your pennies and yourself included along the way.

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