You’ve spent a lifetime raising a family and making sure everyone around you has been taken care. Now that you’re a bit older, you probably don’t have any fiscal responsibilities except to yourself and your spouse. If you invested wisely, you may have enough money set aside to live comfortably. However, most seniors still need to pay close attention to their finances. Following are a few earning and saving tips.Health Insurance
Due to the fact that people tend to become a little less healthy as they age, carrying adequate health insurance is important. This is something you should take care of when you’re younger, because as you age the price you pay for health insurance is bound to go up. Taking out a health insurance policy when you’re in your prime will allow you to have the very best medical care throughout your life and hopefully enter your senior years healthy and happy. Of course, there are no guarantees you won’t get sick, which makes carrying health insurance necessary.Save On Insurance
If you’re like most people you probably have insurance policies on other things besides your health. Home and auto insurance policies must be maintained if you still drive or own a home, and hanging onto your life insurance is a no-brainer. All of these policies cost money. It would be a good idea to talk to your insurance agent--if you were smart you stayed with the same provider for years--and ask them about discounts for multi-policy holders. Most insurance companies will reward customers with lower rates if they have more than one policy with the company. In addition, you may qualify for a discount as a longtime customer. You can further reduce your premiums by raising your deductibles. Make sure you keep enough money on hand to pay the deductible in case you have to file a claim, because the insurance company won’t issue a check until the deductible has been paid.Maintain a Savings Account
Saving money as a senior citizen may not be easy, because most seniors are on a fixed income. However, it is possible to put a little aside each week if you create a budget which allows a few dollars each week to be deposited into a savings account. Treat this account as an emergency fund. Don’t dip into it unless it’s absolutely necessary. Consult with your accountant or talk to your banker to come with a way to keep the money you deposit free from taxation. However, you will want to be able to access at least some of the money in case you have to file an insurance claim and pay the deductible.Eat for Less
Although it would be nice to have your meals at a restaurant, you can eat for less if you cook at home. Shopping at a local supermarket will be cheaper than buying from a convenience store, or a gourmet food store. You can save quite a bit of money by buying the store brand instead of opting for national brand canned goods. The quality is the same, but the price is significantly less. You can add to the savings by clipping coupons. If you do it right, you can save 25% or more on your weekly grocery bill. Watch the sale ads, as well. Grocery stores usually have a variety of items on sale every week. When something comes on sale that you eat regularly, you can buy extra and store it, especially if the sale items are canned goods. In order to break the monotony of eating at home all the time, treat yourself to a night out once in a while. The change of routine will no doubt invigorate you, and give you the opportunity to meet new people.Less Space Equals Less Work
If you’re like most people, you probably started off in your adult life by either renting or buying a small house, then moving into a larger one as your family grew. Now that your children have moved out you most likely don’t need all the space you have--and it probably takes a lot of effort to maintain your large home. You may want to consider selling your home and moving into a smaller place. It’ll be much easier to take care of, and the utilities will most likely cost much less. You can also put the money from the sale of your old home, minus what you paid for the new one, into a savings account and let your money grow.Increase Your Income
If your finances are stretched, you may be able to make a little money by taking a part time job. The extra income can be used to buy food or pay for utilities, or it can be put into your savings account for a rainy day. You can also bring in a little extra money by selling off possessions you no longer use, like a motorcycle, snowmobile, or stamp collection. You can also have a yard sale and get rid of a lot of smaller items that you don’t need any more. The money from these sales can go into savings or used to pay bills.
Guest post from Finley Crest. Finley writes about senior care