As you get older, the importance of having money in the form of savings cannot be emphasized enough. By setting money aside for future use, you’ll enjoy the benefits of having financial freedom, especially when you’re retired and don’t have a regular income.
Even when you’re already a senior citizen, there is never a reason why you shouldn’t make it a point to save money. Luckily, there are many savings opportunities you can take advantage of and capitalize on.
Recommended ways to save cash
Seniors, like you, will surely be happy to know that there are lots of opportunities to add more to your savings. Here are some of them:
1. Get a better refinancing rate with a HARP loan.
The Home Affordable Refinance Program or HARP has helped a lot of homeowners who have owed more than the value of their home during those years when real estate values have plummeted. For almost ten years, many homeowners were able to refinance their properties to lower rates, build equity, and save money.
To qualify for a HARP loan, you need to be current on your mortgage payment and have little to no equity.
2. Secure your values with a free security system.
One of the most common reasons people lose money is burglary, which is reported to happen 75% of residences in the United States. According to The National Council for Home Safety and Security, homes with no security system are 300% more times at risk of a break-in.
ADT is offering new customers a free home security system worth $850 to help homeowners protect their homes. The only thing that you’ll be paying for is an installation fee of $99.
3. Save money on a cheaper car insurance policy.
With the increasing premiums on auto insurance, a lot of people have been tempted to drive without coverage. To be able to save on car insurance, you should answer the Car Insurance Quiz and find a more suitable deal for seniors like you.
5. Cut back on costly repairs with a home warranty.
Repairs come unexpectedly most of the time. And oftentimes, it can put a huge hole in your pocket. You don’t have to suffer the consequences of unexpected repair again with a home warranty, which is a solution that’s designed to protect your home and your pocket from costly repairs on appliances and home systems, like air-conditioner, electrical system, water heater, refrigerator, and more.
6. Settle your debts and still save some cash.
You can easily get neck deep in debt without you realizing it. Thankfully, debt relief companies are here to save the day.
These companies will provide consultation and then, refer you to the right organizations to help you settle your debts without having to go into bankruptcy. You will then make monthly payments, which is usually much lower, through a debt settlement company.
7. Save more money by extending your auto warranty.Most car dealerships offer a factory warranty of three years or after 36,000 miles, whichever comes first. After that, you’ll be paying for repairs and replacements out of your own pocket. But if you purchase extended auto coverage, you’ll be able to save yourself from costly repairs in the future. Be sure to shop around for the best deal to get maximum savings.
8. Find a cheaper home insurance policy.It’s imperative that we protect our homes and families with a home insurance plan. But to avoid paying large sums of money on premium, use an online marketplace to find the best deal. That way you’ll find coverage that suits your needs yet won’t cost you a fortune.
9. Get extra cash with a reverse mortgage.
A reverse mortgage is designed specifically for senior homeowners to give them access to a percentage of your home’s equity to be able to qualify for a secured loan. This should help you cover some of your expenses, including medical bills. If you’re 61 years old or older with a house with equity, you are qualified for a reverse mortgage.
10. Opt for an affordable but reliable health insurance policy.
Medical bills, routine check-ups, and medications can be quite pricey. But with a reasonably priced and reliable health insurance coverage, you can save a lot of money every year.
Ask for free online quotes from licensed insurance agents to know your options today.
11. Secure your health with a Medicare supplement plan.
Medicare Supplement or Medigap insurance policies are designed to fill in the gaps that your original Medicare plan doesn’t cover. These include coinsurance, hospital costs beyond what Medicare covers, Medicare deductibles, and skilled nursing facility costs beyond what Medicare covers.
12. Cut down on your utility bills and save some cash.
Utility bills take up a huge chunk of your monthly expenses. This is why it helps to consider going solar. There are local contractors that offer free installation, which is another way to cut costs
Be sure to keep these tips in mind if you want to be able to make the most of your pension. By saving as much money as you can, you’ll be able to use the cash to travel, do the things you’ve always wanted to do, and most of all, live a financially independent life.