How to Strech your Nest Egg during Retirement and Save more Money

Home owners insurance. Due to market fluctuations, your house might be worth less than it was even a year ago. While that looks badly, the thing to keep in mind is that you are probably paying home owners insurance on the higher amount at which the house was valued. You are advised to look at the policy and adjust down the coverage amount if it makes sense. You can save hundreds of dollars by doing this. If your house is paid for, review your policy and make sure you are not paying for too much insurance based on the fact that you only need to replace the house with a residence that will serve your needs, not a palace.

Grocery Shopping. The biggest area that everyone gets caught up in is impulse buying. If you have a strategy to reduce or eliminate this, you can save a significant amount of money. First, have a list when you go shopping. Do not deviate from that list unless absolutely necessary. Ask if you can wait on the purchase until later. That will at least get you out of the store without making the purchase. Later on, you will be amazed at how reality sets in and you really do not need it as badly as you thought you did when you were standing in front of the display (blame it on the slick marketing). Next, go shopping less often. We are used to jumping in the car and running to the store whenever we need just one or two items. If they are not mandatory, you can put them on your list for later.

Prescription drugs. Generics – check into them. Often times, doctors are not asked about generics for the medications that are prescribed. The first rule of saving money here is in asking. Next, if there are no generics available, ask your doctor if there is an alternative drug which will accomplish the same treatment, but does have a generic. Some doctors are influenced by the drug sales reps and like to push the meds for which they are being rewarded financially, so it never hurts to ask.

Do not lend money to family. Here is one that has come back to hurt so many retirees. It is such a strong emotional issue that often times the desire to help a family member overrides common sense. This is your money for your retirement. If you give it away, then you might not see it again. And think about how that will drive a wedge between family members. So, the best advice is to refuse to do this. Or if you do, then consider it a gift (whether or not you tell them) and do not ever expect to see it again.

Travel package deals. Look around and compare prices. Just because you are buying a package targeted at seniors does not mean that you are getting the best prices on travel. Always compare prices and you might be surprised at what you find.

These are simple things, but can save so much money. Not only that, but they will make your retirement years that much more enjoyable.