Sunday, January 1, 2012

Save Money in the Coming Year

What is your
New Years Resolution?
Back in 2010, the Washington Times reported the top New Years resolutions that were made that year.  The top 5 were: give up smoking, cut back on alcohol, exercise, lose weight, find a soul mate. 

While watching Dick Clark's "Rocking New Years Eve" on television in 2012, they listed the top New Years resolutions for that year.  They were very similar, with one notable difference.  The top resolution by the end of the recession was "Save Money".  This is not surprising, considering that many people are still struggling financially.  Many people, and not just Baby Boomers, are trying to learn how to reduce their expenses so they can survive on a lower income.

How to Save Money

However, the fact that saving money was not even on the list in 2010, and was number #1 in 2012, shows just how much our economy changed in a few years.  The AARP Magazine for December 2011/January 2012 addressed ways to save money in a short article called, "Boost Your Savings."

Here are some of the suggestions they had to help people who are having trouble making ends meet:

1.  Have a budget, and use it to decide whether or not you have any expenses that are no longer needed.  For example, if you no longer have any dependents, do you really need as much life insurance?

2.  Instead of cutting out things you enjoy, replace them with less expensive activities.  For example, if you enjoy eating out, share meals or find less expensive restaurants. 

3.  Find a less expensive place to live.  If you look through some of the other blog posts here at Baby-Boomer-Retirement, using the tabs or pull-down menu at the top of the page, you will see a large number of suggestions for affordable places to live on Social Security.   All of these posts list locations across the US where the housing is affordable and there are other amenities that appeal to retirees.  Since housing is the largest expense for most adults, finding a less expensive place to live is one of the best ways to save money.

4.  Finally, AARP recommends that Americans work until they are at least at their full retirement age of 66 or 67, and continue working until age 70 if that is possible.  These years of extra work will maximize the amount of Social Security you will receive.  If you can't keep working at your current job, see if you can find part-time work while you still have your health.  This can make a significant difference in your financial situation after retirement.

If you are looking for additional ideas for how to save money in retirement, where to retire, health issues, changing family situations and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional articles.

With that goal in mind, please continue to follow,.

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  1. With rising gas prices, food prices and other expenses, many people are struggling financially. Any means they can find to save money will make their lives a little easier. Thank you for reading and commenting.


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