9 Money Tips for the Elderly
6. Volunteering or community service
This is a nice way to give back to the community and get paid for it. Under the Senior Corps and the Senior Community Service Employment Program (SCSEP), you get paid stipends for your service. Just keep yourself constantly aware of such opportunities in and around your area.
7. Get out of debt
This could really relieve you from some mental tension and pressure. You need to make a list of your pending credit card and loan balances as per their interest rate. Now, first try paying off the ones with the highest rates. This will bring your overall amount of interest down. Also, ensure that you at least make the minimum payment on each account on time. This will keep your credit score damage in check.
8. Save money by saving energy
Being energy-efficient can help you save a lot of money on your bills. Simple things like turning off appliances (when not in use) instead of putting them on standby can go a long way. Switch to energy-efficient light bulbs. Options like weatherproofing may add to your cost but will help you save money on the long run.
9. Get entertained for free
Many seniors face the problem of having too much free time with nothing much to occupy them and this can really lead to frustration and depression. You need not always pay big bucks to have some quality time. Make sure you keep checking the events section of your local newspaper to know what’s happening in and around your area. These events usually have minimal fee or are free. You could hit the local library for some quality alone time and that much needed entertainment. This also increases your chances of meeting new and interesting people.
