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.

Tags: golden years, retirement, saving for retirement

This entry was posted on Thursday, February 26th, 2009 at 6:45 am and is filed under tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

• Five Tips to Save $100 When you’re reading tips on saving money, it’s easy to think that the suggestions you’re reading will never really add up to substantial savings. Sure, shopping with coupons or shaving inessential items from your shopping list will allow you to...
• Save Money Ideas - Tips For Saving Money This Christmas This holiday season "save money ideas" are more important than ever. The declining economy makes this a necessity for many of us. Our kids are already planning their Christmas want-list with much excitement and anticipation. There are numerous people who...
• Back to the basics of saving money This article is part of an ongoing series called Money Saving Monday. Each Monday, I share tips and techniques you can use to start saving money. There are of course many ways to save money.  I also firmly believe that...
• Save Money While You Shop -It's Easier Than You Think We all have to shop and that means spending money. Sometimes shopping is fun and other times it is just a chore. Either way, whatever it is that you are shopping for you can be smart and not throw away...
• Simple Energy Solutions That Save Big Money As energy prices go up, many people are looking to alternative power solutions in order to save money. However, converting an entire house to go off grid can be costly, and the work involved may be too much for some...