Tips for Successful Money Management
Unclaimed money can serve as an extra source of income to many peoples’ wallete. Successful money management is not achieved by a magical wand, but rather by a consistent and practical planning. One of the first steps towards this financial freedom is to learn to live within ones means. With life moving in the fast lane and where instant gratification is the norm, most of our expenses are directed towards desires rather than actual needs.
In majority of the cases, we start realizing that because of our irresponsible financial behavior, the savings for the rainy days have been pretty meager. Retirement not only brings with itself a lot of health related burdens but also a diminishing capability to earn. A well executed plan towards money management goes a long way in saving the best for the last.
The end of our career also brings with itself an end to our potential to earn and our livelihood is dependent upon the savings and pension funds. The urgency to save money and to find out as many options to save money is critical to living the rest of our lives in the happy lane.
A few of the following tips might come as handy.
-Try to avail of as many coupons as possible at the grocery store.
-Buy in bulk at price clubs. (Although this can save money, it also can have a larger upfront cost. Make sure you look closely at the prices to be sure they really are lower.)
-There are a lot of shops that provide senior citizen discounts. Take advantage of senior discounts.
-Limit eating out to a specified number of times per month or for special occasions.
-Because of your age and restricted income, it makes sense for your children to visit you. So, encourage your adult children and grandchildren to travel to visit you, so you can limit your travel costs.
It may require a lifestyle change, but managing your money so you can live on a fixed income is wise. It can extend your years of pleasant living and help you prepare for future or unforeseen expenses, such as medical costs.
One of the major pitfalls in the current age of instant gratification is the injudicious use of credit cards. Once the credit card bill piles up, then the rearguard action begins. By this time the penalty has been imposed and our credit history has gone down the drain. So, it is definitely not the best time to encash your credit card at will. Treat your credit card like a debit card . The best option is to use a debit card so that you are spending only within the limits of your existing savings.
If you find that you truly do need more money to live, consider using your home equity. Instead of a home equity loan, which requires monthly payments that you may not be able to afford, consider a reverse mortgage. With a reverse mortgage, the lender makes payments to you. The loan is either repaid when you sell your home or pass away. Talk to a financial advisor first to see if this is a smart option for you.
The last but one of the most important tips for money management in the current era: be on the look-out for your unclaimed or lost money. Search for unclaimed funds against your name under every state where you had resided in the past.
