SENIORS: STAYING OUT OF DEBT

Jun 14th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Senior Citizen Concerns: Finances

One of the most critical disciplines for seniors is to  stay out of debt. Keeping your credit card bills current, while determining that no new debt will be incurred is a major and important step at achieving self control.  Keeping your income to debt ratio in check is one of the healthiest ways to maintain a sense of self worth.  Having bills mount, spin out of control and become day by day worries is no way to enjoy retirement.

Keeping a strict watch on spending, controlling necessary costs by keeping them within realistic limits, budgeting discretionary outlays to stay within absolute limits will enable you to reduce the fret of debt.  Saying no to yourself and to others means that you have taken on the tough job of controlling spending. Check your monthly expenses with a sharp eye.  What did we buy or do last month that we could have done without?  How many times did we impulse shop?  How about eating out, is that something we need to cut back on?  Are we being frugal in the number of trips we take, the use of the car, the errands we run?  What is there in our life style that needs curbing?

Debt, today, is a genuinely insidious threat to the budget and a level of tranquility in the retiree’s  home.  Anticipating expenses before committing yourself to indulging is a major habit that deserves sharpening.  Expenses have a way of getting out of hand.  Desires have a way of tempting.  Making prudent choices to stay within prescribed limits is a day by day undertaking.

Several Areas of Concern for Seniors

Knowing the costs that spiral without our ability to keep them down requires a close eye and a readiness to impose limits.  Medical costs tend to be one area in which seniors have real concerns. Working with your physician to keep prescription expenses down may be good for you in more than one way.

Doing things that do not come with a price tag is another way to impose restrictions on spending.  Walking, staying at home instead of going out, sharing good times with friends at no expense to either, watching movie available on tv, playing table games, reading, gardening, taking time to be with family are wonderful possibilities for enjoyment and cutting expenses.

If vacations tempt, then take time to chart your course, find journeys that will keep you within your budget. Do not plan to spend on souvenirs and incidentals.  Find ways to travel lightly, which means leaving some of your credit cards behind so you won’t be tempted to overspend.

In the meantime, while you are planning your trip, look around for ways to cut down on your in home expense.  Stay out of big box stores.  Eliminate subscriptions.  Shop with coupons.  Keep your trips to a minimum.  Watch out for bargains that really aren’t.  Keeping debt out of your life is one way to encourage a healthy life style.  It is worth it.



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