This fall, AARP Mississippi is hosting telephone town hall discussions about saving and retirement security. In conjunction with AARP’s financial security team, AARP Mississippi is sharing financial education information.
See Also: AARP Retirement Calculator
“The road to financial security is paved with the money you save,” said Brian Bullock of AARP’s Financial Security Team. “We all want financial security, but too often we put off starting to save. We think there’s too much we need to learn first, or that we can’t really afford to save, or we just don’t have the time to think about it.”
Two places to reduce expenses are household and transportation costs. Energy costs are climbing and will probably continue to do so.
Here are some energy tips:
- Do an energy review of your home
- Plug up drafty windows and doors with weather-stripping, insulate them with blinds or curtains, and then turn down the winter temperature inside by a couple of degrees
- Consider solar heating and cooling if it’s feasible where you live
- If you have central air, try to use it less. Install ceiling fans in some rooms, so you don’t have to cool the entire house
- During the summer months, avoid using the clothes dryer, dishwasher, etc. during peak hours to lower your energy bill
The biggest transportation expenses could come from one or more vehicles.
Here are some ways to cut back on those costs:
- Car-pool to work with neighbors or colleagues
- Use public transportation
- Talk to your insurance company about ways you can lower your rate
- On the highway, save money on gas by driving 55 miles per hour instead of faster
As health care costs spiral, they become a larger part of almost everyone’s budget. Whether you have a choice among plans offered by your employer, or buy your own insurance on the open market, calculate which deductible will be best for you.
Also check to see if you can save health care costs by following these tips:
- See if your health insurance offers a mail-order system for prescriptions. It might be cheaper than buying directly from the drugstore.
- Check the anniversary date of your insurance before scheduling routine medical appointments or tests. For example, your insurance may require you to wait a full calendar year between mammograms. If you schedule a mammogram even a day or two before the end of that year, the insurance may not pay for it. Always check with your doctor first.
- If you know you’ll need several appointments or tests that are definitely not urgent, consider waiting until you choose your insurance for the next year. Then take a lower deductible so that you’ll get more of the costs covered. Always check with your doctor first.
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