Debt in any form is a burden, particularly for retired seniors. No one wants to waste their golden years of life trying to clear up the debt. This is the age to relax and enjoy .But recent studies have shown that percentage of seniors aged 65 and older turning bankrupt is on the rise.
Fixed income, unstable market economy and rising insurance costs are some of the reasons leading seniors on debt pathway.
Following are some of the tips to save money and lead a debt free life.
• Keep record of your earnings and spending. Create an excel spread for budgeting. There are lots of resources available online. ExcelSpreadsheet123 is one of them.
• Try to find out seniors discounts wherever possible and take advantage of them.
• Eat out only on special occasions.Don’t be shy about sharing a single meal, most are too large for many seniors
• Shop only when needed and look for deals in clearance or bargain items.
• Talk to your doctor about generic drugs.
• Don’t be obliged to give money to your kids and grandkids, if you don’t have money.
Below is a video describing 5 tips to reduce debt