It can be uncomfortable to plan for a future where you might be limited by old age or illness. However, the chances of such an outcome may be higher than you think. People who are currently 65 years old have nearly a 70 percent chance of needing long-term care at some point in their lives.1
Luckily, you can offset future care costs by a substantial amount if you invest in long-term care insurance.
No hard-working American wants to lose their entire paycheck as soon as they receive it. Even so, many of us are guilty of crossing the fine line between necessary purchases and splurge buys, sometimes without realizing it. Even if an individual has a solid grasp on their spending habits, their lifestyle choices may be costing them more money than they realize in the long run. If you’re hoping to set aside more of your salary for savings and investments, it may be time to cut costs in your everyday life with these simple tips.
Shop Smarter, Not Harder
One of the largest weekly, biweekly or monthly expenses in most households is grocery shopping. Grocery stores are strategically designed to tempt you into spending more money on items you don’t need, so it’s vital you enter the store with a plan every time you shop.
Start with a meal plan. If you’re stocking up on the household groceries, you’ll need to ensure you get enough food for the period between shopping trips while spending as little as possible. Planning out your meals for the week will help refine your shopping list and prevent you from purchasing unnecessary items. You may also want to plan your meals around your budget. Red meats, for example, are particularly pricey when compared to white meats. The smart spender may choose to take advantage of sales, coupons or bulk packages to save money on future grocery trips.
If you make a quick trip to the store to pick up a few things, avoid grabbing a basket or cart. The extra space could tempt you to grab items you never needed.
The easiest and most cost-cutting way to save money while in the store is to purchase as many generic or store brand items as possible. There’s a cheaper store brand product of similar quality for almost any name brand item you can find.
Reduce Electricity Usage
Staying up long after the sun sets and waking up before sunrise can cost you in electricity. While most people will need to use electricity for lighting, many homeowners and renters end up spending far more money on their electric bills than necessary because they stay awake late into the night. Try to line up your circadian rhythm with the cycle of sunlight to reduce electricity use after dark.
Homeowners can also remove one enormous electricity hog with only a string and some clips. Your clothes dryer, if it’s electric, is one of the largest drains on electricity in the entire home. Save money by doing things the old-fashioned way. Drying your clothes on a clothesline is just as easy as a dryer and can improve the longevity of delicate garments. Dryer heat is extremely damaging for many articles of clothing. Not only will you save money on electricity by opting for a clothesline, but you’ll also save money on clothing costs in the long run!
Grow Your Groceries
If your yard is just a patch of grass or dirt with no real use, it’s time to repurpose it! Cut down on pointless lawn water bills and decrease your grocery bill by growing vegetables in a garden. Gardening is a fun and exciting way to connect with your food and a great hobby for individuals of all ages.
Enjoy a Bright Financial Future with Arbor Mutual Wealth Management
With only a few minor changes to your lifestyle, you can cut your spending and put that extra money toward providing for the future. If you’re interested in building a nest egg for retirement or making your money work for you, you can find help from the experts at Arbor Mutual Wealth Management. Our financial professionals will help you establish your financial goals and create a plan to help you attain them. Contact us online or call (866) 332-1761 to receive a free consultation.