"Senior Moments" Articles
*as featured in The New Haven Register, Living Section

A penny saved and other useful suggestions

By Jean Cherni, H. Pearce Company's Senior Living Services Program

Articles

2008

No matter who wins the election in November, it looks as though our economy could take quite some time to recover. Meantime, with gas, food and other prices escalating, we all need to find ways to stretch a dollar without feeling constantly deprived.

One of the first steps financial experts advise is to get out of debt. Pay off anything that is not tax deductible. A helpful book on the subject is Liz Pullman Weston's "Deal with Your Debt," $12.23 at Amazon.

While not every cost-cutting measure is right for everyone, the constant reliance on credit cards has desensitized us to the value of money. If we start using cash, we are much more inclined to ask the two important before-purchase questions.

"Do I want it?" and "Do I really need it?" If you do use a credit card, choose one without an annual fee that also lets you save toward gifts or airline miles, but always pay off the full amount each month. Another surefire way to slow down your spending is to follow a strict budget for a few months. You will also be surprised to see how much some of the "extras," like a café latte or a small impulse purchase, can add up.

Using grocery and manufacturers' coupons, although time-consuming, can save quite a bit of money as long as you are purchasing the brands you really prefer.

Many of my friends also like to buy in bulk, and although I have tried this from time to time, I find the effort involved in the shopping itself and the lugging and storing such large quantities, is not worth the savings to me. Instead, I look for the store-brand equivalent of many food and drug products, which can often save a third of the usual cost.

We love to eat out, so I studiously track down all two-for-one coupons, find out about "early bird" specials and use other cost-cutting measures such as having wine or coffee at home (drink charges can really inflate your bill), order two appetizers but split one entree, and eat out at lunch time when the same menu is less costly than at dinner.

Val and I also like to try different kinds of food and the New Haven area is blessed with many inexpensive ethnic restaurants. Thai, Greek, Turkish, Indian and Chinese food are often a better buy than the so-called American chain eateries.

Savings on clothes can be accomplished in several ways. While admittedly I enjoy an extensive wardrobe, some of the items have seen duty for many years as I am a staunch believer in buying really good quality but in neutral colors and classic styles that span seasons and always look good.

You can do this on a budget by buying in outlet stores and consignment shops as well as buying off-season when stores have their best sales. But don't buy what doesn't fit or what you aren't sure you like, just because of a low price.

A good buy should coordinate with your other clothes and make you feel great when you wear it. Read labels carefully, look for the fiber content and purchase items you can launder yourself to save on expensive dry cleaning. If ordering from a catalog, watch for "free shipping" specials.

Lastly, if you haven't had an energy audit, it can prove an excellent and painless way to save. Replace old light bulbs with the new miniature fluorescents, lower the thermostat on the furnace as well as the temperature setting on the water heater and add insulation, especially in the attic.

One way to motivate yourself and your family to save is to make it a challenging game and to decide on some worthwhile "rewards."

My mother always kept a "quarter jar" by the kitchen sink and we put in our leftover quarters at the end of the day. I still recall with pleasure some of the Broadway shows we saw with those saved up quarters. Admittedly, today quarters might only buy a movie, but the basic premise still holds true.

Jean Cherni is founder of Senior Living Solutions, a retirement advisory service.  Contact her at jeancherni@sbcglobal.net or 15 The Ponds, Branford 06405.

H. Pearce Company REALTORS® is a full-service real estate company with more than 100 agents and branch offices in greater New Haven and the Shoreline. Corporate and & Commercial offices are located in North Haven, where the company was founded in 1958. All listings can be found in color on the web at: www.hpearce.com.




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