(NAFB) Managing your money can be challenging, especially as you near or enter retirement. From drug costs to grocery bills, ingrained spending habits are hard to change. However, with a few tweaks, you can head down the path to greater piece of mind. Sean Voskuhl, Oklahoma State Director for the AARP, said it’s important to start with drug savings, and then move on to building a savings nest egg.
“Three big changes have come to Medicare’s Part D Prescription Drug Coverage, and that could affect how much you pay for medications. The changes include lower drug prices for ten Part D meds, including autoimmune diseases, cancer, diabetes, and heart disease drugs. Out-of-pocket drug costs will be capped at $2,100. Medicare will also cut the cost of popular weight-loss drugs.”
It’s hard to know where to start when cutting back on things in retirement. Voskuhl offered some tips on where to begin.
“Set your money goals and discover leaks. Gather your recent statements to see where you’ve been spending the money in every category. Identify in which categories you overspent and would like to cut back. Look for new ways to save, including saying no to food delivery and cooking meals at home. Adjust your thermometer, and shop around for the things you need. Build new habits, including one day a week where you choose not to spend any money. Make sure you pause before you do buy something.”
He also encourages people to build savings in case of an emergency. Try not to carry credit card balances from month to month. Voskuhl offered more save money hacks.
“Don’t use one-click ordering when shopping online. Wait a few days before purchasing to help cut down on impulse buying. Cut down on credit card use if you’re carrying a balance and try to pay with cash. Avoid buy-now and pay-later financing if you can’t afford the item because the late fees can add up.”
Learn more online at www.aarp.org
