3 Common Ways Seniors Might Be Wasting Money

(3 Minute Read)

As we get older, we continually work to get a firm grasp on our finances. This is especially true for seniors nearing retirement. If you haven’t already done so, it’s a good practice to review all of your clients’ expenditures to make sure that they aren’t wasting money when they think they’re saving it. Here are 3 common ways that people end up spending more money in the long run without realizing it.

Skipping the Dentist or Doctor
Sure, it’s common for people to avoid going to the doctor for regular check-ups and minor injuries, but not doing so can sometimes lead to further issues down the road. This is also possible among those who are experiencing recurring issues, but haven’t sought medical attention in order to avoid incurring a medical debt. When these injuries or recurring medical issues escalate, it can mean worse problems and higher medical costs later. Make sure that your clients are seeking the medical help they need, when they need it. Having unexpected medical costs isn’t always welcome, but having avoidable increased costs later is worse.

Ignoring Vehicle Maintenance
Little things like an oil change or brake pads may be just expensive enough to justify putting them off; plus, there’s a time commitment involved in getting a vehicle maintained, and time is money. However, these regular maintenance services really just protect the long-term investment in the vehicle. Instead of ignoring the issue, advise your clients to seek potential help from auto retailers, like AutoZone, that can run a diagnostic to see what problem the engine is having. That will give you some insight into the seriousness of the issue and provide better guidance on whether the issue needs immediate attention.

Transferring Credit Card Balances
Credit card transfers often present a very tempting option for those with credit debt, especially when they guarantee a 0% interest period after the transfer. While these options can be very beneficial in avoiding interest charges, it’s important that your clients are making a decision that betters their financial situation in the long run. Unfortunately, many credit card balance transfers come with an even higher interest rate after the special interest rate period is over and if your clients haven’t paid off the debt, they may start sinking even further with the higher interest charges.

For seniors especially, saving money is a crucial concern, since retirement is on the horizon or has already come. If your clients are struggling to make ends meet, you should make certain that they are aware of all of the available options for them, including life settlements. If they have a life insurance policy that they no longer need or want, they may be able to sell it in order to acquire a large upfront sum of money to pad their retirement funds with. To see if your client(s) are eligible, check out our Qualification Calculator today!

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