With utilities, groceries and gas in Southern California at all-time highs, even well-heeled senior citizens can find it a struggle to make ends meet during the holidays. Between special family meals, gifts, decorations and party attire, if you aren’t careful, you could end up in the hole. So, to help, we have come up with some money-saving tips for seniors for the 2017 holiday season:
Holiday Meals –
Does your family’s holiday tradition revolve around you prepping and providing the Thanksgiving meal? If so, consider passing the baton to the younger generation. While they will undoubtedly want to take advantage of beloved family recipes, that’s no excuse to make you do the work and carry the lion’s share of the financial burden.
If you love entertaining and are reluctant to give up your role as host or hostess, suggest potluck so everyone can share their favorite food (and some of the costs!) or offer to provide the location if everyone else pitches in with the meal. If meal prep is non-negotiable for you, save by shopping at discount stores such as Aldi or Dollar Stores locations that offer an in-store market. Both are up to 30% less than larger grocery store chains. And don’t forget to check for free turkey giveaways, which some markets offer in November and December, with a minimum purchase of $25, $50 or $75.
Whether your family celebrates Christmas, Hanukkah, Kwanza or an occasion you made up, the cost of gifts can sink your financial ship. To keep this from happening:
- Set a budget and stick to it.
- Shop in discount stores like the .99 store, Big Lots or Wal-Mart.
- Make homemade gifts, like a batch of homemade chocolate chip cookies or a can of holiday toffee.
- Draw names. Set pre-established limits. And don’t be afraid to speak up if the limit is higher than you are comfortable accommodating.
- Whether you call it Yankee Swap, White Elephant or Nasty Santa, discuss the possibility of playing a fun holiday game this year instead of holding a traditional gift exchange. This will not only save dollars but is interactive and good for people from most (but not all) generations. (Hint: You might not want to steal the gift your 2-year-old great grandchild is clutching.)
- Remember that the thought truly counts more than the dollar value of any item you give.
Thrift stores offer great holiday decorations for a fraction of the cost of retailers. This is also true of dishes, which are sometimes less expensive at second hand stores than paper goods are at major retail outlets. As with most things, less is often more. So, don’t feel compelled to crowd your house with holiday décor. When it comes to decorations, a little goes a long way.
Festive Clothing –
If you buy only one holiday item of clothing after season’s end, in a few years’ time, your wardrobe will be the talk of the town. Thrift stores are also a great resource for holiday garb. So, head to the local Goodwill to find items at a fraction of the cost of department stores.
About Reverse Mortgage Certified
After a lifetime of hard work and sacrifice, you deserve to live comfortably instead of scrounging. At Reverse Mortgage Certified, we love to help homeowners improve their financial situation by taking out a reverse mortgage. Wouldn’t you rather get a check each month rather than having to scrimp and save to pay the mortgage? If you own your own home, you may be eligible.
If you have questions about how much reverse mortgage capital you might qualify for, contact Manny LaFosse, your certified reverse mortgage consultant. Residents of Los Angeles County and North Orange County should look to the experts at Reverse Mortgage Certified for great rates and information about the reverse mortgage loans as well as several other available financial options. Call our senior hotline today to find out if a reverse mortgage may be right for you or for someone you love (855) 444-9798.