Most baby boomers expect to need about 30,000 per year after retirement. This doesn't take into account that they could live another 20 to 30 years, with inflation eating up much of the value of their savings. With that in mind, here are some money saving tips we'd all do well to heed. Make a list of your priorities in life, whether it's to travel, retire to Florida, or buy a new car. Every time you're tempted to spend money on something you don't really need, use those priorities as a guideline. Is it important enough to delay achieving your goals? If not, put your wallet away.
Don't foot the bill for your children's higher education if you really can't afford it. There's nothing wrong with helping, but they should understand early on that they're expected to work for their own future. Encourage them to find jobs, apply for scholarships or grants and take advantage of government student loans. Divorce has a devastating effect on a family's finances. If at all possible, work on your marriage to improve it before admitting defeat.
Make it a priority to erase the high-interest debt on credit cards. Always pay much more than the minimum balance, as much as your budget will allow. Meanwhile, stop charging purchases. Save up for them in advance. Use seniordiscounts.com as a resource for saving on thousands of products and services. You can search the website by city, state and category. The generated lists will include the amounts of discounts and minimum age. There's a nominal fee for membership but you can make that up by taking advantage of the discounts they offer. The free basic membership can let you decide if it's worthwhile.
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