This is a guest post by Marina Chernyak.

Given the recent scary economic situation, more people are becoming anxious about ensuring some form of retirement annuity. Annuity program sales went up by 48% from 2007 to 2009, reaching $108 billion in 2009. If you’re planning for your retirement, how do you choose the right one? Use our 15 tips to help you with your decision.

1. Evaluate Your Risk Tolerance

For those with low risk tolerance, a fixed annuity is best, with conservative investment objectives and maximum guarantees. If your risk tolerance is a little higher, opt for an equity-indexed annuity; your growth will be according to market indexes. Only if your risk tolerance is high should you choose a variable annuity. You will have to forego guarantees but will enjoy higher growth.

2. Check Out Your Insurer’s Financial Strength

If an annuity insurer is promising you immediate high monthly payout on a variable plan, don’t jump with joy. Insurers who have weaker financial ratings at times offer high payouts to attract capital. Use a consulting company to check the company’s financial ratings first before you invest your money in a junk-bond like annuity.

3. Use The Right Rating Agencies

Get the financial strength ratings of the annuity companies from one of these 4 major consultants: Fitch Ratings, A.M. Best Company, Standard & Poor’s and Moody’s Investors Service. While keeping ratings in mind, you must know that ratings don’t impact variable investment principal value or investment return.

4. Use Certified Advisors

Before you decide on an annuity plan, take the professional advice of someone who has a certified financial planning accreditation in your country: check via Google.

5. Consider An Annuity With Premium Protection

With premium protection, the insured will receive annuity payments periodically until their net investment is fully recovered. The payments will be paid to one’s heir in the event of death. If you forego premium protection and opt for higher lifetime income payments instead, you will not recover all of your original annuity investment.

6. Choose An Annuity With Cost Of Living Protection

A ‘Cost Of Living Adjustments’ (COLA) annuity adjusts your payment’s value to accommodate your cost of living so you can protect your retired lifestyle.

7. Compare Each Contract’s Fee And Costs

There are various charges such as mortality and expense risk charges, management fees, sales charges and so on with variable investments. However, not all variable annuities cost you the same or charge the same fee.

8. Evaluate Withdrawal Charges

If you opt for a variable annuity, find out what the charge is for withdrawals before a certain point, and what taxes are applicable. This assessment will help you decide whether you want to go fixed or variable.

9. Avoid Tax Penalties

If you buy an annuity that comes with 401k or IRA qualified retirement savings, you will be able to save on taxes. You avoid tax penalties by rolling over qualified funds into qualified annuity, paying taxes only on annuity income.

10. Don’t Be Too Conservative

If you want returns to beat inflation and investment costs, invest a portion of your assets in low-risk equities that have provision for dividends and capital growth.

11. Beware Of Broker Funds

These don’t add extra value; rather they are too often used to charge you additional fees that you don’t need.

12. Shop Around

Don’t accept your pension provider’s annuity quotation; take the open market option and shop around. Use the value of your pre-retirement fund to compare annuity quotes.

13. Consider The Guaranteed Annuity Rate (GAR)

Check your pension providers’ GAR, which might be higher than what the open market provides, given the drop in the average annuity income in recent years.

14. Wait Till You Are Close To Your Retirement Period

If you purchase your annuity when you’re young, the insurer will pay you less income because they have to pay you over a longer period. Wait till you’re a few years from your retirement before investing.

15. Opt For A Guarantee Period

Do you want your pension pot to pass on to the insurer, forgoing your loved ones? Opt for a guarantee period to ensure minimum term for annuity payments even if you die during that term.

Author Bio:

This article is written by Marina Chernyak of 1001 Wall Clocks, an online store of contemporary and decorative wall clocks.

Post from: Senior Money Memos

15 Tips For Choosing The Right Retirement Annuity

Technorati Tags: financial planner, retirement income annuity, ria

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This is a guest post by Jane Smith.

For most people, a savings account usually consists of all the money they would ever need to save. This would cover emergency funds, travel funds, big purchases, education funds, and whatever else you feel is necessary. For those incredibly savvy savers, you might also have a good number of CDs (Certificates of Deposit) and investments on the board too for those long-term savings goals.

My savings organization was definitely this simplified (if not more simplified) for a while, and now that I’ve maintained multiple savings accounts, I cannot stress to you how much of a pain having one main all-purpose savings account was. While it is nice to simplify your finances, fact of the matter is that you will have multiple savings goals, and separating one savings account into multiple goals in your head can be a huge pain.

The Beauty of Multiple Savings Accounts

While the idea of spreading out your savings is nothing new, I find that most people are unaware of the concept of having multiple savings accounts. The advice usually applies more to CDs and investments, but what about short-term savings goals that you can achieve in less than a year (such as a vacation or big purchase)?

Before you write this idea off, thinking that you don’t want to have to login and manage multiple accounts, keep in mind that many online banking institutions (like ING Direct, FNBO Direct, and Ally Bank) allow you to create multiple high-yield savings accounts and manage them with just one login and no extra paperwork. You can just create one online account with the click of a button.

So what makes having multiple savings accounts so great? Well, instead of segmenting one lumped savings account into multiple goals, I can just create a new savings account for each goal. It cuts down on a lot of mental frustration for those not mathematically inclined (such as myself). Best of all, having multiple savings accounts works seamlessly with Mint.com’s goal-tracking feature. So not only will you know how much many you have saved for each goal, you can also tell whether or not your savings goals are on track and which are behind.

Things to Keep in Mind

Particularly when it comes to online savings accounts, you should consider that actually withdrawing your cash can take a couple days. This is due to federal regulations surrounding bank to bank transfers, so if you’re used to having a linked checking and savings account on the same bank (which typically don’t offer multiple savings accounts), you may miss having instantaneous access to your savings. Keep in mind that some of these online banks offer linked checking and savings, allowing you to withdraw from savings more quickly. Even then, you will likely have to use multiple ATMs (and give your bank a call in advance) if you plan to take out a lot from your savings.

Author Bio:

This is a guest post by Jane Smith from background check. She is a Houston based freelance writer and blogger. Questions and comments can be sent to: janesmth161 @ gmail.com

Post from: Senior Money Memos

How to Organize Your Savings

Technorati Tags: atm, online banking, Savings account

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Health Canada points out that oral health is important at all stages of life, especially since older adults and seniors are keeping their teeth longer than ever before. Most experts agree that maintaining proper dental health is critical to the health and wellbeing of senior citizens. Recent studies have linked certain dental problems like periodontal disease to strokes, diabetes, respiratory disease, heart disease and more. Plus, despite being preventable, periodontal disease and tooth decay (cavities or caries) are the leading causes of tooth loss in seniors.

However, older adults may have less access to oral care services and dental professionals because of lower incomes and/or a lack of dental insurance.  The Academy of General Dentistry (AGD) confirms that dental insurance can be helpful to patients in defraying the costs when paying for dental treatment. Insurance, however, can sometimes be a double-edged sword and it is important for consumers to investigate what plans will keep them and their families smiling in the future.

Discount dental plans for seniors are a great dental insurance alternative. Plus, since they are not dental insurance plans, seniors don’t need to worry about paperwork hassles, health restrictions or annual limits. Everyone is accepted!

Participating dentists have agreed to accept a discounted fee from discount dental plan members as payment-in-full for dental services performed.  Individuals pay a monthly premium that provides basic coverage for exams, hygiene cleanings, root canals, orthodontics, etc.  The discount dental plans for seniors available from DentalPlans.com are a great way to save at the dentist if you don’t have dental insurance.

Post from: Senior Money Memos

Oral Health Is Critical For Seniors

Technorati Tags: dental, dental plan, insurance

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This is a guest post by Biljana Dimovska

Summary

This article explores the recent HSBC bond mis-seliing, how it affected those saving for care home fees, and explains how to avoid getting caught out.

Stories about care home fees are pretty common in the news at the moment. There are some serious concerns in the UK, as it has an ageing population and the amount of investment required for care of the elderly is likely to increase significantly over the next few decades. There are suggestions that people should do more, wherever it is possible, to put money aside for their own care in old age.  The fact is that many people are turning to different types of investment in order to make sure that the money is available when they need it.

It’s a sensible precaution for those who can afford it, but unfortunately some investors have found themselves either out of pocket or unable to get at the funds when they need them because they were given poor advice by their financial advisors. A number of these investors have, however, since been compensated for being mis-sold to, so don’t panic if you find yourself in this position – there are things you can do.

A recent high-profile case involved a company that was bought by HSBC in 2005. This company specialised in selling investment bonds to people on the presumption that the investment would pay or go towards any care home fees that may be needed in later life.  The problem was that the bonds they sold were entirely unsuitable for the clients and in addition important information was withheld. While the clients were making an average investment of over £100,000 each, they weren’t told that the money needed to be locked away for at least 5 years to generate a good return.  Any period shorter than that would result in hefty penalties and the likelihood that the amount returned would be less than the initial investment. Add on to that the fact that the average investor was over 80 years old and likely to need the money within 5 years, and it became a recipe for disaster.

Fortunately for those who invested in this particular product, the Financial Services Authority responded to the complaints of mis-selling and carried out a full investigation. HSBC were given a record fine and ordered to pay compensation to the victims, or their estates if appropriate. It is unlikely that HSBC are the only company who have been involved with this kind of problem though, and the chances are that we’ll see many more similar cases before the issue is properly resolved. In the meantime, you can try and protect yourself.

The best way to avoid these problems is not to get caught out in the first place. Make sure that the terms are suitable and that the financial advisor has sold you a product which is suitable for paying for nursing home fees, i.e. the funds are accessible when you want them and there is no lengthy tie-in unless you’ve agreed it. Even forearmed, though, problems may occur so if you or any relatives have already invested you may be able to request a review to ensure the investment suits your needs. Consult a specialist for advice if you are in any doubt.

Author Bio:

Biljana is a blogger exploring the topics of nursing home fees and the care provided for this population in the UK and worldwide.  She is trying to find better ways to cover care home fees and publish useful advice about this topic.

Post from: Senior Money Memos

Care Home Fees – An Investment Scandal

Technorati Tags: care home, Financial Services Authority, HSBC, investment

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This is a guest post by Karen Ho Fatt.

Winter is the season of treachery – dark nights, cold temperatures and slick surfaces increase the risk of injuries from falls and accidents. Indoors, the risk of fire goes up from heating sources, and seniors are three times more likely to die or be injured in a house fire than younger populations, according to MSN News.

This winter, make a plan for staying safe, warm and dry. You’ll enjoy winter more and reduce the risk of injury.

1. Prepare for Ice

One nasty fall can change your life, causing broken hips and months of rehabilitation. Install rails along porch steps and walkways, and buy generously-sized non-skid mats to keep ice in check.

Keep a bag of rock salt or gravel in your garage or on your front porch, as well as an ergonomic snow shovel. Better yet, make an arrangement with a teen to shovel your walks and driveway after any snow storm. Expect to pay between $10 and $20 for this service, which may seem like a lot until you consider the health costs of a fall. Twenty dollars to ensure your safety is actually a bargain.

Store outdoor tools and equipment, safely away in the shed or garage.

2. Practice Safe Winter Driving

The most common reasons for deaths during the winter are car accidents and hypothermia when drivers leave their cars after becoming stranded on icy roads. Pay attention to weather reports, and plan errands and outings around good weather. Stock up on enough groceries to last you at least one week, and keep a small supply of canned goods on hand. Some grocery stores offer delivery for a nominal fee or alternately use senior home care services to assist you. Use these services during bad weather, rather than risk an accident.

If you must drive, take a cell phone and use well-traveled routes that are more likely to be plowed. Drive slowly and avoid high-traffic times of the day.  In the wintertime I slow down to 20 km under the posted speed. As George Herbert once said, “Every mile is two in winter.”

3. Use Heating Devices Safely

Space heaters are a common cause of house fires during the winter. Avoid their use, or use them with caution. Turn them off before you go to sleep, and keep a 3-foot area clear around them.

Have your furnace serviced each fall before you turn it on. You may also be able to get a free inspection from your gas company so you may want to consider this prior to calling the furnace man.

If you call the furnace company, cost for this service is usually under $100 with seniors’ discounts, and will add years to the life of your furnace. Additionally, a heating expert can recognize serious problems, such as cracks in the system that may leak carbon monoxide into your home.

Wood stoves or fireplaces can put out a lot of heat, efficiently warming a smaller home and saving you money on heating bills. Use them carefully, though. Always open the damper on a wood burning fireplace and avoid stacking more than one or two logs in the fireplace at a time.

Don’t burn cardboard boxes, wrapping paper or charcoal. These materials can produce toxic fumes or carbon monoxide, and cause creosote build-up. Green wood is also a no-no. It produces a lot of smoke and little heat. Store firewood for six months to 1 year before burning it.

Have your wood fireplace cleaned at least every two to three years by a certified chimney sweep, especially if you use it frequently. Creosote, a flammable, greasy film, builds up on the walls of the chimney over time, and can cause chimney fires.

These precautions for winter won’t cost you money but will bring you some peace of mind during the season.

Author Bio: Karen Ho Fatt lives in the countryside of Alberta, Canada, and knows all about treacherous winters. To warm up your own winter, you can find a fire pit table patio set or a propane outdoor fire pit as well as safety information at her website.

PHOTO CREDIT: iStock Photo Jean Gill

Post from: Senior Money Memos

Winter Safety Tips That Won’t Cost You A Pretty Penny

Technorati Tags: driving, propane, safety, wood fire

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‘Nothing is certain but death and taxes’, according to Benjamin Franklin, but in saying that he was perhaps too pessimistic, particularly for seniors.  Although taxes can be a major burden for the young, seniors often benefit from the breaks that society wants to give them.  However to so benefit it is important to complete a tax return. Even for that, help is often available to elders.

In the US, you can do this online and the IRS has begun now to accept 2011 tax returns.

IRS officials encourage the use of e-filing.  More than 1 billion returns have been e-filed, an electronic transmission system that “revolutionized the way the IRS processes tax returns and made speedy refunds possible,” officials said. More than 112 million income tax returns, or 77 percent of all individual returns filed, were e-filed last year.

Tax Returns by Free File in the U.S.

The easy way to make your e-file return is to use Free File.

Free File is a free, federal income tax prep and electronic filing program for eligible taxpayers, developed through a partnership between the IRS and the Free File Alliance, a group of private sector tax software companies. Taxpayers can do their federal income tax returns using commercial online software provided by the Free File Alliance companies. You must go to IRS.gov to access Free File. This year, you have until April 17, 2012, to file and pay your taxes or request an extension.

There’s also a FAQ web page on Free File.  You will note that  the Free File program is open only to taxpayers with a 2011 Adjusted Gross Income (AGI) of $57,000 or less. Each participating company sets its own eligibility requirements and not all taxpayers will qualify for all companies. Individual company offers may be limited by AGI, geographic location, specific states and include other criteria, so it’s important to review the criteria before you choose. Or use the “Help Me Find a Free File Company” tool to help you find a program that meets your needs.

If you need help in completing your tax return, then you may be able to benefit from Free Tax Return Preparation by Volunteers.  The IRS Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify.

The VITA Program offers free tax help to low- to moderate-income (generally, $50,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.

The TCE Program provides free tax help to people aged 60 and older.  Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens. Volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

As part of TCE, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season.  Trained and certified AARP Tax-Aide volunteer counselors help people of low-to-middle income with special attention to those age 60 and older.

E-filing Tax Returns in Canada

In Canada, NETFILE allows you to file your personal income tax and benefit return directly to the Canada Revenue Agency (CRA) using the Internet.

The NETFILE transmission service is open from February 13, 2012, until September 30, 2012, for the electronic filing of your 2011 personal income tax and benefit return. Tax returns filed via NETFILE must first be prepared using one of the 2011 commercial tax preparation software packages or Web applications certified for NETFILE.  The two certified software suppliers for 2012 are TurboTax and TaxChopper 2011 from CuteTax.  You can check these websites to see if you qualify for their free offerings.

Canada also has a Community Volunteer Income Tax Program (CVITP).  The objective of the CVITP is to help eligible individuals who are not able to prepare their income tax and benefit returns by themselves.

E-filing Tax Returns in the UK by Self Assessment

In the UK, it is possible to send a Self Assessment tax return online to Her Majesty’s Revenue and Customs (HMRC) using the secure service it provides. This software provides automatic calculations, faster processing and later deadlines.  There are a number of companies that provide the software needed.

You then need to register to use HMRC Online Services before you can use any of this software to file your tax return online.

You need to watch the deadlines carefully, since the penalties can mount rapidly. If you wish to use this service, then it’s too late for the past fiscal year since the deadline for registration was January 21.  If you are already registered, then your return must be received by them by January 31.  This year, the support staff for this service will be on strike on that date.  If this causes you to miss the deadline because you could not contact them, then the penalty will be waived.

Here too, you may be able to get volunteer help with your tax return if you need it.  If your household income is less than 17,000 pounds per year and you are a pensioner you will qualify for free tax advice from TaxHelp for Older People.

This is a service originally provided through the Low Incomes Tax Reform Group (associated with the Chartered Institute of Taxation) but is now provided by Tax Volunteers, an independent organisation, to make free professional advice on personal tax available to older people who could not otherwise afford to pay for it. A team of over 720 volunteers is available throughout the UK.

Post from: Senior Money Memos

Easier Tax Return Tips For Seniors

Technorati Tags: cra, hmrc, irs, online, tax return, taxes

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This is a guest post by Teena Celis.  Although it applies to US citizens, citizens in most other countries will find the ideas useful.

The rising costs of everyday commodities are causing people all over the world to cut back on their expenses. Disposable incomes are getting limited; it’s getting tougher for people to make ends meet. 59% of available senior income is going towards housing and health care. This means there’s not much left over for food, transportation and other needs. How does a senior person save money in this kind of scenario?

Look For Senior Discounts

1. Don’t be afraid to ask for senior discounts for airline, bus, train, boat and other fares. Check online on the transport website for discounts.
2. Apply for an AARP card (http://www.aarp.org/benefits-discounts/) to become automatically eligible for accommodation discounts.
3. Check with credit card companies if you can get 50% off on interest rates, with no annual fees for your age.
4. Call your power company to ask for discounts for turning up the heat, adding insulation, and weather stripping, free energy assessment and so on.
5. Check for local grants for home improvements, infrared heaters and space heaters to keep your home warm.
6. Combine home and auto insurance with the same agent to obtain lower rates and ask for a senior discount on top of it.
7. Buy your fluorescent bulbs from Home Depot and Costco to enjoy rebates and a 6 pack for the cost of 2 bulbs.
8. Many stores and restaurants offer special discounts for seniors on certain days of the week; be sure to check.
9. Offer to pay your bill for 6 months at a time and obtain discounts for services such as your phone, cable and internet bills.
10. Take a defensive driving course and check with your auto insurance company if you can raise your deductibles.
    

    Save On Medical expenses

11. Medicines cost similar rates for dosages that are close, such as 5 mg and 10 mg. Invest in a pill splitter and split higher dosage meds in half and save money every month.
12. Buy diabetic and specialty supplies online to save money. Check auction sites for better rates when it comes to medical equipment.
13. In case your medical insurance does not cover certain expenses, ask your doctor if you can get a discount for paying in cash.
14. Check your insurance plan to see if you can avail discounts by ordering six months’ worth of routine medications at once by mail.
15. If you are not medically insured and are not eligible for Medicare, check if you are eligible for state-administered Medicaid programs. See http://www.cms.hhs.gov/MedicaidGenInfo for more information.
    

    Leverage Government Discounts and Assistance

16. The U.S. Department of Housing and Urban Development helps seniors and low income families pay their rents. See http://www.hud.gov/renting/index.cfm for details.
17. You can obtain help from SNAP, the USDA’s Supplemental Nutrition Assistance Program to buy nutritious food every month. Check for details on their website: http://www.fns.usda.gov/snap for qualification requirements.
18. The Low Income Home Energy Assistance Program, (LIHEAP) helps pay heating bills, provides energy-related home repairs and weatherization assistance for free. Check their website here http://www.acf.hhs.gov/programs/ocs/liheap.
19. To know about other senior citizen and low income group aid programs, visit http://www.usa.gov/Citizen/Topics/Benefits.shtml.
20. If you limited income, the Medicare Savings Programs (http://www.medicare.gov/contacts/staticpages/msps.aspx can help you increase your Social Security payment and minimize your medical insurance premiums.
21. Based on your eligibility criteria, you can cut back medicine costs via Medicare’s Extra Help and local prescription drug assistance programs.
22. The IRS helps senior citizens reduce $500 to $2000 from their annual tax  through local abatement, circuit rider and work-off programs. See http://www.irs.gov/individuals/retirees/index.html for more information.
23. Check with your state department if you qualify for a free cell phone plan. Each state has its own rules with regard to eligibility criteria.
24. Visit your local U.S. Department of Health & Human Services Eldercare Locator to find out what public benefits you’re eligible for. You can also get your eligibility screened online for free through NCOA’s BenefitsCheckUp® service.
    

    General Tips And Assistance

25. Look up senior citizen specific personal financial management tips and tools by Visa, at http://www.practicalmoneyskills.com/retirement.
26. Look up AARP insurance recommendations if you’re over 50 years of age, for home and car insurance. You can successfully save more than 25% by increasing your insurance deductibles
27. Sign up for AAA, AARP affiliate programs and leverage member discounts for various things. You can do the same with credit card issuers as well. Keep checking their websites for the latest offers.
28. Many stores offer free customer rewards programs; be sure to sign up for these. You’ll get a store loyalty card and some coupons and discounts as well.
29. Clip store coupons from your Sunday papers, or browse coupon sites online. Through clever couponing, you can reduce your expense burden a great deal.
30. Check your community calendar for free events. You can get free entertainment, free meals and free stuff as well.

Author Bio:  Teena Celis is a freelance writer working for Adrenalin, a gift ideas company from Australia.

Post from: Senior Money Memos

30 Money Saving Tips for Senior Citizens

Technorati Tags: AARP, coupons, discounts, government

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This is a guest post by George Gallagher

As 2012 approaches, many people will take time to sit down and think about the goals they want to accomplish next year, things they want to change and improve. If you’re in that number and your list of New Year’s resolutions includes improving your financial forecast, why not do it the SMART way?

What is the SMART Way?

According to an article in JS Online, SMART is an acronym for specific, measurable, attainable, realistic, and timely. When you stop and think about it, those are exactly the qualities any good resolution should have. Let’s take a look at each of those steps individually.

Make Your Goals Specific

When your resolution is just to “improve my financial life”, you’re not being specific. You need to narrow that down into precise goals, like reducing credit card debt, starting or growing your retirement savings, or paying off $5,000 of your student loans this year.

Track Your Progress

When you have specific goals, you can measure your progress. When June arrives, you need to be able to see how much you have accomplished so you know if it’s necessary to tweak your strategy so you can achieve your goal by the end of the year.

Don’t Kid Yourself

If you set a goal that isn’t attainable, you’ve already defeated yourself. If your resolution is not to spend any money on new clothes this year and you’re a fashionista, you’ll never make it. A more manageable goal is to cut the amount you spent on clothing this past year by 25 percent. That allows you to indulge your passion for fashion and reduce your spending at the same time. Attainable and realistic are basically the same concept. If you set your goal too far out of reach, it won’t be long before discouragement takes over and you stop trying, so keep it real.

Create a Time Frame for Your Resolution

Unless you have a specific time frame for accomplishing your goal, it’s easy to put it off. Break that goal down into even smaller goals. Instead of saying you’re going to eliminate your past due medical bills by the end of the year, figure out how much you will need to pay each month to make that happen and then build it into your monthly budget. That way you get started heading in the right direction without procrastinating.

Add a B to that Acronym

The article at JS Online is an excellent one, but when it comes to financial resolutions, there is one addition you need to make. Instead of calling it a SMART plan, change it to a B SMART plan. The B stands for budget. You won’t be able to accomplish financial goals without one. If you’re unsure how to make a budget that fits your income, there are several websites that will teach you. One that is especially helpful is The 50/30/20 budget fix. That article clearly breaks down the divisions you need to make a workable, realistic budget no matter what size your income.

The majority of New Year’s resolutions end up forgotten and scattered like so much confetti after the big party on December 31. Don’t let that happen to your financial resolutions. B SMART and make it happen.

Author Bio: George Gallagher is a finance and education writer and blogger. He also has a knack for helping parents figure out their private student loans for their children.

Post from: Senior Money Memos

Preparing Your Financial Resolutions for The New Year

Technorati Tags: goals, new year, resolution, SMART

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This is a guest post by Kimberly Wilson.

Let’s face it. As we continue the holiday season, more consumers are piling on more debt that they are already having trouble paying. It can be a tough situation because you want to make your loved ones feel special, but sometimes the seemingly best gifts can come at a high cost. Fortunately, it is more than possible to save money over the holidays and make your loved ones feel appreciated; it won’t even have to take a Christmas miracle.

Set Money Aside for Regular Expenses

Essentially what you’ll be doing here is finding out how much money you have to spend on gifts, travel, and entertainment. I emphasize focusing on your regular expenses first when doing this because they are overlooked surprisingly often during the holiday season. When budgeting for the holiday, you must take into account things like rent, groceries, and bills. Subtract that from your budget before considering holiday expenses.

Prioritize Big Expenses

Whether you’ve found the perfect yet costly holiday gift or that incredibly fun yet pricy getaway, odds are you will end up spending a good amount of money on at least one thing over the holiday. Pay very close attention to these possible purchases and choose them wisely according to your budget. Remember that the more big expenses you make, the less you will have to pay for smaller holiday items like decorations, nights out, and smaller gift exchanges.

Scrutinize Smaller Expenses

Once you have mapped out your large purchases over the holiday season, now you should evaluate your smaller purchases and find clever ways to save. For smaller gift exchanges, this could be looking for discounts or creating gifts from hobbies (great knitting skills are always appreciated in the holiday season … just keep the patterns and colors simple). Good cooking and photography tend to be very warming, tender holiday gestures as well.

One untapped source of cheap holiday gifts and decorations can be found inside thrift stores. While you won’t always find the sleekest items here, it is very possible to find some unique gems that can actually surprise and impress for a fraction of the department store cost. You may not find the perfect jewelry for your significant other, but you might find a warm or quirky gift for a friend.

Of course, beyond finding ways to cut gift or decoration expenses here and there, you should also diligently restrict purchases that you may not need. Try to make only the necessary purchases first. You can always get the cute decoration or expensive night out as your budget allows.

Sacrifice Normal Luxuries

Most people have things with which they treat themselves on a some-what regular basis. Maybe it’s a fancy night out, but it could be a more casual event like going out to lunch during work. Remember that any meal you are eating that you ordered out will cost much, much more than it would to make something yourself. Cutting back on small luxuries like that for a whole month can make a huge difference in your holiday budget

Byline:

This is a guest post by Kimberly Wilson. Kimberly is from accredited online colleges, she writes on topics including career, education, student life, college life, home improvement, time management etc.

Post from: Senior Money Memos

Ways to Save Money This Holiday Season

Technorati Tags: Christmas, decoration, getaway, gift, luxuries

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This is a guest post by Daniel who writes on behalf of Stannah Stairlifts

One of the biggest challenges for seniors comes from losing mobility. Aside from the personal challenges that come with losing mobility, it also poses some challenging financial issues. For example downsizing will save you money in the long term, but the costs of finding and moving into a smaller home can pose a significant initial barrier.

There is also the cost of making changes to your home so as to make it easier to move around. For example you will want to ensure there is good lighting and that the floors have a decent grip. In areas such as the bathroom, grab bars can help you move around and stay secure. And of course for the stairs, getting a stairlift will make going upstairs far easier.

However there are ways to save on these costs, one of the simplest being to simply look at buying reconditioned equipment. Reconditioned stairlifts and other mobility aids are pre used equipment that has been repaired so as to offer the same quality as new equipment for a lower price. They are also far less likely to have ‘teething’ problems. While this guide focuses on stairlifts (they are what I know best) much of the advice can be used for other equipment such as scooters.

What you Should Look For

Of course it goes without saying that if you do decide that you want to go for a reconditioned stairlift you should be very thorough in checking the reliability of your supplier and what they are offering. Ask friends and relatives who they have used and see if you can find any reviews online.

The minimum you should expect from your supplier is:

• A full check up by qualified engineers.
• 1 year warranty including parts and labour.
• Installation by trained engineers.
• Any equipment should be no more than 18 months old. This will ensure that you can get spare parts

A good way of ensuring that you get the best deal is to shop around. When looking at suppliers remember that customer service is just as important as the price. After all if you buy mobility aids only to find them breaking down just out of warranty you probably won’t make much of a saving!

New or Reconditioned?

The main disadvantage of buying a reconditioned stairlift is that it is likely to have a shorter lifespan than a new one. With new lifts you should expect around ten years of service, whereas a reconditioned lift will probably last for around five or six years. These figures are estimates, rather than set in stone as there several factors which can affect the lifespan of a stairlift, but they are generally accepted within the industry.

This means that it  is worth considering how long you expect to be in your current house. For example if you are considering downsizing but think it might be a few years before you do so, then a reconditioned stairlift could be just what you need. On the other hand if you anticipate remaining in your house for a while and have slightly more cash on hand then a new model will probably provide a better long term investment.

About the author: Daniel Frank is a blogger and online marketer who is currently working on behalf of Stannah Stairlifts. He writes on a variety of issues including senior health and financial advice such as whether to buy Reconditioned stairlifts

Post from: Senior Money Memos

Do Reconditioned Stairlifts Provide a Saving

Technorati Tags: mobility, reconditioned, stair lift, stairlift

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