Tips

Medico’s goal is to protect the health, happiness, and financial security of your entire family. That’s why we feature Financial Planning and Healthy Living Tips articles that tackle topics from estate planning to finding the right kind of senior care and everything in between.

Quick Tip

Develop a spending plan for your retirement savings

Stretching your retirement savings doesn’t have to involve financial planners. It can be as easy as cutting back on a latte habit or choosing cozy dinners at home over frequent restaurant visits. Here are a few ways to start saving quickly and simply:

Lighten your cart

We’ve all heard the saying “less is more.” Well, the same philosophy can be applied to your shopping habits. When you check out — in a store or online — challenge yourself to remove three items from your cart. Ask yourself if you really need the items, or if they’re more of a want. If they’re the latter, put them back and focus on the money you’ll be saving instead. 

Press the pause button   

We’ve all had the experience of really wanting something so we buy it instantly. But, impulse purchases add up. To avoid them, implement a two-week rule to allow yourself two weeks to think. Use that time to evaluate whether the item is really worth the cost. Most of the time you’ll realize it’s not.

Spend nothing today

Pick one day a week in which you don’t spend anything. You can still consume what you have at home, but the goal is to reduce your discretionary spending. You can even turn it into a game and see how long you can go without spending money.

— Meredith Mortensen

Learn More about Financial Planning

Quiz

Who are the most common perpetrators of elder financial abuse?

Submit

The correct answer is B: Family members.

Family members are the most common perpetrators of financial exploitation of older adults. You can prevent elder financial abuse by: 1) finalizing your estate planning now to avoid confusion later; 2) handling your own mail; 3) not giving personal information over the phone; and 4) using direct deposit for checks. Seek help from the National Center on Elder Abuse or the Eldercare Locator online or by calling (800) 677-1116.
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