Image link: https://pixabay.com/photos/senior-elderly-people-couple-3336451/
Image credit: Pixabay.com
Image credit: Pixabay.com
When seniors face financial concerns, it can seem as though there is no way out. With a fixed income and limited earning options, seniors may feel as if they are barely hanging on, and this can cause great worry and distress. Pullins Law Firm LLC frequently encounters clients who have financial concerns. The firm offers fiscal advice and financial consulting. Through budgetary adjustments and advice from professionals, seniors can reduce financial stress.
Possible Budgetary Cuts
Seniors who are looking for ways to trim the fat from their budget may find that there are some simple ideas that can reduce expenses without sacrificing much. Shop around for lower interest rates on loans such as vehicles or consider refinancing your mortgage. You may be able to reduce unnecessary spending by unplugging electronics when not in use and setting up automatic payments for bills to avoid late fees.
If you have credit card debt, consider paying off higher-interest cards first to avoid accumulating more debt on your balance. A method known as the snowball strategy is a highly effective method of debt reduction and involves making minimum monthly payments on all but your lowest debt. You can then take the additional funds you would normally pay on the other cards and apply it to the one with the lowest amount due. Paying additional funds will knock the debt down faster, at which time, you shift to the next-lowest and use the same strategy.
Mortgage rates can be paid down more quickly with bi-weekly payments as it reduces the amount of accumulated interest. Splitting your mortgage into bi-weekly payments is simple — you can contact your mortgage company to get started. This method can take years off your mortgage and does not cost anything.
If you have credit card debt, consider paying off higher-interest cards first to avoid accumulating more debt on your balance. A method known as the snowball strategy is a highly effective method of debt reduction and involves making minimum monthly payments on all but your lowest debt. You can then take the additional funds you would normally pay on the other cards and apply it to the one with the lowest amount due. Paying additional funds will knock the debt down faster, at which time, you shift to the next-lowest and use the same strategy.
Mortgage rates can be paid down more quickly with bi-weekly payments as it reduces the amount of accumulated interest. Splitting your mortgage into bi-weekly payments is simple — you can contact your mortgage company to get started. This method can take years off your mortgage and does not cost anything.
Finding a Financial Consultant
Financial consultants can offer advice for budgeting and reducing debt. There are endless choices when it comes to finding a financial consultant, and it can be challenging to know where to start. Hiring a firm is an option, but that may be costly and require a contract. Independent financial consultants may be a less expensive option. It is important to check the reputation of a financial advisor prior to hiring someone since their advice could have a significant impact on your financial decision-making. Check out reviews of their work, their price range, and the skills they can offer before making a decision.
Many highly-skilled, reputable independent contractors and freelancers are out there at a fraction of the cost of hiring a firm. In today’s economy, many freelance financial advisors have found that the flexibility and autonomy of self-employment are priceless — you can benefit financially from their decision to go solo with their practice. For as many upstanding advisors you find, there are just as many scammers waiting to prey on unsuspecting victims. Never give out your bank account numbers and password information — professional financial advisors will not need this information and should not ask for it. Unfortunately, there are more things to beware of as you explore financial recovery as a senior.
Many highly-skilled, reputable independent contractors and freelancers are out there at a fraction of the cost of hiring a firm. In today’s economy, many freelance financial advisors have found that the flexibility and autonomy of self-employment are priceless — you can benefit financially from their decision to go solo with their practice. For as many upstanding advisors you find, there are just as many scammers waiting to prey on unsuspecting victims. Never give out your bank account numbers and password information — professional financial advisors will not need this information and should not ask for it. Unfortunately, there are more things to beware of as you explore financial recovery as a senior.
Things to Watch Out For
Scammers prey on seniors relentlessly. As the public becomes aware of their schemes, they continue to create others. National Council on Aging (NCOA) offers suggestions on how to avoid being scammed. Suggestions include watching out for strangers, as well as those close to you, who have access to your accounts. Pay attention to account withdrawals, and set limits with loved ones who ask you for money — it is not your responsibility to take care of everyone else’s financial needs and your loved ones should not put you in that position. Make a simple rule to never take calls or visits from solicitors. You can weed out these types of calls by setting up a blocker on your phone line. For your cellular phone, consider an app like Hiya, which will show that the call is a potential scammer before you even answer it.
Seniors can make budgetary cuts and change payment arrangements to reduce debt and may benefit from a reputable financial consultant. Financial stress doesn’t need to be a way of life — there are solutions that can help. For more advice on legal matters and budget tips, explore services offered by Pullins Law Firm LLC today! Call 740.392.3505 for assistance.
Seniors can make budgetary cuts and change payment arrangements to reduce debt and may benefit from a reputable financial consultant. Financial stress doesn’t need to be a way of life — there are solutions that can help. For more advice on legal matters and budget tips, explore services offered by Pullins Law Firm LLC today! Call 740.392.3505 for assistance.
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