7 Tips For Seniors to Protect and Save More of Your Money in 2020

By Francis Wolcott  | Last Updated May 9, 2020

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There has never been a better time for seniors to get their finances in order! The stock market is spiraling down, businesses are closing, and the future is just so uncertain. To get you started, we have pulled together our list of the 7 things you can do TODAY to save and protect your money in 2020.  Let’s dive right in…

1. New Auto Insurance Policies That Significantly Reduce Premiums – Save Up to $859/yr

Do you drive less now because of the lock down?

If so, you should read this…

You may be eligible for big savings if you meet 2 of the following criteria:

Drive Fewer Than 70 Miles Daily
Currently Insured
Age: 50+
Qualified Zip Code
Clean Record
Under 3 Tickets in 10 Years

Enter Your Zip Code To Begin

Calculate Savings
Please enter a valid zip code

When seniors visit this Free Rate Comparison Tool, the industry leader in unbiased auto insurance comparisons, you get an expert view on the best rates from 30 auto insurance companies that include any and all new rules implemented by the government.

A recent study conducted by NerdWallet*, another consumer finance site, found that the average American household can save $859/yr off their car insurance premiums by comparing rates. That’s huge. What would you do with an extra $859 dollars?

The bottom line is – You should NEVER buy car insurance without comparing rates of companies that follow up-to-date insurance rules and regulations.

Being experts in comparisons, we tested this service and after entering our zip code and answering a few questions, we were delighted with the result, see below –

OLD RATE – $897

NEW RATE – $378

Here’s How It’s Done:

Step 1

Select your state below and get your free rate quote

Step 2

Answer a few simple questions, select an affordable rate that works for you

Select Your State

2. Protect Your Loved Ones with a Term Life Insurance Policy For as Little as $5/Month

In terms of your finances, saving money is important, but protecting your family is even more important. Some simple truths about life insurance – 1) it’s easier than you think for seniors to qualify for life insurance, and 2) the internet has made it easier than ever to find the best rates and save big.

In today’s world, the internet has put consumers in the driver’s seat when comparing Life Insurance Companies side by side to find the lowest rates with the best benefits. This has been a total windfall for folks across the U.S.

And, life insurance is one of the better investments you can make right now. A good life insurance policy can cover the cost of a mortgage, pay off your debts, and support for your family.

The reality is, a shocking number of Americans do not have life insurance. If you fall in this group, there’s still time to get a policy in place with a company like Bestow Life Insurance. Bestow offers 10 and 20 year terms ranging from $50,000 to $1,000,000 in coverage, and monthly rates start as low as $8/mo!

Here’s How It’s Done:

Step 1

Tap your age below to get free quotes.

Step 2

After completing a few questions, you will be presented with choices and rates you never thought possible (no login required). Enjoy your savings!

3. Make The Ultimate Budget

While stimulus checks can help, there is just no substitute for managing the money you already have.

If you don’t currently have a budget, now is a good time to get started!

During hardships when bills stack up, we recommend paying attention to the 4 walls from Dave Ramsey* 1. Food, 2. Utilities, 3. Shelter, & 4. Transportation. These are the essential things that keep your family healthy, safe, and warm.

Everything else can be put on pause until things get better. It’s possible that auto loans, student loans, credit card payments, and other forms of debt can wait. Work with your bank (or keep reading) for solutions on how to put bills on hold and focus on what’s really important.

If you don’t have income right now, then make a budget based on the money you do have.

4. Instant Credit Boost – It Really Exists!

One thing you can take control of is increasing your credit score.

A better credit score means lower interest rates on any loan you take, which in turn means more money in your account.

One of our favorite services to boost your FICO Score® fast is Experian Boost™.

This is a completely free service that looks at bills you are already paying each month and INSTANTLY boosts your FICO Score.

In fact, since it launched it’s boosted more than 18 million combined credit points for millions of users.*

Even a score increase of 10 points can make a huge difference on your borrowing power.

Results may vary; See website for details

5. Save Big on Medical Expenses with Medicare Supplemental Insurance

While no one likes to think about it, it’s important to prepare for medical issues in 2020.

Medicare is great, but as we all know, it doesn’t cover everything 100%.

Out-of-pocket costs such as deductibles, copayments and coinsurance can really add up.

That’s where Medicare Supplemental Insurance comes in – it covers many costs that Medicare doesn’t.

What you may not know is that plan availability and rates can vary widely by location.

Depending on your zip code, you could qualify for a Medicare Supplemental Insurance plan that saves you thousands in medical expenses.

Traditionally, you would have to call all the insurance providers in your state to compare plans and rates. Today, it’s simpler than ever – use MedicarePlan.com to quickly compare plans statewide, and for free.

Just enter your zip code and find out what’s available to you. You could end up saving thousands.

6. Protect Your Credit Score

One of the first things you need to do when preparing for financial stability is understanding the current situation you’re in. You can’t improve if you don’t know where your credit score is or why your credit score is being impacted.

Luckily, there are services out there that provide you with an inside look at your credit score as well as give tips and advice on how to raise your score.

We recommend Experian CreditWorks℠ as it provides you with everyday access to your Experian Credit Report & FICO® Score so you always know where you stand, daily credit monitoring and alerts as well as Score Factors that show what’s positively or negatively impacting your FICO® Score.

If you want to get serious about your credit health, this is the first step as 90% of top lenders use FICO® Score. The best part about it is, it’s $1 with enrollment in CreditWorks℠.

7. Drowning in Debt? Relief is Possible 

You, like millions of others, may have home loans, car loans, student loans, credit card balances, etc.

During this uniquely challenging time, debt can be devastating.

Fortunately, there’s still hope. Lenders & credit card companies may cut you some slack during this difficult time.

Try this tip – give your bank a call. Many banks, particularly the big ones, are willing to work with you and your unique situation. Be persistent. Some banks and credit card providers are cutting interest rates, waiving fees, increasing card limits so you can have access to cash, and sometimes allow late payments with no penalty.*

If, however, you find that your debt just keeps stacking up, you may need professional help. Companies like Credit Saint Restoration specialize in helping you dig out of the hole of debt and get back on their feet.

If you found these savings tips useful, please share our page with friends and family.  Thank you!

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