Category Archives: Senior Money Management

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Gas Saving Tips for New Jersey Seniors to Reduce Costs

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NJ Senior Money Management

Here are some things to consider to help New Jersey seniors reduce the cost of gas.  Also, remember to ask your mechanic if they have a senior discount.

Maintenance:

  • Keep your car properly tuned up to improve gas mileage by about 4 percent.
  • Improve mileage by up to 40 percent by replacing a faulty oxygen sensor.
  • Keep tires properly inflated to improve your gas mileage by more than 3 percent – which will also extend the life and ensure the safety of your tires.
  • Use the manufacturer’s recommended grade of motor oil to improve your gas mileage by another 1-2 percent.  Select motor oil with “Energy Conserving” on the API performance symbol to be sure it contains friction-reducing additives.
  • Check and replace air filters regularly.  Replacing a clogged or dirty air filter can improve your car’s gas mileage by as much as 10 percent, and a clean filter keeps impurities from damaging the inside of your engine.
  • Purchase less expensive regular unleaded gas if your vehicle does not require premium or midgrade fuel. Check your vehicle owner’s manual.
  • Shop for low gasoline prices locally, but don’t waste gas driving to a distant filling station to save a few cents.
  • Don’t race a cold engine to warm it up and avoid extended idling to warm up the engine.
  • Spark plugs must be in good condition. Some will last for 100,000 miles, but many need to be replaced more often.

Driving

  • Curtail aggressive driving.  Speeding, rapid acceleration, and rapid braking all waste gas – and curb mileage by as much as 33 percent at highway speeds, according to the U.S. Department of Energy (DOE).  Use slow acceleration from a dead stop.
  • In addition, speeding cuts fuel economy 7 to 23 percent, as gas mileage decreases rapidly above 60 mph. Each five mph you drive over 60 is like paying an extra 15 cents per gallon.
  • Avoid idling, which gets 0 mph.  Cars with larger engines typically waste even more gas at idling than cars with smaller engines.
  • Combine your errands into one trip and plan your routes carefully to drive fewer miles and use less fuel.
  • Use overdrive if available. Use your vehicle’s overdrive gear when appropriate to reduce engine speed, save gas, and decrease engine wear.
  • Use cruise control to help cut fuel consumption by maintaining a steady speed during highway driving.
  • Don’t use air conditioning, if it is not really needed. Maybe just the blower will keep you cool. Air conditioning dramatically reduces fuel economy. Most air conditioners have an “economy” setting that allows the circulation of unchilled air – just a fan, which does not affect fuel economy. Many also have a “maximum” or “recirculation” setting that reduces the amount of hot outside air that must be chilled. Both settings can reduce the air conditioning load — and save gas. Fan speed does not affect fuel economy.

Posted by: Frank Esposito, Vice President of Expert Home Care.  New Jersey’s Expert Home Care provides professional and reliable home health care and companion care for NJ elderly, helping them with their daily living activities since 1984. Please call us toll free at 800-848-2336 when you have home care related questions or need assistance for a loved one. Get a Free Home Care Assessment (a $375 value!) when you mention this post.

Helping Your Senior Save Money

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NJ Senior Money Management

Saving money is a problem for people at any age, but for New Jersey retirees with limited budgets, it becomes all the more important.  Here are some things to consider:

  • AARP costs very little to join, but it can save a senior money through the discounts and other programs they offer.
  • Check with local banks to see if they offer banking programs for seniors. Some banks will not charge monthly fees for seniors or they might be able to get their checks for free.
  • All states have a senior citizens agency that will have information on state and federal programs that may help you save money.  Check your local Department of Social Services for a starting point to find these types of agencies. You might also want to check with AARP to see if they have a list of agencies in your area.
  • Check with senior citizen organizations to get information on inexpensive day and weekend trips. You have the safety of a group and they offer a wide variety of trips. You can also check with your Parks and Recreation Department to see if they offer any trips. When you make your reservations for hotels, restaurants, etc. let them know you are a senior citizen. Most places won’t ask and you might be surprised at the discounts offered.
  • Organize a maintenance service program if you live in a neighborhood with other seniors. You can get together with your neighbors and find out what kinds of things need to be done around everyone’s home. Then you can bargain with a contractor to get a more affordable price for all the work.
  • Take advantage of educational programs that many colleges offer at discounts to seniors.  Continuing education programs can keep your mind sharp and help you learn something new.
  • See a free movie, usually a matinee, at a theater that offers free movies to seniors.   Most recreational and entertainment organizations, as well as restaurants, offer similar discounts during certain time periods.

Posted by: Frank Esposito, Vice President of Expert Home Care.  New Jersey’s Expert Home Care provides professional and reliable home health care and companion care for NJ elderly, helping them with their daily living activities since 1984. Please call us toll free at 800-848-2336 when you have home care related questions or need assistance for a loved one. Get a Free Home Care Assessment (a $375 value!) when you mention this post.

Protect New Jersey Seniors Against Fraud and Scams

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NJ Elderly Fraud and Scam Prevention

New Jersey seniors, not unexpectedly, comprise the segment of our state population most vulnerable to frauds and scams.  To limit the possibility of this happening to you or an elderly loved one, the following points are offered:

  • Under no circumstance should a senior ever let a stranger into their house. Many thieves will knock on the door to try to see if the senior is home alone and if there are any opportunities to take advantage of them. Many seniors tend to trust people, especially if they appear to be distressed or have children with them.
  • Your elderly loved one should never reveal credit card, date of birth or social security information over the telephone, in person, in writing or online. A senior, for example, may receive a telephone call advertising a can’t-miss opportunity with little or no risk or identify themselves as calling from a local bank or store, but what really happens is the scammer is trying to get is steal their identity.
  • Notify police if your senior ever receives a letter or e-mail threatening consequences unless they agree to something.
  • Call the police if your senior receives a letter that is mailed from Nigeria (or some other country) offering him or her the opportunity to share a percentage of millions of dollars if they allow a deposit to be made into their bank account.
  • Checks should be written in the name of the charity when making donations. Many seniors have been scammed by someone posing as a representative for a charity or organization and asking for a donation. The scammer tells the victim to write the check out to himself instead of the charity. The check is then cashed, and the scammer keeps the money.
  • Shred all credit card receipts and bank statements.  Close unused credit cards or bank accounts.

Posted by: Frank Esposito, Vice President of Expert Home Care.  New Jersey’s Expert Home Care provides professional and reliable home health care and companion care for NJ elderly, helping them with their daily living activities since 1984. Please call us toll free at 800-848-2336 when you have home care related questions or need assistance for a loved one. Get a Free Home Care Assessment (a $375 value!) when you mention this post.

Money Saving Tips for NJ Senior Citizens

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New Jersey Senior Money Management

If you’re like most of us, you’re probably still digging out from the spiraling economy. Seniors, with crashing 401(k) plans, tend to be the hardest hit.  As a means of recouping some of the losses, here are some money saving tips for seniors to consider:

The senior discount at your favorite New Jersey retail stores: Some stores offer a 5-10% discount on all purchases made by seniors every day of the week. Others have a senior day, where seniors get a 20% discount. You may have to ask for the discount, although many stores now just automatically figure in the discount for anyone who looks as though they might fit into the “senior” category. The important thing is to be armed ahead of time with the policy of each store so that you can arrange your shopping trips in order to take advantage of any savings you are entitled to.

Some items can be altered or used less often to save money: The recommended amount of laundry detergent is often far more than necessary to get clothes clean. Try experimenting to see how little you can actually get by with.  Reuse dryer softener sheets. Save them in a small cardboard box and then place them in the laundry room and use two each time until they are gone. This may not be a huge savings, but a worthwhile one.
Dilute thick shampoo with water. Keep a spare bottle on hand and pour half of your new bottle into the spare bottle. Then fill both the rest of the way with water. Once they are shaken up, you can barely tell the difference, and it takes less time to get the shampoo to come out of the top opening like it does with the thicker shampoo. Try taking several used up tubes of toothpaste, snip the bottom off of each one, and see how many brushings you can still get out of an empty tube of toothpaste. Buy large economy sizes of items, then divide them into smaller containers so that the extra won’t spoil after the package or bottle has been opened.

Buy gifts and holiday items throughout the year; not just when needed: If you keep your eyes open, you will find gift items for a fraction of their original cost this way. Keep them tucked away in a closet somewhere so that they will be ready at a moment’s notice. Cards and wrapping paper are also great items to stock up on ahead of time. No last minute rushing out to buy a birthday gift.

Lists are beneficial: Grocery shop with a list to discourage impulse purchases. Post a list at home so other members of the household will be reminded to keep an eye out for a good buy on posted items. Update your lists frequently.

Consider online shopping: Do your homework and you will often find brand-name products at huge discounts. Watch for special times when online stores are offering “no-shipping cost” prices. Many stores like Target, Circuit City, Staples, and Walmart now have online outlets where you can order online and choose home delivery or you can pick up the item at your local store.

Watch where you eat: As well as being less expensive, home-cooked meals are usually healthier. Watch for coupons offering senior discounts or special prices at your favorite restaurants. Eating out too frequently can quickly become so routine that it no longer seems to be a special treat. Save eating out for special occasions.

Posted by: Frank Esposito, Vice President of Expert Home Care.  New Jersey’s Expert Home Care provides professional and reliable home health care and companion care for NJ elderly, helping them with their daily living activities since 1984. Please call us toll free at 800-848-2336 when you have home care related questions or need assistance for a loved one. Get a Free Home Care Assessment (a $375 value!) when you mention this post.

Planning For Your Elder Years

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New Jersey Elder Planning Tips

Recent surveys among NJ elderly, find that their biggest concerns are:

1. Remaining independent in the home without intervention from others;

2. Maintaining good health and receiving adequate health care;

3. Having enough money for everyday needs and not outliving assets and income.

Pre-planning can help address these issues.  No other life event can be as devastating to an elderly person’s lifestyle, finances and security as needing long term care. It can drastically alter or eliminates the three principal lifestyle concerns above.  The majority of the American public does not plan for this crisis of needing elder care. The lack of planning also has an adverse effect on the older person’s family, with sacrifices made in time, money, and family lifestyles.  Due to changing demographics and potential changes in government funding, the current generation needs to plan for long term care before the elder years are upon them.

Here are some facts.

  • The population of the “very old,” – older than age 85 – is the fastest growing group in America. This population is at highest risk for needing care. (Statistical abstract of the United States,
    2008, population)
  • Medical science is preventing early sudden deaths, which means living longer with impaired health and greater risk of needing long term care.
  • The Alzheimer’s Association estimates the risk of Alzheimer’s or dementia beyond age 85 to be about 46% of
    that population.
  • It is estimated that 6 out of 10 people will need long-term care sometime during their lifetime.
  • Children moving far away from parents or parents moving away during retirement makes long distance care giving difficult or impossible.
  • Government programs— already stretched thin for long term care services— will experience even greater stress on
    available funds in the future.

One of the important things for planning is how to maintain your lifestyle as you age. You may be healthy enough to stay in your own home with help provided for the following activities of daily living:

  • maintaining a home
  • providing meals
  • supervision
  • companionship
  • transportation
  • shopping services

This type of care at home is non-medical and must be provided free of charge by family, friends, or volunteers or the care must be paid for out-of-pocket by the family. Government programs, in most cases, will not pay for this kind of care. It is estimated that 80% of all long term care is non-medical, with 90% of that care provided in the home.

Plan now how you will pay for care when it is needed. In evaluating your future income you may find it necessary to add some resources such as long term care insurance to pay for assisted living or nursing home costs. Long term care insurance must be purchased while you are younger and healthy. Failing health, stroke or other aging issues will not allow you to qualify for this insurance.  A reverse mortgage will also help pay for home care if staying in your home is an option.

Consider where you may want to live in your elder years. Many assisted living facilities offer complete care alternatives with a nursing home wing if needed. Senior retirement communities also offer many amenities with some including home care options.  Now is the time to do estate planning. A professional estate planner will give you direction on how best to protect your assets for future needs and for Medicaid planning.  Now is the time to create your trusts, will, medical directives in a living will and any other documents you want noted for future use. Gather insurance policies and bank records where they can be found by family members in case you are not able to get them yourself.

The process of long term care planning involves the following four
principles:

1. Knowledge and preparation are the keys to success.
2. Having funds to pay for care expands the choices for care
settings and providers.
3. Using professional help relieves stress, reduces conflict, and
saves time and money.
4. Success is assured through a written plan accepted by all
parties involved.

(The above excerpt is quoted from “The 4 Steps of Long Term Care Planning,” National Care Planning Council)

The National Care Planning Council’ s website — www.longtermcarelink.net — provides over 700 pages of information for long term care planning and lists services of professional care providers in estate planning, long term care insurance, reverse mortgage, home care and many other important long term care services.

The National Care Planning Council’ s book, “The 4 Steps of Long Term Care Planning,” provides information on what Medicaid and Medicare will cover as well as an overview of professional long term care service providers and how their services can help you create and execute your long term care plan. A check list of what to do to create a plan and forms for creating necessary paperwork are also included in the book.

Posted by: Frank Esposito, Vice President of Expert Home Care.  New Jersey’s Expert Home Care provides professional and reliable home health care and companion care for NJ elderly, helping them with their daily living activities since 1984. Please call us toll free at 800-848-2336 when you have home care related questions or need assistance for a loved one. Get a Free Home Care Assessment (a $375 value!) when you mention this post.