Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire even on a limited income by taking steps to stretch their dollars! 

Tips and advice for making your retirement dollars go further!

 

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Baby Boomers - Cut Your Auto Expenses

Tips for Baby Boomers about How to

Reduce Car Expenses to Stretch your Retirement Income

Car expenses consumes a large part of Baby Boomers income. First, there's the cost of purchasing an automobile, then licensing, insurance, parking and regular maintenance, not to mention the skyrocketing cost of gasoline. Add it all up and it is a big chunk of money.  One rule of thumb is that your total car expense should not exceed 20 percent of your household (after tax) income.

There are many ways for baby Boomers to reduce their car expenses, and most of them easy to implement. 

How to Save Money by Reducing Car Expenses

Here are selected articles offering useful advice on this subject:

If you use your car primarily for local travel (getting about town, shopping, etc.), obviously it pays to car pool, take the bus or ride your bicycle whenever possible.  Also, if your car is paid off, then perform regular maintenance and drive it into the ground UNLESS your car requires premium gas, in which case you should evaluate the merits of trading for a car that runs on cheaper regular gasoline. If your car isn't paid off and your current interest rate is high, a new loan might save you money now and over the life of your loan.

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How to Buy a Car for Less!

Buying a new car will dent your budget.  Used cars cost considerably less.  Since new cars dramatically depreciate in value during the first two years, you can get a "broken in" automobile which still under warranty at as much as a 50 percent savings!  And look for smaller, more fuel-efficient cars.  Here are some reputable Websites that can help you determine how much to pay for a new or used car, and assist you in finding a good, reliable used car:

  • Edmunds provides True Market Value pricing, unbiased car reviews, ratings, and expert advice to help you get a fair deal.

  • Kelly Blue Book for new and used car values.

  • CarMax - Excellent online source for pricing, selling and buying used cars.

  • CarandDriver.com - Gives specifications, pricing and detailed reviews of new vehicles.

  • RepairPal.com - Enter information about your car, location and what repair service you need, and the site will give you an estimate  of how much the service will cost.

Save on Parts!

Get as much as 75% OFF whenever you order items worth $50 or more only at Auto Parts Warehouse

Get 1 free audiobook credit at audible.com!

Save on Gas!

Gasoline prices change frequently and may vary by as much as 20 percent within only a few blocks.  GasBuddy.com and GasPriceWatch.com can help you find cheap gas prices in your city. They are networks of gas price information websites and spotters that help you find low gasoline prices in your area. 

Save on Car Insurance

You can often save a bundle by combining your home and car insurance with a single insurance agency.  Take the highest deductible you can afford.  Here's an example

It also pays to comparison shop car insurance.  To get quotes without having to give your name or phone number, go to FreeInsuranceQuotes.org.

Join the Good Sam Club!

  Free auto insurance quotes

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