ElderLaw News — The Estate Planning & Elder Law Firm, P.C. — MD, VA, DC
ElderLaw News

ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President., William S. Fralin, Esq., President.

Tips To Control Your Budget

Was one of your New Year’s resolutions to be more efficient and save on expenses this year?

Well, here are some tips to help you save in 2013:

1) To maximize those Flexible Spending Accounts, make sure you spend all the funds you have allocated by the deadline (usually Dec. 31 or March 15). Remember it’s your money, and if you don’t turn in receipts to total what has been put aside, you are essentially giving money to your employer. To spend down those last remaining dollars, you could purchase things such as band-aids or reading glasses.

2) Get rid of the storage unit. Expenses related to storage units can run from $480 to $1,800 per year. What to do with the stuff? Have a purging party and throw away what you can. What’s left can be donated or sold at a consignment shop.

3) Ask your home security company if you can switch to a monitoring-only monthly rate. It may not be possible during the first few years of ownership because you are really helping pay for the equipment, but after a certain point, that should be an option. In this way, an average monthly $55 bill can be reduced to around $25.

4) Ditch the phone landline, especially if your household has one or more cell phones. That by itself can save you approximately $50 per month once you add on all the federal and local taxes. To replace it for emergency purposes, you can use Skype which requires a $60 adapter and $8 monthly charge or a device such as Magic Jack Plus which plugs into your phone allowing you to make calls over the internet without a computer ($70 device includes a year of free calls within the US and Canada).

5) If your car is over 10 years old, there will be considerable savings if you drop collision coverage and just pay for injury and property damage insurance. The savings could be as much as 40% according to Philip Reed of Edmunds.com. This is because the cost of repairing an older vehicle could be more than the car is worth. (Information taken from “35 Money Leaks,” Money, December 2012, p. 94 and 95).


If you are interested in having an Elder Law attorney from The Estate Planning & Elder Law Firm, P.C. speak at an event, then please call us at:

Maryland (301) 214-2229
Virginia (703) 243-3200
Washington DC (202) 223-0270

The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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