As many common expenses spiral out of control, it's ever more critical to save money wherever possible. But socking away money, whether for short-term savings or long-term retirement, seems harder than ever now; gas tops $3 per gallon, milk prices have risen 40% in the past year, and wheat costs 60% more than last year. But there's one area where you can lower your expenses: prescription drugs.
Businesses like CVS Caremark
According to a study by the Lewin Group, mail-order pharmacies, such as Medco
Seeking out the lowest prices for prescription drugs is a worthwhile habit. As we get older, we'll likely spend increasing amounts in this category. According to a survey commissioned by Medco, about one-quarter of retirees spend 10% or more of their income on medications. Remember, that's just the drugs, not other medical services.
Check with your health plan to see what options you have, pharmacy-wise. Save as much as you can, and beef up your savings and investment accounts. You can get other money-saving ideas in these articles:
Longtime Fool contributor Selena Maranjian owns shares of Wal-Mart. Wal-Mart is a Motley Fool Inside Value recommendation. Try any of our investing services free for 30 days. The Motley Fool is Fools writing for Fools.