Aug 17, 2017 by Jorge Preciado
To celebrate Financial Awareness Month, home care assistance experts have gathered a list of ideas that can help seniors optimize finances and develop smarter budgeting habits. With the following tips, older adults can improve their financial situation and save some money as well.
Save for Rainy Days
It is important for seniors to begin building a special fund for emergencies as soon as possible, according to home care assistance experts. Unexpected situations happen all the time and some of them can be pretty costly, such as medical and dental emergencies, home repairs or vehicle bills. With an emergency fund, seniors can cover expenses such as these without burning a hole in the pocket.
Use Discounts & Coupons
Nowadays, many restaurants, hotels, and stores offer special discounts for seniors. By using these coupons, older adults can substantially enhance their financial situation. However, it is important to keep in mind that not everyone advertises senior coupons, so seniors should always ask the staff if there are any special deals for older adults.
As for coupons, seniors can find them in newspapers, magazines, and even online. Using coupons for everyday purchases can allow older adults to spend less money on a daily basis.
Home care assistance experts recommend that seniors at least consider moving to a smaller house, as living in smaller space is not only cheaper but comes with other benefits such as fewer housekeeping tasks. In addition to reducing home maintenance expenses, seniors can get a lot of money from selling a big house, which can enable them to live comfortably for years to come or make a smart financial investment.
Switch to Streaming
Instead of using cable for entertainment, seniors may want to consider subscribing to one of many quality online streaming services, including Netflix, Hulu, and Amazon Prime. Besides being cheaper than cable, these services also feature a wide range of movies and TV shows that can allow seniors to watch what truly interests them.
Buy in Cash
As home care service experts point out, buying in cash is a better option than using credit cards because it can allow seniors to have a clear overview of both their income and expenses. This way, older adults won’t overstep their planned monthly budget and purchase things they don’t really need.
Buy What You Can Afford
Some seniors cope with the changes that come with aging by trying to compete with others. Buying expensive cars or splurging on designer clothes can affect other areas of life and cause stress and even depression. Instead of attempting to keep up with wealthier friends or neighbors, seniors should focus on their needs and preferences. By living within their means, older adults can save thousands of dollars per year, using them for something they truly care about later on.
Making smarter financial choices can help your loved one lead a high-quality, stress-free life for longer and enjoy their golden years to the fullest. Comfort Keepers are happy to offer advice or assistance with senior budgeting!