Just because most seniors are living on fixed incomes doesn’t mean they need to sacrifice their quality of life. Retirees who spend a little extra time working on their budgets might be able to avoid some of the most common financial pitfalls that older adults often experience. Here are a few tips seniors can use to maximize their income and minimize their expenses in the retirement years.
At least once or twice a year, seniors should take a fresh look at every aspect of their finances, including income from all sources, average monthly expenses, and any surprise expenses that took place in the last few months. Once seniors have this information, they can then take a closer look at where most of their money is going and plan accordingly. Seniors also need to decide which of their expenses can be classified as nonessentials.
Some seniors may find it difficult to plan their finances while managing daily activities. Aging adults who require assistance with the tasks of daily living can benefit from reliable non-medical senior care. Ahwatukee, Arizona, families trust in Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent and manage serious illnesses and encourage them to make healthier decisions as they age.
Establish an Emergency Fund
Many seniors have a credit card for emergencies, but credit isn’t always the best financial choice. When an emergency takes place, going further into debt could impact a senior’s finances for years. As a general rule, seniors should try to build an emergency fund that will cover all of their expenses for at least three months. The emergency fund could cover a wide variety of issues such as flying to see a sick family member or a delay in receiving social security checks.
Take Advantage of Being a Senior
No one wants to cut out all forms of entertainment, but your loved one should have a strict limit for nonessentials such as eating out at restaurants with friends. One simple way to cut back on nonessentials is to ask for senior discounts. If your loved one has a relatively flexible schedule, he or she can use the schedule to his or her advantage. The tickets for a matinee movie in the middle of the week could be half the price of premium tickets on the weekends. There are also many mobile apps that can help seniors find local companies that offer senior discounts.
Focus on Preventative Care
Healthcare expenses can become quite difficult to manage in the senior years, which is one of the many reasons older adults should shift their focus to preventative care. Exercising a few days a week, sticking to a healthy diet, and staying socially engaged are three simple ways to reduce the risk of many different age-related health issues. Your loved one also needs to schedule regular checkups so he or she can catch chronic diseases in their earliest stages. Neglecting health is only going to cost more money later on.
Making healthy lifestyle choices can help seniors stave off a wide variety of diseases. If your elderly loved one needs help maintaining healthy habits, consider hiring a professional elderly caregiver. Ahwatukee families can rely on Home Care Assistance to provide dedicated and compassionate in-home caregivers who are trained in our holistic Balanced Care Method, which was designed to encourage seniors to exercise often, eat nutritious foods, maintain strong social ties, and focus on other lifestyle factors that promote longevity.
Manage High-Interest Debt Immediately
If your loved one has relatively good credit, he or she might be able to consolidate his or her debt to lower interest rates. Seniors who can’t consolidate their debt should contact their debtors and try to negotiate new terms. Most financial institutions do everything in their power to keep their customers from defaulting, such as offering lower monthly payments or better interest rates.
If you need a break from your caregiving tasks to plan your loved one’s finances, consider hiring a professional caregiver. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Ahwatukee respite care experts at Home Care Assistance are here to help. All of our respite care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. To learn about our high-quality home care plans and flexible schedules, give us a call at 480-448-6215 today.