Aug 24, 2017 by Gregg Gammello
Budgeting may not be the most fun thing to do in the world but it is necessary for several reasons, including staying out of debt and getting better value for your money. Making smarter financial decisions is particularly important for seniors who live on a fixed monthly income. If you think your loved one could use some help with budgeting, home health experts recommend following the guidelines listed below:
Planning for Unexpected Situations
While no one wants to think about appliance breakdowns or emergency medical procedures, it is important to be prepared for any type of unexpected situation and develop an emergency fund. In case something bad happens, your loved one will have the necessary funds to immediately deal with the situation.
Moving to a Smaller Home
As home health professionals point out, many seniors are reluctant to move to a smaller home as they age. It is understandable that they want to keep on living in a home they love, but downsizing does come with many financial benefits. Moving to a condo or smaller house is not just more affordable in terms of expenses and utilities, it is also easier to maintain and clean a smaller living space.
Focus On Your Needs
Instead of purchasing stuff to impress others or keep up with friends and family, seniors should focus on what they really need and what would make them happy. This way, not only can your parent eliminate some unnecessary stress out of their life, they can also save hundreds – if not thousands – of dollars every year.
No More Cable
Let’s face it, cable is expensive. However, that doesn’t mean that your parent should eliminate entertainment from their routine; on the contrary, they may want to consider switching to streaming services which can be much cheaper than cable and feature a wide variety of movies and TV shows.
Use Senior Discounts & Coupons
Home health experts suggest that seniors use discounts whenever possible. Since senior discounts are not always advertised, your loved one should ask about any special deals for seniors before buying products or services. The same goes with collecting coupons – they can enable your parent to save a lot of money on everyday shopping.
Limit Credit Card Use
Using cash instead of credit cards can allow your parent to have a better insight into their daily expenditures and prevent them from buying more than they can afford. As a result, your loved one can save a lot of money on a monthly basis.
Making wiser financial decisions is one of the best, simplest ways for seniors to lead high-quality, stress-free lives throughout their golden years. Encourage your loved one to follow these guidelines and also let Comfort Keepers home health services know if we can be of any assistance to your family!