2025 Budgeting Tips for Older Adults
The economy in the U.S. continues to shift, and many seniors are struggling to save for retirement as a result. Additionally, older adults are living longer than ever before, forcing them to stretch their money even further.
Practical Ways to Save Money in the New Year
If you’re a senior living on a fixed income, it’s important to create an effective budget in order to continue enjoying a comfortable lifestyle through your golden years. Here are a few simple strategies you can use to start saving money in the new year.
Know Where Your Money Goes
The best way to start formulating a budget is to simply look at where you’re spending money each month. With help from a caregiver or family member, write a list of bills and expenses, like housing, groceries, and utilities. Make sure to include any small impulse purchases, too, since they add up quickly.
Utilize Technology
After you evaluate your bills, get started on a budget that makes sense for your lifestyle. You can do this simply by picking up your smartphone. Gone are the days of using paper checks and manual tracking when making a purchase. Digital tools, including budgeting apps and online banking, allow you to track spending in real-time, set up automatic bank payments, prevent fraud, and much more.
Reduce Expenses
There are plenty of ways to reduce your monthly expenses without giving up “fun” purchases, like special outings. For example, healthcare costs take up a big part of the average senior’s budget. Consider switching your name-brand prescriptions to generic when possible. It’s also a good idea to chat with a licensed Medicare broker to make sure you’re getting the most affordable coverage for your needs. When it comes to entertainment, the Chelmsford Public Library offers many resources, including free museum passes.
Look for Senior Discounts
You would be surprised at how many discounts exist for older adults, both locally and nationally. The next time you’re out to lunch or attending a performance, simply ask the person working at the counter. Visit MoneyTalksNews to view a helpful list of stores and websites that offer senior discounts, but don’t forget to check shops in the Chelmsford area, as well.
Make Small Changes That Have Big Impacts
A poor diet and lack of exercise often lead to disease, resulting in pricey hospital stays and other large bills. Small lifestyle changes, such as going for a daily walk, are free and have a big impact on both your mental and physical health.
Visiting Angels Chelmsford Can Help
At Visiting Angels Chelmsford, we understand that seniors value financial stability as a part of their overall well-being. In addition to helping with essential tasks, our caregivers will happily assist them in finding cost-cutting solutions, making retirement smoother and less stressful.
Learn more about our flexible home care service programs or schedule a free initial consultation by contacting us today.