Budgeting Tips for Seniors
As economic conditions in the United States shift, many older adults are struggling to save for retirement. Seniors are also living longer than ever, which means they need to stretch their money even further.
Practical Advice for Saving Money
If you’re a retired senior, you’re most likely living on a fixed income. It’s crucial to create an effective budget in order to continue living comfortably. Here are 5 simple strategies for saving money throughout your golden years.
Look for Discounts
Dozens of retailers offer special discounts for older adults. Some of these promotions occur on certain days, commonly referred to as “Senior’s Day”. MoneyTalks News has compiled a list of stores and websites with senior discounts. Additionally, store coupons are still an incredibly valuable way to save money, even in the digital age.
Save On Healthcare
When was the last time you reviewed your healthcare coverage? Speak with a licensed Medicare broker to discuss program options and see if there are ways to save on your premium and co-pays. For prescription savings, you can also look into online pharmacies for discounts and coupons on name brand medicine.
Reduce Expenses
There are many ways to cut down on unnecessary expenses without sacrificing your quality of life. For instance, consider canceling subscriptions that you don’t use often and choose generic over name brand options at the grocery store and pharmacy. Visit the Frankfort Community Public Library for resources that are free for members (both in person and online).
Save on Utilities
Utility providers often have discounts for seniors to take advantage of. Check with your county or call your service providers directly to see if you’re eligible for any programs. There are also ways to reduce both your usage and your bills. Start by turning off lights when you leave a room, seal any leaks around windows and doors, use a programmable thermostat you can control from your phone, and swap out traditional bulbs with energy efficient light bulbs around your home.
Make Lifestyle Changes
Unhealthy habits can actually end up costing you money over time. Poor food choices and a sedentary lifestyle often lead to disease, which results in expensive hospital stays, medications, and other big bills. Getting started on a health journey does not have to be expensive or intimidating. Going for a daily walk with a friend or caregiver is completely free, and will have a big effect on your physical and mental health.
Visiting Angels Northern Central Indiana Can Help
We offer invaluable support to Frankfort/Lafayette seniors who could use help managing their finances. In addition to providing assistance with activities of daily living, our caregivers are happy to help you explore cost cutting solutions so that you can enjoy a fulfilling retirement.
For more information about our home care service programs, please fill out our online contact form or give us a call at 765-670-6260.