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Senior Caregiver Advice: Budgeting During Financial Awareness Month

Aug 25, 2017 by Marlin Duncan

August is Financial Awareness Month in Hazleton, PA. Many seniors struggle to stay on top of their finances and manage their savings effectively. Senior citizens may want to take the time to evaluate their current financial situation and design a plan to improve it during this month.  If your senior loved one is having trouble staying out of debt and making the most out of their savings, consider the following budgeting tips from local senior caregivers in Hazleton, PA and the surrounding areas:

Build an Emergency Fund

Whether it’s an issue with a vehicle, an unforeseen problem with a major household appliance, or maybe a health problem with a beloved pet, emergencies can occur at any time. For this reason, it’s essential that older adults build an emergency fund that they can use in the event that an unexpected expense arises.

Downsize

The family home may be a giant money pit. Many senior citizens are living in the same home they lived in when their children were young. In order to save money on living expenses, downsizing into a smaller house, condo, or apartment is an excellent choice. In addition to saving them money, downsizing will make it easier for them to clean and maintain their home. Should your senior loved one require assistance around the house, a senior caregiver can also help with housekeeping, laundry, meal preparation, medication reminders and more.

Ask About Senior Discounts

Restaurants, retailers, hotel chains, and entertainment venues often offer discounts to their senior customers. Since these discounts are not always advertised, senior caregivers recommend that older adults should get in the habit of asking about discounts prior to making any purchase. Even a small savings of 15 or 20% off can make a positive difference in their finances.

Clip Coupons

Coupons can be found in newspapers, magazines, and the internet. Older adults who spend time finding and clipping coupons can save a significant amount of money on groceries, household supplies, and more. Seniors who are serious about coupon clipping should invest in a binder so that they have somewhere to place and organize all of the coupons they clip.

Buy in Cash

If possible, older adults may want to buy everything in cash and avoid monthly payment plans. Making cash purchases can save them from overspending on interest and buying items that they truly cannot afford.

Cut the Cable

Cable can be very costly, especially for senior citizens living on a fixed income. Older adults who get rid of their cable and subscribe to streaming services like Netflix, Hulu, and Amazon Prime will enjoy a variety of movies and television shows without the financial burden.

 

Managing their finances well is important for seniors, especially those that are on a fixed income. There are many ways that seniors can make small lifestyle changes that will make it easier to manage their finances and make their money go further.

 

To learn more about how your senior loved one could benefit from having a senior caregiver, contact us or call (570) 483-8913 and schedule a free home visit.

 

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