It’s hard for just about everyone to cope with skyrocketing inflation and high costs for
everything right now. For older adults living on a fixed income, these price increases can take even more of a hit on their pocketbooks.
How can you help the older adult in your life better manage their money to cope with higher costs? Here are a few tips.
1. Analyze spending trends from the previous six months. By focusing on six months instead of just a couple of weeks, you get a better perspective on where spending has actually gone. You also may realize that there are ongoing subscription fees or donations that aren’t needed. Those small savings can add up over time. If you need help managing money for your older loved one, Secure Aging can help. We can develop budgets, monitor cash flow, and assist with a plan for debt consolidation.
2. Wait to collect Social Security. The longer a person can wait to collect Social Security, the more this will increase their benefits over time. Encourage your loved one to wait until around age 70 (or even 68 or 69) to collect Social Security, instead of starting at age 62.
3. Make sure you have an emergency fund. An emergency fund of even $1,000 can come in
handy for unexpected car or home repairs. Some minor cutbacks could enable your loved one to save that $1,000 in just a month or two.
4. Reexamine your living space. With ballooning costs for everything, is it time to downsize to smaller space? Discuss this possibility with the senior in your life, if you think that moving somewhere smaller—with a smaller mortgage or rent payment—could slash costs.
5. Find ways to save at the grocery store. Food costs can unexpectedly add up as we get
tempted by new products, sales, and bright packaging. Make a list, stick to the list, and find ways to make meals with items you already have. If you and your senior loved one need additional ideas on how to save money at the supermarket, read this article from Ramsey Solutions.
Call Secure Aging to Find Out How We Can Help Seniors With Money Management
At Secure Aging in Bradenton, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Secure Aging helps families in Manatee County and Sarasota County and in and around the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Myakka City, Palmetto, Parrish, and Sarasota. Call us at 941-761-9338, or visit us online at www.secureaging.com.
