Just where does all the money go?! If you or the senior loved one you care for is wondering this in 2023, you’re not alone. With high inflation, high interest rates, and expensive rents in Florida, it’s hard to catch a break with our finances right now.
Fortunately, there are some ways you can cut back and keep a little bit more cash in your wallet. Here are five money-saving tips:
- Review subscriptions. Do you use streaming services like Netflix or Hulu? Are you using any apps that have a monthly charge? While those charges may seem small in the moment, they can add up to a larger amount when pooled together. Review your bank account to see which subscriptions you actually use and which ones you can cancel. If this is something hard to do on your own, you can use an app like Rocket Money to analyze your bank account and identify your subscriptions. One caution: Rocket Money’s premium service has a monthly charge, although it may be worth it if you can use to identify subscriptions you no longer need (the app will cancel them for you).
Secure Aging also can help with money management by tracking where your senior loved one’s money is spent.
- Slash that food budget. One cost area that can easily get out of control is food. Whether you like to order out or you’re a grocery store king or queen, those food costs add up. If you think eating out is causing your costs to increase, make a specific plan to cut back. Maybe you’ll avoid eating out for a month, or you’ll only order out once. If the grocery store is where you have the most financial damage, stick strictly to a store list. Shop at cheaper supermarkets like Walmart and Aldi. Consider discount club memberships like Sam’s Club or Costco to save.
- Compare insurance costs. Are you paying too much for your car or home insurance? If you don’t know how to answer that question, then it’s time to shop around. It’s a good idea to evaluate your insurance costs every six months to see if you can reduce your rate. Websites like The Zebra can compare car, home, and renters’ insurance costs with some of the bigger companies.
- Track your savings. Each time you’re able to save some money, make a note of it. Maybe you knocked $20 off your weekly grocery bill, changed insurance providers and lowered your monthly bill by $120, and then canceled a few subscriptions and saved $35. Write down your savings, either on paper or digitally. It’s motivating to see those savings, and tracking your savings may prompt you to find other ways to save.
- Grow some food. Got a green thumb? Put your skills to work by growing some vegetables, fruits, or herbs. When it’s time to harvest you’ll cut down on food costs by not having to buy these items. Greens are good to grow in Florida in the winter and are easy. Basil is a year-round herb that’s also easy to grow.
Call Secure Aging to Find Out How We Can Help Seniors With Financial 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.