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Practical Money Management Tips for Seniors

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If you have an aging relative, then you know how important it is for them to effectively manage their money on a day-to-day basis. Seniors often live on a fixed income, meaning they don’t have access to additional funds should they need to pay for something out of the ordinary. In this article, Fort Myers Home Care Assistance lists some easy and practical money management tips that are particularly well-suited to seniors and older adults.

Shop for New Services

It’s a mistake to assume that you’re always getting the best deal with your current services. From Medicare to your cable bill, periodically shop for new services and see if you could benefit from a lower rate or a new promotion. With specific regards to Medicare, health care reform has changed dramatically in the past few years, and there are more benefits and savings available for seniors and older adults.

Grocery Shop Once a Week

Seniors should try to limit grocery shopping to once a week at most. This way, they can make a list of the essential items that they have, making sure to only purchase those. Going for multiple trips increases the chances of buying extra items that aren’t necessary. Seniors may also think about buddying up for grocery trips. Along with helping out a friend or neighbor, it offers a way to save on gas money.

Set Up Automatic Saving

Seniors have to contend with the risk that in the near future, they may need to spend a significant amount of money on health care, which could range from the need for certain medical treatments to part-time home care in Fort Myers. One good way to help ensure there will be money to pay for this possibility is to set up automatic bank transfers that move a small percentage of each month’s check into a savings account. Seniors are then advised to budget as if that money was never available for spending in the first place. As time passes, the money in the savings account will grow to a respectable emergency fund.

Track Expenditures

It’s one thing to make a budget, but another thing to follow it. As mentioned above, it’s important to help your senior relative track where every dollar was spent, and compare that to what they predicted they would spend in their budget. This will help them see where they spend too much or where their forecasts about what they will spend are inaccurate, giving them better financial knowledge.

If your aging parent or loved one needs help with any of the above activities, reach out to Home Care Assistance of Fort Myers and learn how our highly trained and compassionate caregivers can help. Call 239-449-4701 and schedule a complimentary, no-obligation consultation today.