Aug 29, 2017 by Robert Myer
August is Financial Awareness Month in Gulfport, MS and it’s a great of the year for seniors to evaluate their financial choices and try to improve their spending. 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 providers of senior care services in Gulfport, MS:
Seniors qualify for discounts at many different kinds of businesses. Restaurants, retailers, hotel chains, and entertainment venues usually offer discounts to their senior customers. Since these discounts are not always advertised, providers of senior care services recommend that older adults should get in the habit of asking about a senior discount prior to making any purchase. They should also plan to attend events or shop on days when seniors get additional discounts.
Emergencies are just that – emergencies that no one can plan for. Anything can happen at any time. Car repairs, unexpected travel expenses, household repairs, and many other expensive things can and do go wrong. Having an emergency fund is the best way for seniors to prepare for the impact of a financial emergency.
All too often, older adults buy fancy vehicles and pricey clothing for the sole purpose of trying to keep up with other people. Seniors should understand that living above their means and buying things that they truly cannot afford will do nothing but add stress into their life. By disregarding what others have and only focusing on their personal needs and wants, they can save thousands of dollars each year.
Many senior citizens are living in the same home they lived in when their children were young and living with them. 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 loved one require assistance around the house, senior care services can include help with housekeeping, laundry, meal preparation, medication reminders and much more.
Credit cards can get seniors into financial trouble. It’s easy for seniors to forget purchases or rack up large credit card bills without even realizing how much money they are spending. 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.
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.
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.
Taking control of their finances is a simple way for senior citizens to avoid unnecessary stress in their life. It can also ensure that their savings will last as long as possible and allow them to live a high quality of life during their older years. Encourage your loved one to re-evaluate their financial situation, and let Comfort Keepers of Gulfport, MS know how we can help.
Senior care services in Gulfport, MS can help older adults who need some assistance managing household tasks like cleaning or running errands, even budgeting and couponing. If you have a loved one in Gulfport, MS that might benefit from senior care services contact us or call (601) 620-0872 for a free in home visit.