If you have an aging relative, you know how important it is for your loved one to effectively manage his or her money on a day-to-day basis. Seniors often live on fixed incomes, meaning they don’t have access to additional funds should they need to pay for something out of the ordinary. Here are some easy and practical money management tips that are particularly well suited to older adults.
Shop for New Services
It’s a mistake for seniors to assume they’re always getting the best deals with their current services. From supplemental Medicare policies to the cable bill, encourage your loved one to periodically shop for new services and see if he or she could benefit from a lower rate or a new promotion. With specific regard to Medicare, healthcare reform has changed things dramatically in the past few years, and there are more benefits and savings available for seniors.
Some seniors may find it difficult to pay their bills and plan their finances while managing daily activities. Aging adults who require assistance with the tasks of daily living can benefit from reliable elderly home care. Families trust Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent serious illnesses and encourage them to make healthier decisions as they age.
Grocery Shop Once a Week
Seniors should try to limit grocery shopping to once a week at most. This way, they can make lists of the essential items they have and only purchase those they need. Making multiple trips increases the chances of buying extra items that aren’t necessary. Seniors may also want to think about buddying up for grocery trips. Along with helping out a friend or neighbor, it offers a way to save on gas money.
If your loved one needs transportation for grocery shopping and other errands, consider hiring a professional caregiver. When searching for reliable Oshkosh senior care agencies, families want to know their senior loved ones will be well taken care of. At Home Care Assistance, our expertly trained caregivers are available around the clock to assist with tasks around the house, provide transportation to medical appointments and social events, and much more.
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 healthcare, which could range from the need for certain medical treatments to in-home care. One good way to 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 into a valuable emergency fund.
It’s one thing to make a budget and another thing to follow it. It’s important for seniors to track where every dollar is spent and compare that to what they predicted they would spend in the budget. This will help your seniors see where they spend too much or where forecasts about what they’ll spend are inaccurate, providing better financial knowledge.
Consider hiring a professional caregiver if you need a break from your caregiving duties to tend to your loved one’s financial matters. Caring for a senior loved one can be rewarding, but it can also be overwhelming for family caregivers who have other responsibilities they need to focus on. For these families, the perfect solution is respite care. Oshkosh families rely on our caregivers whenever they need time to rest, work, run errands, and even go on vacation. Call Home Care Assistance at (920) 573-6295 to learn more about our flexible and customizable senior care plans.