According to the US Federal Reserve, more than one-third of seniors have reported “major financial stress” in the last three years. As stress is a significant complicating factor in many challenges facing seniors, both physical and mental, senior care provider Neighborly Home Care would like to share some tips for seniors who want to save money or cut their budgets.
Financial Tips for Seniors
- If you no longer need a four-bedroom home, consider moving into something smaller with no payments. Utilities will be less for a smaller home too.
- Pay annually whenever possible. Longer-term payments almost always cost less than smaller increments such as monthly payments.
- Only go shopping once a week. Doing so limits impulse purchases, and encourages smart planning of shopping trips ahead of time.
- Find a grocery buddy. Two or more people going grocery shopping can take better advantage of bulk deals, and split the savings.
- Buy generic whenever possible. With generic food, medicine, and cleaning supplies, the differences are usually negligible and the bill can be much lower.
- Investigate new Medicare/Insurance options. Recent changes in the health care market could make a big difference in senior coverage and costs.
- Look for inexpensive entertainment. Fishing and walking are free and get you outside. In addition, community centers often offer low cost memberships that allow participants to join exercise classes, movie events and other outings at no additional charge.
- Avoid buying books, movies, or music. Look for cheaper streaming alternatives such as Netflix or Spotify, or just go to the local library.
- Always ask about senior discounts. Some businesses have unadvertised benefits for seniors.
- Reduce energy use. Unplug unused devices and consider heating only frequently-used rooms.
A budget-smart senior can be less stressed, and Neighborly Home Care wants to help seniors stretch their budgets a little further this year.
Neighborly Home Care Offers Compassionate Senior Care in Bryn Mawr and Surrounding Communities.
Neighborly Home Care is a trusted Bryn Mawr elderly care service provider, dedicated to giving excellent care and creating peace-of-mind for both seniors and their families. We offer a wide range of services, including periodic check-ins, driving services, and 24-hour care, which are custom-tailored to allow each senior the most possible freedom in their lives while still ensuring they are well cared-for in a familiar environment. For more information, please call 610-658-5822 or visit https://www.neighborlyhomecare.com.