Many seniors rely on a fixed income once they retire, which can create challenges when planning monthly budgets. However, saving money can be made simpler with the proper money management techniques in place. Scottsdale home care experts recommend these tips to help your elderly loved one save some extra money.
By Adjusting the Frequency of Favorite Expenditures
Most seniors on a fixed income will need to make at least some adjustments to their lifestyle. Instead of giving up all the things he or she loves, your loved one might simply want to change how often he or she splurges on certain things. An example of this would be limiting restaurant visits to the weekends or one night during the week.
By Taking Advantage of Senior Discounts
Senior discounts exist to help people over the age of 55 or 60, yet many elderly people never take advantage of them. In addition to the restaurants that provide senior discounts, you might be surprised to hear many retail stores across the country offer discounts of up to 30 percent. Whenever your loved one flies or takes a cruise, he or she should give the company a call to see if they offer senior discounts as well.
By Deciding What Services Are Useful
Every senior should take some time each year and look at their biggest expenditures. Many will find themselves paying for a variety of services they rarely or no longer use. Some of the expenditures your loved one might be able to do away with include cable, smartphone data plans, and memberships to certain organizations.
By Joining AARP
AARP generally costs less than $20 a year and also provides free memberships to spouses. Once your loved one is a member, he or she will be given a card for discounts on thousands of products and services. In addition to the discounts, AARP members also get free assistance with filing their taxes and making the most out of their social security.
By Speaking with a Financial Advisor
Retirement accounts are notoriously complex, and pulling money from the wrong account could cost your loved one thousands of dollars in taxes. All seniors should speak with a financial advisor about how and when they should withdraw their money. Leaving accounts such as a 401(k) untouched can allow your loved one to take advantage of tax-free compounding.
Saving money can go a long way toward making your loved one’s life more comfortable, but he or she may face other challenges or health complications that prevent optimum comfort. For trusted part-time and live-in home care, turn to Home Care Assistance. Our caregivers can assist your loved one with mobility, cognitive stimulation, and exercise and also help with a wide array of daily tasks. We also offer specialized Alzheimer’s, post-stroke, and Parkinson’s care in Scottsdale for seniors who need more extensive assistance. For more information on our senior care services, call one of our knowledgeable Care Managers at (480) 771-2710 to schedule a free in-home consultation.