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Many seniors rely on fixed incomes 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. Here are tips to help your elderly loved one save some extra money.
Adjust the Frequency of Favorite Expenditures
Most seniors on fixed incomes will need to make at least some adjustments to their lifestyles. 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.
If your loved one eats out frequently because he or she has difficulty preparing nutritious meals independently, a home caregiver can be a wonderful resource. Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality senior care. Trust Assisting Hands Home Care to help your elderly loved one age in place safely and comfortably.
Take 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 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 it offers senior discounts as well.
Decide What Services Are Useful
Seniors 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 a cable subscription, a smartphone data plan, and memberships in certain organizations.
Home care services are among the most valuable ones seniors can benefit from. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Greater Portland homecare experts at Assisting Hands Home Care are here to help. We thrive on helping seniors maintain their independence while living in the comfort of home.
Join the 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 of their social security benefits.
Speak 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 financial advisors about how and when they should withdraw their money. Leaving accounts such as 401(k)s untouched can allow your loved one to take advantage of tax-free compounding.
There are also ways to save money regarding larger life decisions. If your loved one needs daily assistance due to age-related health conditions or more serious conditions, choosing in-home care may prove to be more affordable than other solutions. If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of at-Home Care Portland families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. To create a comprehensive in-home care plan for your parent, give us a call at (503) 664-7934 today.
