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How to Help Seniors Save Money

By Kevin McClarren, 9:00 am on

Many seniors live on fixed incomes, which can make it difficult to take care of monthly expenditures. However, a few minor changes to your senior loved one’s budget can help him or her save some extra money and live more comfortably. Warren at-home care experts have a few suggestions for how you can help make this happen.

Create a Comprehensive Budget

It can be difficult for anyone to save money without a complete and accurate budget. A budget should include all of your loved one’s personal income, household income, monthly expenses, and projected yearly expenses. Once you have this information in hand, you can then start helping him or her make some money-saving decisions. 

Suggest Dropping Unused Services

Seniors often find themselves paying for a variety of services they no longer use or have forgotten about completely. These unused services often include old landlines, magazine subscriptions, and store memberships. You and your loved one should take a look at his or her expenses to see if monthly bills can be reduced.

Search for Lower Interest Rates

Reducing debt should be your loved one’s priority if he or she is looking to save some money. For many, this begins by searching for better interest rates on credit cards, car loans, and mortgages. If your loved one has money currently saved up and wants to save more in the long-term, he or she might also want to start an aggressive repayment program on smaller loans to finish them off quickly.

Encourage Shopping in Groups

One of the biggest challenges of living frugally is buying only the amount of food you actually need. Many seniors who live alone allow quite a bit of food to go to waste because they are unsure of how to shop for only themselves. Buying in bulk and splitting the bill with neighbors, friends, and family members can considerably cut back on waste. An hourly caregiver in Warren can also help with grocery shopping and help prepare meals to make sure all food is being used.

Install a Programmable Thermostat

We all occasionally forget to turn off the heater or AC when stepping out of the house. When this mistake is made regularly, however, it can end up costing hundreds of dollars a year. A programmable thermostat can be set just one time at the start of the season and can pay for itself in as little as a few months.

Helping your loved one save money is just one way to contribute positively to his or her quality of life. If your loved one faces other challenges that can’t be so simply resolved, turn to Home Care Assistance. Our caregivers are available 24/7 to assist with a wide variety of important tasks, and we also offer specialized Parkinson’s, stroke, and Alzheimer’s care Warren families trust. For more information on our senior care services, call one of our qualified Care Managers at 908.450.9400 to schedule a free consultation.