After retirement, seniors living on fixed budgets must be prepared to adjust their finances accordingly. These tips can help your elderly loved one manage his or her money more effectively and look forward to a strong financial future.
1. Reduce Expenses
It’s important for your loved one to take an in-depth look at his or her budget to identify any unnecessary expenses that can be cut. Though some seniors move to smaller homes, money-related changes don’t always have to be so drastic. For example, a senior who rarely drives can cut out the costs of car maintenance and registration fees by choosing to use a transportation service instead.
When it comes to maintaining a high quality of life, older adults may need more than just a few suggestions on how to manage their finances. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional senior home care. Home Care Assistance is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.
2. Plan for the Unexpected
No one likes to think about future health problems or the loss of a spouse, but these things will eventually happen to most people. A sudden hospitalization or funeral can be detrimental to someone living on a fixed income. For this reason, it’s important to prepare for the future. Talk about potential financial challenges with your loved one and discuss ways to save money, such as hiring a home caregiver rather than paying for a long-term hospital stay while recovering from a minor injury.
Some seniors need occasional assistance at home, and oftentimes the family members who take care of them need time away to run errands, take a nap, go to work, or take a vacation. Roseville respite care experts from Home Care Assistance are available on an as-needed basis, giving your family peace of mind that your loved one will remain safe and comfortable while you relax or focus on other important responsibilities.
3. Prevent Scams
Nefarious criminal activity can soak up all of a senior’s funds. Financial abuse of the elderly is surprisingly common, and it can even take the form of a family member or friend making financial decisions that aren’t in the senior’s best interest. Seniors should be aware of common financial scams, such as people selling unnecessary medical equipment and services, and families should watch out for signs of financial abuse, such as a senior not knowing about a major withdrawal from his or her bank account.
4. Document Financial Decisions
Certain health conditions make it difficult for seniors to manage their finances without assistance, which is especially common for seniors with degenerative diseases like dementia. Your loved one should appoint someone to be in charge of his or her finances and document the decision in writing to make sure his or her finances are secure.
Aging adults should also plan for the possibility of needing home care as they get older. The type of at-home care Roseville seniors need can vary. Some need assistance a few hours a day, while others require more extensive around-the-clock assistance. At Home Care Assistance, we tailor our care plans based on each senior’s individual care needs, and the plans can be adjusted at any time. Call us today at (916) 226-3737 to learn about our high-quality in-home care services.