When older adults enter retirement, having to live on a fixed income can feel like a challenge, even an impossible mission at times. Especially if they are dealing with large medical bills due to health problems, working out a feasible way of managing expenses can be a stressful task. After all, many challenges that older adults face like disabilities, health problems, and living support are all costly and necessary, making it even harder to find an avenue to cut costs.
Luckily, there are actually many methods that you can adopt to help decrease expenses and stretch your spending money. We have compiled a list of tips and strategies that can help you and your loved ones make ends meet.
Cutting Down on Unnecessary Spending
This might sound like pointless advice; however, we actually spend a lot on frivolous things. It is good practice to take a look back on the things around your house, declutter, and reflect on what is truly necessary for your life.
For example, there are ways to cut down your essential bills like choosing more energy-efficient appliances, turning off lights, heating, or fans in rooms that you aren’t currently using. No matter what, there are going to be some bills and purchases that you have to pay for – at the very least, make sure that you are utilizing these purchases to their full extent.
Choose to Pay With Cash
Before we start on why this is a good way to save money, it is important to take note that having large amounts of cash in your house or on your body at any time is not safe.
We would still recommend paying with cash instead of a debit or credit card as it is essentially, harder to spend. When you pay for your shopping with a card, you do not have the same sensation of handing over money as with cash payments. Moreover, paying with a card can lead to easily overspending on online shopping.
Living Without a Car
For families with multiple cars, selling one car is an efficient way to save money. If you live in a walkable neighborhood, it is also possible to completely do without one as well. Maintaining a car and ensuring that it has fuel can become very costly. However, it is important to ensure that you and your loved ones still have transportation options when it comes to getting to the places you need and want to go.
Our team at Aston Gardens At Pelican Marsh understands that financial planning for older adults can be extremely challenging. However, assisted living can sometimes be the best option to get the help you need with everyday activities. This is why we introduced our senior living rent protection services to minimize the economic uncertainty that you and your loved ones might face. This program ensures that your rent will not change for the first 36 months that you join our community. This means that your rent and access to our amenities will not be affected even if there is any inflation or rise in the cost of living in the area.
More importantly, we do not require any long-term commitments, buy-ins, or large upfront fees to join us. For more information on our programs, senior living options, or amenities, contact us today and our senior living coordinators will get back to your shortly.