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Money Management Ideas for Aging Seniors

June 23, 2015

Often times as we grow older, money can bring stress into our lives. It can be tough to make money stretch at any age, but as a senior the challenges are especially unique. Below are some tips to help stretch your money, so that your retirement years can be that much sweeter.

Senior Living Communities Can Help

Most people are surprised to learn that moving to a senior living community can be a great way to manage money after retirement. Forgetting all the worries of pre-retirement life, like yard work and costly home repairs, a senior living community can be much more affordable and easier to manage on a fixed income.

Senior living communities not only cut down on the costs of transportation, meals and utilities, but these communities can also bring a sense of ease and relaxation to your life, which can help reduce stress and healthcare costs, potentially. Residents of senior living communities take part in a variety of included community activities that add to their health and happiness all throughout their retirement.

Good Health Insurance & Supplemental Insurance

Often, the quickest drain of money for a senior is health costs. Good insurance coverage can put a cap on this expense and keep it to a manageable level. For seniors with very limited income and assets, there is both Medicaid and state supplemental insurance available as government benefits. For those with more income, supplemental insurance is available in a range of prices.

By planning ahead and shopping around, seniors can get a good deal on the insurance they need to cover many of the medical expenses that they may run into. The best way to do this shopping without the stress is to first calculate what your anticipated needs are. Then, spend some time researching which supplemental insurances best cover those needs. Once you know which insurance is best for you, call at least three different companies for quotes to help ensure you find the best plan for you. Medicare has a lot of helpful information on coverage and supplemental insurance as well.

Get Creative with Gift Giving

The older we are, the more people we love! This is one of the many blessings in life’s later years, but it can also be one of the biggest strains on the budget when it comes time to giving gifts. Talk with your family and friends about starting new traditions together that maybe don't involve expensive gifts.

Excessive gift giving can be hard on the entire family, so younger branches of the family may want to join you in a whole new gift-less tradition, like volunteering at a soup kitchen, or other worthwhile ventures for holiday fun. Gifts that you do give can be small but still meaningful; mementos from your life are unique and will often be well-received, for example. Personal gifts like this will be cherished and shouldn’t break the budget.

Add a sense of simplicity to your life with help from the caring staff and accommodations at Concordia Lutheran Ministries. With our broad network of non-profit senior care and living communities, you can be certain to find the perfect community for all your lifestyle needs. Schedule a tour of any one of our many locations today and discover how we can help you make the most of your golden years.

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