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Financial Tips for Seniors Who Want to Make the Most of Their Budget

Financial Tips for Seniors Who Want to Make the Most of Their Budget

| September 29, 2019
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Living on a fixed income can be a challenge for many seniors, especially those who are living with health issues or disabilities. The cost of medical care or medications can be overwhelming, and often seniors are faced with living situations that require a lot of planning ahead. Without substantial savings, you may find yourself living week-to-week, unable to expand your budget or do the things you truly want to do. Even the small things, like taking a class to learn something new, may feel out of reach when your budget is especially tight.


Luckily, there are several things you can do to make the most of your budget and stretch it out a bit. By looking for places within your expenses to save money, you can make your dollar go further, which will allow you to boost your quality of life. Whether you want to take a vacation or simply give yourself some breathing room, there are many ways to get started.


Take a Look at Your Healthcare Plan


Your healthcare plan is one of the most important parts of your budget since medical coverage and prescriptions can be costly — even with Medicare. So, look at your current plan to see if you can make some changes that will help save you money. For instance, an Anthem Medicare Advantage plan can cover more than you might think, including vision care, dental care, and hearing wellness. As you get older, it’s essential to take care of yourself, and an Advantage plan can help you do that while saving you money.


Look for Free Transportation


Having a car means having independence, and many seniors are reluctant to give that up. However, you can save money by taking advantage of resources like free transportation to the places you visit most, such as a ride from a senior service, hospital, or church. This way, you can still keep your car for longer trips but save money on gas and maintenance. Check with your doctor’s office to see if they offer a ride service for senior patients.


Start a Garden


Gardening is beneficial for seniors. Not only does it help to save money, but it’s also a great way to get daily exercise and it can also help you stick to a healthier diet. Consider planting beans, tomatoes, peppers, cucumbers, lettuce, and herbs to start, as these are easy for first-time gardeners; if you don’t have much room in your backyard, look for veggies that have beautiful flowers or greenery that you can plant in the front yard and mix in with your landscaping. The more items you can plant and harvest, the more you can save on your grocery bill each week.


Trade One Thing for Another


You don’t have to give up things you love just to save money; think about how you can make a trade. For instance, if you have cable, consider trying out a streaming service instead. You might be able to cut your entertainment spending in half by using a streaming stick — as long as your television is compatible — and you’ll still have hundreds of shows and movies to choose from. In fact, many television channels are offering their own streaming services these days, so be sure to shop around before making a decision.


Saving money doesn’t have to be a stressful undertaking. With a few tweaks to your spending, you can make the most of your budget and still have money for things you enjoy. Think outside the box so you can get creative with your savings, and don’t be afraid to try something new.

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