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Money management basics for a shock-free retirement

Money Management: 8 Tips for Seniors

Helping Seniors manage their finances

Entering those Golden Years after retirement can be a really exciting time in life for seniors. There’s time to travel to new places, meet new people, and try new things. However, it can also be the time where seniors are faced with some of life’s biggest changes and decisions.

Health can change suddenly. Job statuses usually will change due to retirement or semi-retirement. And unfortunately, many seniors find themselves suddenly single after a lifetime with their partners.

These types of changes often bring one common area that most seniors need help with: Money Management. After years of established money management habits, one or more major life changes can lead to financial problems for seniors if those concerns aren’t properly addressed.

 

8 money management tips

Budget carefully

If your job status has changed, you may not have the same amount of disposable income coming in every month. Look for ways to cut spending on extras so that nest egg lasts as long as possible.

Don’t let people freeload off you

You may find that your adult children or grandchildren feel the need to ask you for money. Unless you are independently wealthy, your financial nest egg isn’t in endless supply. You need to be careful so you don’t put yourself in financial hardship due to extreme generosity.

Communicate with your partner about your finances

 It’s important that you are all on the same page about what your financial goals and plans are. This will not only help to make sure you stay on budget, but also help minimize many potential arguments over money in the future.

Make sure your money is in the right bank

Did you know that some banks offer special programs, interest rates, and incentives for seniors? These banks also offer daily courtesies that may go unnoticed to most others. Large print bank statements, assistance with online banking options, or strategies for managing your money in retirement are just a few ways that banks can -and should- cater to seniors.

Put financial fraud protection safeguards in place

Being proactive is a smart way to guard against credit card fraud, identity theft, or a host of other financial pitfalls that vulnerable seniors often find themselves in. Have a trusted adult child be listed as an emergency contact with your credit card company, to be alerted if suspicious spending ever occurs. Unless you travel frequently, request that your financial institution put location restrictions on all credit card spending.

Keep learning about financial stability

Even if you’ve been great with money management since you were a young adult, keep learning as much as you can. Research shows that seniors who continue to take an interest and learn about investment opportunities for the elderly, stocks and bonds, and even banking interest rates will have continued financial stability longer than those who choose not to take an interest. The more you know…

Don’t be afraid to ask for help

There may come a time where you’re faced with a financial burden or question that you’re unsure of or unable to resolve on your own. Don’t hesitate to ask a trusted adult child, friend, or professional to explain the details and your options. This could help you avoid a major financial catastrophe, and it’ll help you learn something new along the way.

Look for ways to explore new income opportunities

Once you retire, your normal cash flow will look different. There may be ways to earn supplemental income on the side. Do you have a talent of hobby that may be an interest to others? Woodworking? Sewing? Cooking? Do you enjoy teaching? If so, you could substitute teach or offer private tutoring for students. Every little bit could help you hold onto your nest egg as long as possible and still live comfortably in your later years.

About Safe Step

At Canadian Safe Step Tubs, we’ve purposed to help seniors live independent, free lives for as long as possible. Our walk-in tubs are safe, luxurious, and affordable; allowing seniors to save money while confidently caring for themselves in their later years. Contact us today to schedule a free consultation and discover how a walk-in tub from Canadian Safe Step Tubs is one of the wisest financial decisions a senior can make.