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Senior Budgeting: How to Start Saving for Homecare Services Today

Aug 24, 2017 by Erin Couchell

Start small to save big for retirement and homecare services

Spartanburg, SC is a beautiful town, so it is really no wonder many seniors prefer to stay here as they age. However, doing so requires careful planning and living within one's means. August is Financial Awareness Month, so let's take a look at a few tips that can help seniors pay for homecare services and stay independent for a long time.

Having An Emergency Fund Can Prevent A Lot Of Headaches

Unexpected expenses can happen to anyone, no matter how disciplined they are and how carefully they plan for the future. In order to prevent getting into debt or falling behind on monthly payments, seniors should always have a comfortable emergency fund. Emergency funds can also help pay for homecare services in the event that a senior needs more help with daily activities or following a major medical event.

Making small changes over time will make sticking to a budget and meeting long term goals easier. First, track all expenses for one month. Sort each amount based on its importance. Essential living expenses, such as groceries, medication, and mortgage payments are often constant month to month. Instead of worrying about these necessary expenses, look where you can cut back unnecessary spending. This could include limiting online shopping, eating more meals at home, or cutting subscriptions to magazines that never get read.

Be Aware of What It Means To Live Within YOUR Means

No matter how old we get, we are not immune to wanting to live in luxury. It is difficult to come to terms with having to live on a budget even in one's golden years after a lifetime of hard work and sacrifice. However, coming to this realization can help a senior live well and on their own terms, paying for everything they need including homecare services should they need them.

Consider free or inexpensive activities instead of taking frequent vacations. An at home spa day can replace weekly trips to the salon. Understanding how much money you have to spend on discretionary activities will help you choose what luxury expenses you can do occasionally without blowing your budget.

Downsize To A Smaller Space

Living in the same home they raised their family in can be a major mistake for many older adults. One of the most important reasons is simply not being able to keep up with the demands of daily upkeep. However, downsizing can help seniors build a large emergency fund and save hundreds of thousands of dollars in monthly bills, unexpected expenses and general home upkeep.

Senior Discounts Can Help Older Adults Save As Much As 20%

Most places of business offer senior discounts. They do not advertise them most often, but this does not mean they are not available. It is important that seniors ask wherever they are spending money whether they have senior discounts because many places offer up to 20%.

Clip Coupons

Coupons can help seniors save money on groceries and household supplies. They are a bit tricky to keep track of, but being organized when couponing can result in hundreds of dollars in savings. Planning ahead and buying things only when you have a coupon is an option for many older adults as well.

Taking small steps to save money can have a majorly positive impact on a senior’s comfort level later on in life. Living within your means without having to constantly worry about finances can help you enjoy each moment as it comes.

 

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