Older adults are fairly used to clipping paper coupons, but many brands and businesses have switched to electronic coupons and advertisements by email or text. Again, once a person realizes how much is discounted regularly when using coupons, it’s foolish not to take advantage of them. In some cases, the savings can be as much as 50 percent. While some may consider couponing more of a hassle than an effective money saver, coupons can add another 10 to 20 percent of savings on the average purchase of things like groceries, appliances and durable goods. You and your loved one can search for lists of senior discounts online, but it never hurts to ask a business if they currently offer deals or would consider introducing some. While the savings on a single transaction usually aren’t tremendous, they will accumulate over time when applied consistently. Anyone who is eligible and doesn’t use this discount is literally leaving money on the table. Older adults can enjoy a “senior discount” at many businesses, particularly restaurants, retailers and hotels. There are multiple ways to help older adults save money, just as there are for anyone else, but this is one time that aging individuals have the advantage. You can also check with your Area Agency on Aging (AAA) for additional resources, guidance and assistance with benefits applications. Benefits like housing assistance, Supplemental Nutrition Assistance Programs (food stamps) and energy assistance can help minimize expenses for low-income seniors.

Visit to see if your elderly loved one is eligible for any local, state or federal assistance or discount programs. For example, New York state offers the School Tax Relief (STAR) program to help senior homeowners in certain income brackets reduce the amounts owed for property taxes. If your loved one owns a home, there may be savings available to them if they meet certain eligibility requirements. Look for Senior Savings Programs and Government Benefits Paying annual premiums for auto insurance, health insurance, homeowners insurance and life insurance involves large outlays up front, but this is often the least expensive option. However, some insurance companies offer discounts for customers who pay in full. Depending on your loved one’s cash flow, paying premiums in installments might be more feasible than making one large payment for the year. Insurance premiums can be paid on a variety of installment plans, such as monthly, quarterly or semi-annually.

Choose Insurance Premium Payment Plans Wisely Predictable expenses make it easier to follow a set budget that does not fluctuate throughout the year. Instead of paying higher monthly bills during certain times of year due to increased energy usage for heating or cooling, the cost is spread more evenly over 12 months. Reduce Utility CostsĬontact your loved one’s utility companies to see if they offer a monthly budget-billing plan, which keeps their bill the same amount every month. If there is a deficit in monthly income, the ensuing suggestions can help minimize the discrepancy.ĭownload a printable budget worksheet for senior citizens here. This will provide you with a good handle on your loved one’s expenditures and help you identify which areas, if any, need to be pared back. The first step most financial planners recommend is filling out an expense worksheet that includes all monthly income and expenses. If your aging loved one is open to using new strategies to reduce their expenses and make their money go further, try implementing some of the following tips. This can be a frustrating thing to accept, but a family caregiver’s only recourse is to gently encourage smarter financial decisions and carefully monitor the situation from afar. At the end of the day, if a resistant elder is still of sound mind and has not fallen victim to undue influence or financial elder abuse, then they have every right to manage their money however they want. The goal is to foster trust, open communication and teamwork, but even the most respectful attempts at discussing finances can result in a parent feeling like the victim of a hostile takeover. Avoid being critical or condescending and emphasize the fact that you have their best interests at heart. Who are we to suggest or dictate how their money should be saved or spent? Broaching this topic is often uncomfortable at first, but your approach can make or break the conversation. At the heart of the issue is the fact that we didn’t perform the years of hard work needed to earn these funds. For adult children, talking to aging parents about money can be a challenge.

Sample budget for one person on 30000