3 Tips For Helping Your Elderly Loved Ones Save Money On Their Monthly Expenses

For many elderly people, their monthly income doesn’t have the chance to grow as it does for people who are still in the workforce. Because of this, it’s more important for retirees to be able to keep their monthly expenses in check than for people who can get a new job or an additional job if their expenses rise. So if you know that your elderly loved one is having a hard time stretching their money each month, you’ll want to help them find some ways to address this.

To show you how this can be done, here are three tips for helping your elderly loved ones save money on their monthly expenses. 

Cut Back On Monthly Services And Subscriptions

In many instances, people forget or don’t realize how many monthly services or subscriptions that have that are coming out of their accounts each month. This can especially be the case for many older people who may be used to paying for certain things that they don’t actually need or even use anymore. 

For example, you may want to take a look at your elderly loved one’s cell phone bill and see if what they’re paying for is applicable to them. You can also see if they’re paying for certain streaming services that they don’t really use, if they have magazine subscriptions that don’t even come to their current address in their senior living community, or if they have other monthly services that aren’t necessary anymore. 

Budget For Recurring Expenses

In most cases, people can easily budget on a monthly basis based on what they need each month. But for some things, they don’t happen on a monthly basis. And if these expenses get forgotten, they can really throw a wrench into the financial life of your elderly loved one. So to help your loved one not get surprised by these expenses, help them figure out which expenses recur at a different rate.

Once you know which insurance premiums or taxes are needing to be paid annually or biannually, you can then help your elderly loved one budget for these things each month rather than having to come up with a big lump sum seemingly out of nowhere. 

Look To Reduce Food Costs

Food costs are another way that you can help your elderly loved ones cut back on their monthly expenses. 

While you can help them shop sales and find stores that have lower prices, you can also help them see if they’re eligible for any government assistance when it comes to food. Depending on their income and financial situation, your elderly loved one may be able to have a big portion of their monthly food paid for. 

If you want to help your elderly loved ones save money on their monthly expenses, consider using the tips mentioned above to help you assist them with this.