Senior Living Care Blog

How Seniors Can Stretch Their Dollar

Posted by Joe Gilmore on May 22, 2019 11:00:00 AM
 

Whether you are 16 years old or 60 years old, having an individual stretch their dollar  is always a good thing. There are a number of financial tips that you can utilize to increase your funds and help you saving your money is endless.

 

Similarly, there are a number of money-saving methods that you can start to take advantage to help you keep a nice stash of money in your later years.

 

It is also important to understand how seniors can look out for and avoid financial scams and abuse. Unfortunately, senior financial abuse is something that happens all too often. In fact, a report done by the Consumer Financial Protection Bureau found that suspicious activity reports filed by banks, credit unions, and other institutions quadrupled for seniors between 2013 and 2017. The report found that older adults aged 70 to 79 lost on average $43,3000.

 

To help avoid or deal with these problems, learn some easy strategies for saving money and putting money away for a rainy day.

 

Money-Saving Tips

Dollar bills and change laid out on a table. It is important to learn how seniors can stretch their dollar as they age.

Many people spend money in excess. For some, this does not lead to many problems, however, if you aren’t safe or aware with your money, this can deplete your funds and cause major problems later in your life. However, being cognizant of your finances and your spending and following a few easy tips to save some money can help you avoid money problems later in life.

 

Coupons And Senior Discounts

Coupons are a great way for people to save money. There are a number of online resources easily available for anyone to find local stores that are offering discounts and coupons. Some people may be reluctant to take advantage of senior discounts, however, it is financially responsible to do so. You can find senior discounts in many places including movie theaters, restaurants, national parks, and more.

 

How To Put Money Away

For some, saving can be a difficult thing to do or remember. In fact, the federal reserve reported that last year that 4 in 10 adults would have trouble covering an unexpected expense of $400.

 

According to the American Association of Retired Persons, there are a number of easy lifestyle changes that you can make to encourage savings as a senior. Some tips that the AARP gives for seniors to save money include:

  • Set up automatic transfers into your savings account
  • Save for the unexpected
  • Save extras, like bonuses, raises, and tax refunds
  • Set up a plan and stick to it

 

It is important to be financially responsible even in your later years. Having a rainy day fund and money that you can give to others when the time comes is important. Be aware of this and consider your money-spending habits to understand how you can better manage your cash.

 

Avoiding Scams

A stop sign. To help stretch their dollar, many seniors need to avoid scams.

There are a number of popular online scams that many can be affected by. However, a lot of the current scams seem to target older individuals for a number of reasons. For one, seniors are generally less tech-savvy and, therefore, more likely to fall for online-based scams.

 

While this seems to be the case, there are a number of precautions that you can take to avoid scam-related issues. For example, just knowing what to look for is a good way to steer clear of these problems. Some classic warning signs when it comes to fraud include:

  • Unsolicited phone calls or e-mails that require money
  • Unexpected e-mails or calls requesting bank account number and other information
  • The pressure to quickly send funds by wire transfer
  • An offer that seems too good to be true, like a guaranteed investment

 

It is important to be cognizant of every message, email, and other forms of communication you receive online. If you are unsure whether a message is legitimate or not, it is best to reach out to someone who can help you. If you are worried, just reach out to your child or grandchild to help you know what to look for.

 

Getting Help To Stretch Their Dollar

A telephone that can be used by seniors asking for help about how to stretch their dollar.

If you can afford one, a financial adviser is a great idea to get some answers to questions that you have related to money and savings. Financial advisers can also help with investment advice and strategies as you age.

 

It should also be noted that there are some seniors who are not able to manage their finances independently. This is a possibility that you should prepare for. You can speak with an attorney to help you decide if you should have a legal document known as a power of attorney, this will allow one or more people you choose to make key decisions when it comes to your financial and personal life.

 

If worst comes to worst, getting your loved one to help with financial issues will help you avoid problems later in life.

 

Next Steps

When it comes to financial advice and protecting finances, seniors need to be aware of easy ways that they can save some money and put some of their cash away for rainy days. Just committing to a few simple lifestyle changes is a great way to do this. For example, using coupons and senior discounts is an easy way to decrease spending. Likewise, by setting up automatic transfers to your savings accounts and sticking to a savings and budget plan are all simple ways to manage your money. Along with these strategies for saving, you should also be aware of how you can avoid common online scams that seniors fall victim to.

 

Overall, for one to stretch their dollar, one can employ these strategies and preventative measures. However, for some, this is still too much independence and they will need to seek the help of others. As we age, we sometimes lose our ability to live independently due to injury problems or inability to perform day-to-day activities. If this is the case for you or your loved one, you can reach out to assisted living facilities to help. Facilities, like Landmark Senior Living, are here to help seniors stay happy and healthy during this later chapter of their lives.

 

Learn More Here!

 

Topics: Senior Tips

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