Getting older brings about a slew of changes in life, and the way you manage your finances is one of the most vital to your standard of life. The National Council on Aging (or NCOA) stated that one third of seniors in the U.S. struggle with finances and are regularly unable to afford basic necessities.
Food, shelter, and healthcare are vital to the survival of people of any age, and an elderly person doesn’t always have the ability to work. It’s helpful to obtain some quality money management habits before you reach the age of 65, but it’s never too late to learn.
Take some time to check out a brief overview of some personal finance tips for seniors, and start preparing for a bright financial future.
Create and live by a budget
Creating a budget may be a very basic suggestion, but it is also the most overlooked strategy. People tend to skip over the budgeting step of handling their finances, and they just disperse money as they go.
This won’t get you very far when you’re working with a very limited set of resources. Build an exquisite budget, and follow it. You will thank yourself later.
Do what you can to stay healthy
Obviously, you don’t really know what your body is going to throw at you as you get older. Genetics have a bit to do with the way you age, but you have some control over your body as well. Do what you can to keep your body in great shape.
Get regular exercise, no matter what form it takes. Eat a healthy diet, and avoid smoking, drinking, and other destructive behaviors. If your body is in great shape, you’ll spend less on medications and doctor visits.
Capitalize on the benefits you are due
If you’re over 65 in the United States, you are due financial benefits from the government for all the years of hard work you dedicated to the nation’s workforce. Don’t settle for less, and make sure you’re receiving the Social Security Benefits you are due.
If you are officially “retired,” make sure your retirement funds are in proper order. If you cannot stay on top of the paperwork, have someone on your side who can.
Practice self preservation regularly
When you get older, your social circle tends to think you have some magical source of funding to lend out to anyone needing a hand. Don’t let the people around you take advantage of the money you have at your disposal. The funds are there to help you live out the rest of your life, not to donate to the mishaps of struggling family members.