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Elderly Finances 101

a caregiver and her elderly patientElderly finances are a complicated matter, and even for persons with years of real world budgeting experience, they can be a hassle.

Because of limited income, if any at all, the elderly often have to budget wiser than most. There are several easy means by which to do so, including locking off the lights when they aren’t is use and taking short baths.  Here are a few tips.

There is an app for that!  Mint.

Mint is a free, simple app that allows users to add their various accounts to record, analyze spending and saving habits. Added notifications allow for easy bill payment and tracking spending.  This not only allows for users to know where every penny is going, but exactly where spending can be cut.

Websites: the next best thing.

The National Council on Aging also has resources for seniors to save in a savvy manner.  Their toolkit is available: http://www.ncoa.org/enhance-economic-security/economic-security-Initiative/savvy-saving-seniors/savvy-saving-seniors.html#toolkit%201They also have a list of ten recommendations that are hard to beat: http://www.ncoa.org/enhance-economic-security/economic-security-Initiative/savvy-saving-seniors/top-10-things-all-seniors.html

Ask for the Senior Discount.

Senior discounts are available at most business. Ultimately, it never hurts to ask.  A few pennies pinched here and there will surely add up.

Buy in Bulk

Pantry items, toilet tissue and feminine products are but three necessities that can be bought in bulk. Buying in bulk as a family (if a parent uses a minimal amount of these things) can also benefit multiple wallets. Only one membership will be needed, though your parent will save while you do too.

There are most definitely additional money management tools available online for the elderly, to aide cutting spending. Research is key!
 

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About AlvitaCare

Alvita Care is a fully licensed home healthcare company providing premier in home caregiver services to seniors living in New York City and on Long Island NY. With offices in Midtown Manhattan and Hauppauge NY, Alvita Care was founded in 2008 upon the idea of "Care Without Compromise". Our care-giving services enhance seniors' lives, by improving their well-being, dignity and independence. We have earned The Joint Commissions Gold Seal of Approval and pride ourselves with our proprietary caregiver matching process that carefully matches our experience caregivers to each client based on personality and technical skills needed. Alvita Care can help whether you need assistance for several hours a few times a week or you require live-in or around-the-clock assistance. Our caregivers provide assurance and relief to families by relieving their anxiety, knowing that their loved one is safe, happy and lovingly cared for.