Budgeting can be hard for everyone, but it is especially important for older adults who are retired or close to retirement age. Whether you have significant savings or are living on a more fixed income, your money should be managed very carefully. With the rising cost of long term care, everyday expenses, and inflation, we can all use some tips on how to boost our budget and make our money last longer.
Create a Monthly Budget
Many financial planners recommend creating a monthly expense worksheet to help you budget, which will include all your monthly income and expenses. It can help you or a loved one make sure you have enough income to cover all your expenses and help you plan for the long-term. A budget is also a great guide to help you make adjustments to boost your savings or help you cover emergency expenses. View this AARP video for more guidance.
Senior Programs and Discounts
A perk to being an older adult are senior discounts! There are millions of older adults who are eligible for benefit programs where they can save money on health care, prescriptions, food, rent, utilities, and more. Older adults can also enjoy senior discounts at many businesses, restaurants, and retailers.
View the best deals and discounts for older adults at businesses
Learn more about programs for older adults in Connecticut
Although some may think couponing can be a hassle, it’s really an effective way to save and budget money. When it comes to everyday necessities like groceries, appliances, and other home goods, you can save 10 to 20 percent on average by using coupons. Many older adults are used to paper coupons, but they have since switched to mainly electronic. Be sure to sign up for retailers emails and text subscriptions to get the best deals!
It may not be ideal for all, but delaying your retirement by just a few years can increase your social security benefits largely. This would help you increase your monthly income, and make budgeting easier when the time comes. View guides and tips how you can make the most out of your retirement
View Age Well CT’s Financial Resources for more programs for older adults in Connecticut
Explore other ways to save money, avoid scams, and plan for retirement at AARP