Making smart financial decisions is a good practice at any age, but becomes especially important for older adults. As we approach retirement, our finances will likely change and we will need to plan in order to maintain our lifestyle into the future. Money management and saving techniques can help reduce financial hardships and stress, so we invite you to take a look at smart saving tips that you can put into practice starting today.
1. Understanding our habits
Being aware of where our money is a crucial part of understanding our finances. Most of us have mandatory expenses that encompass necessities such as housing, food, and medicine. Meanwhile, discretionary expenses include any non-essential spending on things like our hobbies, entertainment, shopping, and dining out. We should all have a good understanding of our spending habits and where our money is actually going every week in order to understand where we can cut back our expenses to boost our savings.
2. Budgeting
Budgeting is a great tool that can be personalized to each household. Creating a budget helps us stay on track when it comes to reaching a savings goal. No matter your financial status, a budget is important for everyone to create and follow based on their lifestyle and future plans. It will help you to avoid burning through your savings too fast and will give you a peace of mind knowing that you are on track. View AARP’s Budgeting Worksheetand create your personalized budget today
3. Take Advantage of Discounts
Discounts for older adults are available nearly everywhere if you know where to look! When it comes to medical expenses and prescriptions, discount services like GoodRX and America’s Pharmacy will offer coupons and discounts. Grocery stores often have free membership programs that automatically provide savings in coupons and deals each week, whereas retail stores offer discounts for seniors on certain days of the week. Entertainment venues will also often offer senior discounts on ticket prices. View all discounts here
4. Avoid Scams and Fraud
Older adults are at a greater risk for financial fraud compared to other age groups. In order to reduce the risk of financial fraud and exploitation by scammers, older adults should work with trusted resources to put security measures in place to avoid fraud. These can include paying close attention to monthly billing statements, becoming educated in warning signs of scams and fraudulent activity, utilizing secure technologies and online resources, and working closely with trusted family members and financial experts.
5. Speak with A Financial Expert
When in doubt, speak with an expert about your financial future. A Certified Financial Advisor (CFA) can walk you through a financial planning process best suited for you. Find out more about finding a financial planner
We hope everyone can take advantage of these smart tips for financial planning!
Disclaimer: This is for informational purposes only. Age Well CT is not a financial advisor. Please consult a financial advisor for professional guidance.
Additional Resources:
CT DEPARTMENT OF SOCIAL SERVICES
Through the CT Dept. of Social Services there are a variety of financial assistance programs offered.
MONEY MANAGEMENT PROGRAM, NEW OPPORTUNITIES
Money Management assists adults age 55 and above for whom monthly bill payment is a struggle. Volunteers may also provide help with regular accounting tasks such as managing income and expenses and balancing the checkbook.
ELDER LAW
Find resources such as government benefits to housing to funeral contracts and much more.
Financial Opportunity Center at UWWC
United Way of Western Connecticut’s (UWWC) Financial Opportunity Center empowers individuals and families in Western Connecticut to take steps to become financially stable. We offer several programs to help households understand their finances and create budgets, start saving, reduce debt, build assets and plan for the future.
Centro de Oportunidades Financieras en UWWC
El Centro de Oportunidades Financieras de United Way of Western Connecticut capacita a individuos y familias en Connecticut a tomar medidas para volverse estable financieramente. Ofrecemos varios programas para ayudar su familia a entender sus finanzas y crear presupestos, empezar a ahorrar, reducir la deuda, construir bienes y planificar para el futuro.
ALICE Saves
Join ALICE Saves and you’ll be enrolled in SaverLife which helps you learn how to save money. Plus, you’ll have access to FREE financial counseling through Trusted Advisor, a program which helps you get on the path to financial security.
ALICE Saves (en Español)
Únase a ALICE Saves y estará inscrito en SaverLife, que le ayudará a aprender cómo ahorrar dinero. Además, tendrá acceso a una asesoría financiera GRATIS a través de Trusted Advisor, un programa que le ayudará a encontrar el camino hacia su seguridad financiera.
