Elderly 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 in 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 and 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 businesses. 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 member 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 aid in cutting spending. Research is key!