Elderly Parents Money Saving Tips
If you’re already retired in your San Diego senior housing, then you will want to save as much of your money as possible. One of the biggest problems for elderly parents is finding where those savings can be made, but if you have the right advice, you’ll find that you can be more comfortable and financially secure, even without having to make major sacrifices.
If you want to make the most of your fixed income, the best way to get started is with these ten helpful tips.
1. As An Elderly Parent, You Need to Manage Your Regular Expenses
Making sense of all of your financial obligations might be difficult at first, but once you document everything, you’ll have a simple system to keep track of all of your regular expenses. Insurance, medical costs, groceries, and any mortgages will be easy to calculate and document, and you’ll have a clearer understanding of what is coming in and going out every month. By defining your expenses, you can set a budget, stick to it, and live within your means to avoid wasting any money. Saving money on regular expenses will be hugely beneficial for your overall estate planning.
2. Take Advantage of Medicare Savings Programs
You might be able to get more money back into your Social Security check if you’re enrolled in Medicare. Medicare savings programs can help to reduce your co-pays, as well as your premiums.
3. Save Money on Your Prescriptions
Medicare can help in another way by offering a number of programs that provide assistance for drugs for your elderly parents.
4. Get Assistance With Property Taxes
If you have property assets then these could be costing you a significant amount of money in unnecessary taxes. There are programs available that will help you to reduce your annual tax, such as circuit rider and local abatement programs. With the right program you could save up to $2000 every year.
5. Free Cell Phone Plans
Everybody needs a phone in the modern age, but you might be paying too much for yours. A number of states offer free cell phone plans and elderly parents money saving tips on their websites. Look for options in your local area and search Google.
6. Spend Your Time Wisely With Volunteer Work
During estate planning you will find that you have plenty of downtime, which could be used to perform community work. There are a number of programs that offer stipends for seniors, and this can be a great way to supplement your income. This elderly parent money saving tip isn’t really money saving…but it does fill your heart because giving is in of itself a gift to ourselves.
7. Leverage Off of Your Home Equity
If your fixed income is simply not enough, and you don’t want to rely on a trust or other financial fund, then you could leverage off of the equity of your home (or other large asset) so that your finances remain solvent.
8. Take Advantage of Senior Programs
Don’t forget that there will be plenty of companies near your San Diego senior housing that will be able to offer senior discounts. Always take advantage of these to reduce your day-to-day expenses. SDGE, mobile phone companies and others provide elderly parents money saving tips on all of their websites because they know that the more they help our elderly the better off we all are.
9. Get Your Estate Planning in Order
Whether you’re setting up a trust, outlining your will, or even setting up a gifting program to distribute money to your loved ones, you should always make sure that everything is legally finalized, as early as possible because life is uncertain.
10. Get Expert Help for your Elderly Parents Money Saving Tips
Estate planning can be time consuming and complicated. You can get free advice from a local estate services company for elderly parents, or you can find assistance from the U.S. Department of Health & Human Services. The best advice will allow you to save you the most money, and you will have confidence knowing that your financial affairs are taken care of.
Call me or send me an email, I’ll be happy to help you sell your home when you are ready.