October 28, 2022

5 Money Management Tips for Senior Citizens

Good money management is always important, but as we age and our financial needs change, it becomes absolutely critical. Living on a fixed income can seem like a scary thought, but there are a number of resources and tools that can help you realize financial security and preparedness as a senior. Here are our top 5 financial tips:

  • Get organized and be proactive: The foremost priority for senior money management is to be organized and make a plan for spending, factoring in all contingencies. Make sure to be realistic with your budget and protect your financial well-being before considering how you can help others. Finally, be sure to regularly monitor your budget and make any necessary adjustments.
    1. Practice financial literacy: You don’t need to turn into an economics mastermind, but it’s important to keep learning about finance. Keep an eye out for the budgeting tips and stay updated on ideal ways to invest your money. This will help you make sound investments, give you better money management skills, and get better returns on your investments.
    2. Automate financial tasks and use password managers: Streamlining your financial tasks and scheduling automatic payments is a great way to make your life easier. Arrange for all your regular bills and payments to be directly debited from your account on a day that suits you best. When scheduling these payments, build a buffer zone so that you don’t have to worry about any unexpected income delays. Organize all of your digital passwords with a password manager to protect your information and remember logins. 
  • Secure your health expenses first: Healthcare and general medical costs are likely the biggest expenses you will have moving forward – and unexpected medical costs can quickly impact your budget. Make sure you have proper health insurance and take all existing medical expenses into account when budgeting. If possible, set up an emergency medical fund and contribute to it whenever possible.
  • List out beneficiaries and make a will: This is the least fun of the money management strategies, but it is likely the most important. By listing out beneficiaries, you can ensure that your accounts are directed to the correct person and avoid a long and complicated process for your family. Doing this will allow you peace of mind in knowing that your funds will go exactly where you’d like them.

Kline Galland is committed to helping seniors age well and live comfortably in their golden years. If you have any questions about financial literacy as a senior, please don’t hesitate to call Kline Galland’s Senior Care Resource Line at 206-723-INFO (4636).

Categories: General, Resources