Savings News

Using Your Senior Discount to Help You with Money Management

Paying the bills and taking care of finances isn’t the most fun activity but it is a fact of daily life. When you’re on a limited or fixed income, it’s important to use benefits and senior discounts to help you with money management. By being informed and keeping track of your finances, you can save money and make this a much easier task.

Money Management for SeniorsStaying Informed of Your Financial Responsibilities

Too many times we hear of only one person in a family or relationship taking care of the finances. The other person is left in the dark and it can result in an overwhelming situation. If the one paying the bills suffers a major illness or worse, the bills can pile up leaving the one left in the dark without any help. It’s important for the adults in your household to know what your monthly income is, what bills need to be paid, and what investments you hold. It will help you to keep you informed and save time and frustration in the long run.

Review What You Have in Place

Once you know what you have for both income and expenses, you should review what you have in place on a regular basis. Check with your bank to make sure you’re taking advantage of any senior discounts they offer to reduce monthly fees or for reduced rates if you need to re-finance your home. The same applies to any investments and any related administrative fees. You should also check with your insurance agent to make sure your policies are up-to-date and that you’ve been offered the best possible rates available.

Create a Budget (and Stick to It!)

The best way to be aware of your finances and keep track of them is to have a budget in place and follow it. It will help you with money management as well as identify where you might be able to utilize a senior discount to your advantage. If you need additional help with money management, you can review this list of resources from the Wall Street Journal or receive training and assistance with financial tools designed for seniors.