5 Tips to Help Seniors Stretch Their Dollars

5 Ways Older Adults Can Stretch Their Dollars

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The current economic times require many people to find new ways of saving money, and it’s especially important for seniors to be frugal, since they often have limited budgets. Help your senior loved one spend less with these dollar-stretching suggestions. 

1. Seek Expert Advice

Financial planners are equipped with specialized knowledge about investments, savings, and other money-related topics. Your loved one can consult one of these experts to prevent unnecessary spending and making bad investment decisions. 

When it comes to living a high quality of life, older adults may need more than just a few tips on saving money. Seniors who want to remain healthy as they age can benefit in a variety of ways when they receive professional care. Assisting Hands Home Care is here to help your loved one accomplish daily tasks, prevent illness, and focus on living a healthier and more fulfilling life.

2. Take Generic Drugs

Seniors often require medication to maintain their health due to medical conditions or because their immune systems become weak with age. To save a few dollars, your loved one can use generic drugs, which are relatively cheaper than name-brand drugs. The quality of generic drugs approved by the Food and Drug Administration (FDA) is high, and they’re just as effective as those with brand names. 

3. Avoid Convenience Foods

Convenience foods such as prepackaged chips and processed meats are often expensive and unhealthy. Your loved one should consider buying fresh vegetables, fruits, and meat as much as possible. Not only can your loved one save money by steering clear of high food costs, but maintaining a healthy diet can also decrease the number of times he or she visits the doctor, which can keep a few extra dollars in his or her bank account. 

4. Walk More

Since gas prices are an expense no one enjoys paying for, you can advise your loved one to take walks instead of driving if his or her destination is reasonably close. Your loved one can even organize a walking group where everyone motivates each other to go for walks more frequently. Walking can also help your loved one become more active and flexible and promote his or her health, again potentially saving more money by requiring fewer doctor’s visits. 

Apart from managing their finances, older adults may also require assistance with basic everyday activities. If your aging loved one needs occasional help with bathing, grooming, cooking, or other basic household tasks, or if you need time to attend to important personal matters, reach out to Assisting Hands Home Care, a leading provider of home care service. Columbia seniors can maintain their independence while living at home with the help of our reliable in-home caregivers.

5. Use Renewable Energy

According to the United States Energy Information Administration (EIA), an average home uses 900 kWh and spends $107.28 on electric bills per month. To avoid these high costs, your loved one can opt for renewable energy. For instance, solar power is a cost-effective alternative to traditional electricity. 

Helping a parent with finances can be difficult, especially when his or her health is decreasing. Not every senior has the same care needs, which means they don’t all need the same type of in-home care. Columbia families can rely on Assisting Hands Home Care to provide individualized care plans to meet their elderly loved ones’ unique care needs. Our caregivers help seniors focus on healthy lifestyle habits such as eating nutritious foods, exercising regularly, and maintaining strong social ties, and we offer mentally stimulating activities that can stave off cognitive decline and delay the onset of dementia. To create a customized home care plan for your loved one, call Assisting Hands Home Care at 443-233-1245 today.