Budgeting Tips for Seniors

Maintaining a budget as a senior citizen can be a challenge, especially when living off a limited or fixed income. With lots of expenses to factor in, spending can be difficult to keep track of. Let’s explore a few budgeting tips to help seniors manage their expenses. 

Keep an Eye on Income and Spending

With any budget, closely tracking income and spending is a key factor. It’s important to know exactly how much you have coming in and out at all times to avoid any surprises. It’s also a good idea to plan for higher expenses in the future. It’s best to slightly overestimate future expenses to account for possible inflation.

Look into Savings Programs 

Some states offer savings programs and benefits to the elderly to help them save money on necessities, such as food and medical care. It’s worth looking into as a helpful tool for lowering expenses. 

Research Senior Citizen Discounts

Many businesses, such as restaurants and retail stores, offer senior citizen discounts. This is a good chance to save a few extra dollars when shopping or eating out. There are even housing communities that offer discounts for seniors. It never hurts to do research and ask for those discounts!

Look for Bundles

There are a number of companies that offer services in bundles or packages at a discounted rate. For example, many telecommunication companies offer internet, cable and cell phone service as a bundle. This is often much more cost effective than paying separately for each service. It’s a good idea to inquire about packages and bundles when signing up for these types of services.

Try Prepaid Services

Prepaid services, like electricity, allow seniors to stay independent and in control over how much they spend on utilities. These pay-as-you-go models offer the flexibility for seniors to purchase services as they need it. Instead of trying to predict a bill at the end of each month, they pay for only what they need. It also allows them to top it off at any point if they run low. This ensures they stay in-the-loop and avoid surprise expenses. 

Prepaid electricity from Pronto Power requires no credit checks, deposits or contracts. Seniors can enjoy the ease of budgeting their energy expenses by simply loading funds onto their account in advance. Click here to learn more about prepaid power and how it helps you save money on electricity.