Barrett Legacy Estate Solutions

Money is one of life’s biggest concerns. People of all ages struggle to stretch their dollars to meet their needs and wants. Many seniors live on a fixed income and are presented with more challenges in making ends meet. Creating a budget can help seniors plan how to use the money they have to pay their bills and to save for the unexpected.

First, write down all income sources from retirement to social security. Next, make a list of all bills and expenses. After you have a list of bills and expenses, prioritize those from what is necessary to those that can be lived without. Now it is time to make a plan. There are many budget planning worksheets, websites, and apps that can help with this part. An example can be found on the AARP website, Budgeting Worksheet. Then begin inputting the information for your income and expenses into the correct places. More than likely, the budget will not balance on the first try and adjustments will be needed.

Balancing Your Budget

Budgeting also helps when figuring out how to save money. Unexpected events always occur and it is important to be ready when they do. It is often recommended to have an emergency fund. This should be somewhere around $1000, depending on what your monthly expenses are.

Be careful of scams. There are many scammers that use phone calls, emails, letters, or show up on your doorstep to try to take your money. They love to prey on seniors. Be well aware of who you are giving your money to. Use internet resources or check with someone you trust to help figure out whether companies or opportunities are legitimate. Don’t give money to people who don’t want to give you time to check things out on your own. Use your instincts. If it doesn’t feel right, trust yourself.

Budgeting can seem like a daunting task, but taking one step at a time can make it manageable. It can take away the stress that money can create. Instead of letting your money control you, it is time to control your money.

If you have any questions about something you have read or would like additional information, please feel free to contact us for a consultation.