When you’re taking care of your elderly parents, you might notice that they have trouble saving money. They might think that since they have worked and don’t have many large expenses to pay that they can spend the money they do have on what they want. This is often not the case as most senior citizens live off of social security or a pension. They might have money in a savings account, but this should be kept until there is an emergency, such as a hospital visit. There are some ways that you can help the elderly individuals in your life save as much money as possible.
Look for new healthcare coverage as some of the plans change each year. The current plan might be more expensive than some, or it might not have features that another plan would cover. Learn more about lower insurance rates as well. They might not drive a car or need rental insurance, but they might have another health insurance in addition to Medicare.
Develop a buddy system. You can both save money if you go to the store at the same time or if you share in some of the groceries that are purchased. Use coupons to stock up on items that are on sale, and divide the items that you purchase. This can help your parents as they won’t have to buy as much with the money they do have, using it for otehr bills like electricity or a phone. If you don’t mind sharing your vacation, consider taking them with you on a trip. They can have their own room, but you can share in the gas and food expenses. This will be a good time for your parents to get out of the house and for you to spend time with them as they get older.
Another way for them to save money is by being more energy efficient. Install a self-adjustable thermostat, and make sure there aren’t any drafts in the home. Unplug any appliances that are not in use, and set the hot water heater lower so that it doesn’t use as much power.