By Nicole Long, CEO, Old Colony Elder Services
When it comes to managing your funds, creating a budget is essential. This will show you where your money is spent each month and give you more control over it. It is important to know how much of your money goes toward rent/mortgage, utilities, food, transportation, insurance, medical, and other expenses.
Start with compiling all your income sources such as Social Security, pension, savings, and investments. Remember to factor in any adjustments to your income, such as your Social Security benefit; you should receive an annual notification with the new amount. Then, plan out your expenses.
There are several ways to manage a budget as we age, during retirement, or with a fixed income. Think of it as “smart spending” rather than “penny pinching” to stay positive. Aim to reduce or maintain expenses so your savings are invested and growing for as long as possible.
Here are a few tips for stretching those dollars:
- Seek out senior discounts at restaurants, retailers, and other venues. For example, many movie theaters offer a special “Senior Day” with discounted ticket prices.
- Local libraries offer a variety of free or inexpensive events ranging from guest lectures and art classes to book clubs, yoga, and more. Interested in visiting a museum or zoo? Reserve a reduced-rate pass through your library. Many libraries offer ways to checkout, download, and stream eBooks, audiobooks, magazines, movies, or music to your devices at home.
Community programs help seniors save on transportation and food. Older adults may use reduced fares when they travel via Massachusetts Bay Transportation Authority (MBTA) bus, commuter rail, subway, or ferry. Many Councils on Aging (COAs) offer nutritionally-sound meals on weekdays to anyone age 60 or older. These Community Dining sites allow older adults to save money on food while providing an opportunity to socialize.
OCES’ Money Management Program (MMP) helps older adults manage their finances. Trained volunteers help reconcile bank statements, pay bills, and prepare budgets through this free program.
To learn more about budget guidance and the MMP visit ocesma.org or call 508-584-1561. Ultimately, budgeting enables you to keep track of your spending at any age, which will help stretch your savings over the long term.
Community Voices for Health 