Financial problems can be overwhelming and stressful, especially for senior citizens. If
you’re constantly worried about money, talk to a financial advisor at Citrine Accounting and
Taxes and read further for tips to help you better manage your finances in Avondale.

 

– Fannie Hershberger, Citrine Accounting and Taxes

 

Consider Buying a Smaller Home

 

Can you afford to live in your home 10 or 20 years from now? Are there unused rooms in
your home or rooms with too much clutter? Moving to a smaller home simplifies your
lifestyle and helps you reduce expenses. Home repairs can also be expensive — you can
skip these costs by downsizing.

An even more pressing factor is your overall health. Perhaps there’s some decline in your
physical or mental health. If this is the case, you’ll need to look into homes and facilities
with more comprehensive care services. Compare nursing homes in Phoenix to determine
what’s most appropriate for you and your needs. Make sure to look into facility reports,
rates, provided services, and more.

 

 

Plan early and hire a professional if you’re thinking of selling your home. An experienced
realtor can help market your home and assist you in finding a smaller home in Avondale.
Don’t forget to hire a local mover to make the moving process easier and quicker.

If you choose to stay in your home, you might need help maintaining it. Should you decide
to hire professionals, take the time to look for someone who can get the job done right the
first time and for the best price. Always read reviews and check how reliable they are
before hiring them.

 

Cut Back on Living Expenses

 

Creating a budget and sticking to it can help you cut back on unnecessary expenses. To save
more, take advantage of senior discounts or government assistance. When planning
vacations, choose affordable destinations and go during the location’s off-season.

 

 

Manage your debt and avoid incurring more debts. If possible, use public transportation for
your appointments or errands. Most importantly, keep track of your spending and
eliminate spending habits that hurt your budget.

 

Find Ways to Earn Money 

 

If you have special skills, consider part-time work. You can apply to jobs directly via
freelancing platforms or create a website to promote your services. If you don’t know how
to get started, don’t be afraid to ask a family member for help.

 

 

For seniors who don’t want to sell their homes, becoming an Airbnb host is a good idea.
You can also list your home on other platforms such as VRBO. According to Airbnb,

For seniors who don’t want to sell their homes, becoming an Airbnb host is a good idea.
You can also list your home on other platforms such as VRBO. According to Airbnb, seniors hosted more than 13.5 million arrivals and earned $2 billion in 2017. This can be a lucrative market for you but you may need to spend more on home improvements.

 

Stay Healthy 

 

According to Fidelity Investments, senior couples will spend an average of $315,000 on
medical expenses and health care costs during retirement. If you want to avoid paying for
costly hospitalizations and medications, prioritize your health first. Stay healthy by
exercising a few times each week. Even a brisk walk can be beneficial for you.

 

 

Additionally, learn how to manage stress by doing things you enjoy and finding time to
relax. See your friends and family as much as possible. Self-care activities like getting a
massage, going on a leisurely walk in the park, or listening to music can do wonders for
your health.

 

It’s Possible to Live Comfortably as a Senior

 

 

 

Learning how to budget, cutting down on expenses, and knowing how to make money can
help you live comfortably and be financially independent. Use the tips above as a guide. If
you need help managing your finances in Avondale, contact Citrine Accounting and Taxes.

close

Don’t miss these tips!

%d bloggers like this: