Budgeting & Managing Money For Seniors
Once people reach retirement age, many individuals stop working and will rely on their pension plans such as RRSPs and government supplements for money.
The trouble is, some of those senior citizens may struggle to live a comfortable life from a financial perspective.
If that’s something that worries you about your senior parent, the good news is there are many things you can do to help.
Here are a few examples of what you can do to provide much-needed financial planning assistance to your senior parent.
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How downsizing can help
Your senior parent might find that making significant changes in their life a struggle, but they have your support to make transitions as seamless as possible.
One example of a big change might be to downsize and move into a smaller home, such as an apartment.
If your parent owns the family house, for example, and they are the only person living there, it makes sense to sell the property and moving to a smaller home.
It’s a realistic way of raising extra capital to take care of any potential future money worries.
Your parent will feel reassured that you’re there to help take care of selling the house, finding somewhere new to live, and moving all their possessions into their new home.
Planning for health care expenses
You’ll need to help your senior parent plan for any possible future medical expenses.
Your parent might be in good health now, but no-one knows what the future holds.
That’s why you should help your senior parent budget and plan for any future health care expenses.
Both of you will need to ensure that there is money available to cover the cost of things like medication, hospital visits, treatments, and even assisted living if necessary.
Creating a monthly spending plan
Your parent will doubtless have had to budget for bills each month before their retirement.
From that perspective, things aren’t any different today now that they are a senior citizen.
With that in mind, it’s crucial to help your senior parent come up with a monthly spending plan.
They will need to take into account things like household expenses (groceries, utility bills, insurance), vehicle expenses, and so forth.
The budget you both create together should be realistic and include money for any little extras to make life more enjoyable.
Dealing with debt
Doing so is the only way to ensure your parent’s financial freedom and remove any money worries.
If you’d like to find out more about how we can help your senior parent deal with their debt and manage their money, contact us today on (877) 879-4770.
Our advice is confidential, and there’s no risk or obligation to take up any services that we offer.
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