A Senior's Guide to Budgeting and Couponing

Aging comes with many rewards but many challenges as well. Retirement means that seniors deal with a drop in income and must rely on Social Security, investments, pensions, and savings. Learning to survive and thrive with less money is often difficult for many seniors. Luckily, there are many ways for seniors to minimize their expenditures without causing painful sacrifices or decreasing their overall quality of life. Budgeting is key for seniors so they know exactly where and how they are spending their money and can find places where they can cut back. Couponing is another key component of stretching dollars in retirement.

What to Consider When Budgeting

The right budget looks different for everyone. It also looks different for the same person at different points in their lives. Seniors have needs and concerns that should be taken into account as they craft a budget for this season of their life.

• Health is a major issue to consider. Those with ongoing health conditions will need to allocate more money toward medical expenses
• Saving for long-term or end-of-life care is an important goal for many seniors.
• Think about retirement goals. Some retirees want to travel, while others wish to volunteer. Make sure the budget supports these major goals.
• Basic expenses like food and transportation are important to consider and track.
• Seniors who own their own homes need to plan for maintenance issues.

There are many budgeting resources that seniors can consult:

• How to Budget as a Senior Citizen
• Tips for Helping Seniors Budget on a Fixed Income
• Rising Inflation Takes a Bite Out of Senior Budgets
• Four Simple Budgeting Tips for Seniors
• Here's What the Average Retired American's Budget Looks Like

How to Organize Your Budget

Once goals and priorities for spending have been established, it's time to organize the budget. Budgets aren't documents that can just be made and then set aside: They should be interacted with regularly to make sure actual spending is following the guidelines set out in the budget. A budget also will need fine-tuning and editing as circumstances, costs, income, or priorities change. It's a good idea to evaluate the budget monthly at the very least. How the budget is organized depends on the person. Some people like binders, while others prefer spreadsheets or one of the many budgeting apps now available.

• Creating a Budget
• Eight Steps to an Organized Financial Life
• Seven Ways to Be More Organized With Your Money
• How to Spring-Clean Your Finances So You Can Be More Organized and Intentional With Your Money
• 11 Budget Templates and Spreadsheets to Help Organize Your Finances

Strategies for Ensuring You Have Sufficient Money

Seniors may worry about running out of money, and it's important to strategize to prevent that from happening. The best way to do this is for people to live below their means. Decisions like traveling less or downsizing to a smaller home with cheaper bills can help make money last longer. Paying down debt is another way to protect long-term savings. Seniors also should take advantage of all government-funded programs they qualify for to help them make their money last as long as possible. Couponing is another excellent way to stretch dollars and help money last longer.

• Ten Ways to Stretch Your Dollars
• 14 Ways to Stretch Your Retirement Savings
• Make Your Money Last
• Five Tips to Make Your Retirement Savings Last Until You're 100
• How to Make Your Money Last in Retirement

Financial Management Tools for Seniors

• AARP Retirement Calculator: Are You Saving Enough?
• Age Well Planner
• Retirement Calculator
• Senior Lifestyle Calculator
• Retirement Planner
• Retirement Community Calculator

Additional Resources for Seniors

• Strategies for Independent Living at Home as We Age: Aging in their homes is a major goal for many seniors. However, doing this safely requires some planning and forethought.
• Must-Know Home Safety Tips for Senior Citizens: Staying safe at home requires considering and addressing personal health issues as well as home fixtures and furnishings.
• Personal Safety Tips for Older Adults: Crime is an issue for all people, and that includes seniors.
• Safe Use of Medicines for Older Adults: Overmedication and mixing medications that shouldn't be taken together are key considerations for older adults taking a variety of drugs.
• Safety for Seniors: Not walking alone is a good safety tip.
• Loneliness in Older People: Loneliness is a real issue for many seniors.
• How to Prevent Social Isolation in Seniors: There are steps seniors can take to prevent social isolation and loneliness.
• The Senior's Guide to Staying Healthy Year-Round: Managing stress, getting enough rest, and washing hands frequently are year-round tips seniors can incorporate into their daily lives to maintain good health.
• A Senior's Guide to Staying Healthy in Winter: Winter poses many challenges for seniors, including issues with maintaining exercise and socialization routines in severe weather.
• A Guide to Healthy Living for Seniors: Staying healthy requires dealing with physical, social, mental, and emotional needs and issues.
• 14 Strength, Flexibility, and Balance Exercises for Seniors: Maintaining flexibility and balance helps seniors prevent falls.
• Senior Exercise and Fitness Tips: Seniors have unique needs when it comes to exercise and fitness.
• Senior Mental Health: Six Ways to Improve Cognition and Emotion as We Age: Many seniors worry about developing memory issues. Improving cognition and controlling emotional outbursts are two ways to help maintain mental sharpness.
• Professional Help: Five Tips for Senior Citizens on Simple, Healthy Living: The Atlantic provides simple, actionable ideas that seniors can use to improve their quality of life.

Hopefully you’ve found these tips and resources helpful in your journey to budgeting and spending responsibly as you or your loved ones grow older.