Budgeting is a part of life, but there may be a time when saving money is more urgent than before. For various reasons, seniors may find themselves in situations where their savings, pension, or similar is starting to run low. As your parents' child, you naturally want to do what you can to support them, but that shouldn't come at the expense of your own financial security. Here's a guide for what to do when you have a limited budget for helping your elderly parents, particularly what to prioritize.
1. Medication
An obvious place to start when budgeting would be essentials like medication. If your parents require some medication, that's something you should work to afford regardless of the situation. Going off of medication could have many harmful side effects, not to mention the lack of treatment the medication is intended for to begin with.
2. Food
Trimming the fat can be good, both in your budget and in your diet. However, there's a difference between cutting back and cutting out. Ensuring your parents have adequate and healthy food to eat is a major concern. Around 1 in 15 seniors was food insecure in 2020, so this isn't uncommon. That's why food should be one of the main priorities when working out what to buy, even if it does mean cutting back on some more expensive things and couponing more than usual.
3. Bills
Keeping the lights on isn't just a metaphor; it's something you have to consider. Water, power, mortgage payments or rent, and much more are going to be recurring expenses, so it's important to set aside enough to cover them each month. If times are tough and you know ahead that you won't have enough to cover everything, try to prioritize the most essential things first. You might even have to cut off certain things like cable to save some extra. Additionally, try talking with institutions like the power company to work out a payment plan, allowing you to pay less each month or take more time to pay.
Additional Resources
There are some helpful resources you may be able to access if your finances are limited. Some options in your area may be:
- Local food pantries
- SNAP benefits
- Medicaid healthcare
- Meals on Wheels
- VA benefits
Additionally, take a look at this website set up by the National Council on Aging to match seniors with programs and resources that can help them.
Get Help With Everyday Problems From Senior Helpers Hillsborough County
While financial issues are something many worry about, it's also important to recognize other concerns. This goes for both seniors and their caregivers. Stress, burnout, and other problems can occur if a caregiver isn't getting the support they need. This is why Senior Helpers of Hillsborough County can be such a benefit.
We offer the best in-home assistance and care to seniors across the county, including places like Sun City Center, Riverview, Brandon, Valrico, Tampa, and Lithia. If you could use some help caring for your parents or other seniors in your life, contact us today.