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Financial Stress: 6 Strategies Seniors Can Use to Find Relief

Thank you to our guest writer, Jim Vogel from eldersinaction.org for this article!

Photo by Unsplash

Financial stress is a never-ending problem that can lead to physical and mental health challenges for older adults. While research shows seniors aren’t the group most stressed by finances, they often have unique challenges when it comes to money. Mainly, they have fewer options for finding relief.

If you or a senior loved one is experiencing financial stress, there are some big and small ways to manage the situation. 

1. Get better healthcare and insurance rates.

Now is the time to shop around for your insurance options. You may be paying more than you should or for services you don’t need. Healthcare is a complicated system and can be challenging to navigate alone. You may find ways to save money by talking to an agent. 

We also recommend looking at the costs of other kinds of insurance, like life and homeowners insurance, to see if there are more affordable options out there.

2. Downsize.

The costs of maintaining a larger home can add up. If you’ve got sky-high utility bills and more space than you need, it may be time to consider downsizing. By selling your current home, you may be able to purchase a new home outright and use the remaining money to help fund your retirement. Before putting your home on the market, research how much you can expect to earn from a sale, and make sure you consult an experienced realtor in your area. 

3. Explore alternative transportation.

If you are a senior who is driving less and less, you might be able to save money by changing your transportation methods. If driving isn’t necessary, consider selling your car. This will not only give you quick cash on hand but also save you monthly car insurance payments, as well as routine car maintenance and upkeep. 

Senior support website Daily Caring notes that seniors have many transportation options — some can get everywhere they need to by bus or through a family member, while others take advantage of rideshares or senior-specific public transportation options.

4. Shop at secondhand stores.

Seniors can save a great deal of money by purchasing gently-used items at secondhand stores. There are many upper-end consignment stores that allow seniors to purchase high-quality clothes, furniture, appliances, kitchenware, and other household goods at even greater discounts. Be sure to look and see if there is a certain day or time of day where seniors can take advantage of additional discounts. There are even online secondhand options like Thred-Up and Poshmark. 

5. Take advantage of senior deals and discounts.

Many businesses offer seniors special deals and discounts to help make their goods and services more accessible and affordable. People over 65 can get anything from meals to groceries, entertainment to investments, at special rates and discounts. The Senior List provides one of the most comprehensive lists of senior deals and discounts. These deals can help you enjoy a quality of life that is fun and exciting without worrying excessively about costs.

6. Share meals with neighbors and friends.

Senior isolation can be a serious health condition for people over 65, especially those concerned with finances. They may go out less for fear of spending too much money. However, sharing meals with neighbors and friends can relieve both burdens. You’ll share the financial cost of cooking, while also spending quality, social time with loved ones. Even cooking together can be a social occasion. Seniors who share meals two or three times a week often report a social and financial benefit.

Any health issue can be exacerbated by financial stress and strain, which makes seniors particularly at risk. That’s why exploring these free or low-cost activities can help both the mind and body cope with financial hardships. 

If I can be of assistance to you, please feel free to reach out.