If you decide that you want to spend retirement in a senior living community, or if you have medical problems that require care, finding the right place is only a part of the process. The next step involves having the money to live there. Depending on your wants or needs, senior living communities can be expensive. Unless you have a retirement fund or receive government assistance, you need a way to pay for it. Here is how you can budget for senior housing.
Review Your Expenses
Even as a senior, you still have financial responsibilities. As you begin making your budget, start by going over each and every expense you have. Expenses can range from pretty much anything including:
- Rent
- Mortgage or rent payments
- Insurance payments
- Utility bills
- Gas for your car
- Groceries
- Medication
- Entertainment expenses
As a senior, chances are you’re in retirement, which means you have no monthly or bi-weekly paycheck to fall back on. But just because you’re not in the workforce anymore doesn’t mean you can’t make any money. You can do side gigs or part-time jobs to earn money. That money you make can go toward moving to your senior living facility.
You’d be surprised at how you can make money these days. Online surveys, selling on eBay, or even starting an Etsy shop are easy ways to make a fast buck. You may even be tempted to sell your life insurance policy, but before you do, it’s best if you take the time to think about planning for the end of your life. Although bringing up the end of your life is an uncomfortable topic to discuss, everyone passes away. Even as a senior, life can find new ways to surprise you whether it’s for the better or for the worse.
Get your family involved and ask them to help make an end-of-life planning checklist. This ensures your last wishes are fulfilled. Something you need to make clear is your medical and financial history. When the time does come, your family and other people involved have an easier time finalizing your wishes.
Find Ways to Cut Corners
In addition to finding other ways to earn money, you should also eliminate any unnecessary expenses. For example, any unused apps, digital services, or programs that you keep saying you’ll use, but never get around to it, must go. It doesn’t matter if it only costs a few dollars. At first glance, a few dollars every month seems harmless, right? Well, that few dollars can accumulate fast. And when you add up the total of how long you’ve been paying for it, it’s well past its original price. This also applies to buying drinks out, eating at restaurants or splurging at the grocery store. There’s nothing wrong with treating yourself here and there, however, when you’re faced with a sudden financial issue or find yourself doing something more than usual, it’s time to start really reconsidering making the purchase.