When the new year begins, folks make an effort to ditch bad habits and form good ones. Exercise and financial goals are the top resolutions for many, and it’s just as important for seniors – especially the financial goals.
Financial management is important as we age, and there’s no better time to start than the beginning of the year! Get inspiration on your financial goals by reviewing our list of senior financial management resolutions for 2022.
1. Budget and Track Expenses
It may be a cliche, but budgeting and tracking your expenses are two effective ways to discover where your money is going. Get into the habit of understanding how much you’re spending and what you’re spending it on. Once you’ve determined what you feel is necessary to live comfortably, you can begin cutting excess spending and setting a budget for the month. Senior financial management doesn’t have to be one big move; you can take steps to better control your affairs.
Living within your means is the goal, but it doesn’t mean you can’t have fun from time to time. Establishing a budget will allow you to live comfortably and enjoy the finer things.
Related Article: Everything You Need To Know About Transitioning Your Elderly Parents’ Finances
2. Automate Bills and Payments
Have you had your electricity turned off at home because of a late payment? It can happen to anyone, but when it happens frequently, you put yourself at risk of accumulating late fees or additional charges. If you’ve struggled with making payments on time, consider setting up an automatic payment. Most banks and businesses offer this service, and it makes remembering to pay bills on time easier because it’s done automatically.
As long as your finances are in order and you are comfortable with it, you can set it up and never miss a bill again!
3. Review Your Financial Literacy
Financial management has gotten more complex in the last few decades, so you should review your financial literacy. Understanding how to manage the health of your finances is important as we age. Are you living within the means of your retirement fund? Are you spending, saving, or investing your money wisely? Some seniors may want to leave their family assets through an inheritance or a trust. Ensure that you are making the right financial choices now by assessing your financial literacy.
Related Article: A Beginner’s Guide to Trusts and Trust Accounting
4. Get Senior Financial Management Assistance
It’s not easy to admit that you need help with your finances. However, it’s not something a senior should push off indefinitely. If you’re struggling with financial management, consider enlisting the help of an experienced CPA. Whether you need assistance with tax services, eldercare finances, or with setting up a trust, you can be reassured that you’re getting the help you need.
Do you have questions about senior financial management?
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services, including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.
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