Later in life is not the time to backtrack on financial stability. After decades of likely living by a schedule and making smart money moves, seniors now have an opportunity to enjoy all the benefits of their hard work. Part of this involves keeping a close eye on your finances to ensure that things go smoothly, bills get paid, and there’s still plenty of money left over for fun. It can seem overwhelming, but it doesn’t need to be when precautions are in place and proper financial steps are taken. The following money management tips can help seniors have a better understanding of what could improve their financial health. 

1. Use a Bill-Paying Service

Many people don’t want to acknowledge that cognitive impairment could potentially happen, but it’s a very real possibility. Even mild cognitive impairment could start the ball rolling on serious financial problems. Utilizing a trusted bill-paying service is a way to ensure the bills are correctly paid (in addition to other potential services), and it can help take the pressure off while allowing for financial reassurance. A bill-paying service isn’t free, but the benefits may be worth it for seniors who want to have the comfort of knowing that the bills are being properly managed, especially during unforeseen circumstances, such as hospitalizations. Learn more about this service through the American Association of Daily Money Managers website and via’s The Best Bill Paying Services for Seniors.

2. Understand Current Financial Health

One of the best ways for seniors to improve their financial health is to know where they currently stand with income and expenses. A way to do that is to go over everything considered financial — from mortgage payments to dentist bills to passive income — and jot down everything. Write down the money that comes in each month and sporadically throughout the year or annually, what bills come due during the year and when, current credit score and anything else pertaining to personal finances. It’s not what many would consider a fun task, but it could help with figuring out the next steps.

3. Make Cutbacks

Many seniors likely have expenses they can cut back on or items they could sell that they no longer use in order to bring in extra money. Downsizing to a less costly home or selling a car that’s rarely used are two big and obvious expenses to consider, but smaller changes matter too, and they can add up. For example, no commute may mean lower car insurance rates, canceling a gym membership for a less expensive one could mean a smaller bill, and jewelry that was once worn to work but hasn’t been used for years might be something to consider selling. Make a list of all the possible options, then take some time to think of which ones may result in additional savings or extra money coming in. 

4. Ask About Discounts

Several perks come with getting older, one of which is the availability of discounts. It’s a great way to pay a cheaper rate on something that — years before — would have been full price. Seniors can save money in a variety of ways at many national or local places, and sometimes, asking or doing research is the only way to learn about the discounts. Some options may be available for:

  • Restaurants
  • Grocery stores
  • Gyms and other health centers
  • Public transportation
  • Parking
  • Beaches
  • Educational institutions
  • Tourist attractions
  • Movie theaters
  • State parks

5. Take Finance Classes

Nowadays, there are many places — virtually and in person — where seniors can take finance classes to expand their knowledge. In some cases, the classes are free or discounted, and some are designed specifically for seniors. Those looking for local options can check out places like colleges or universities, senior centers and the library to see what may be available.  

6. Be Aware of Financial Matters 

Being aware of financial matters isn’t just about staying on top of bills and checkbooks; it’s also about knowing what’s going on in the world and how it may affect personal finances, such as stocks. One way to do that is by reading various finance books and reputable websites that could provide relevant, reliable advice and information. The subject matter is vast, but seniors can look for information that specifically applies to their personal financial situation and areas they’ve always wanted (or needed) to learn more about.

7. Avoid Senior Scams

Unfortunately, there are nefarious people who run scams that prey on seniors and all the money they’ve worked hard for over the years. Being aware of these and similar scams, such as those detailed by The United States Department of Justice or Federal Trade Commission, is a way to decrease the chances of becoming a victim. Before trusting anyone — professional or otherwise — with financial details or money in any form, seniors should make sure to do significant research, ask questions and safeguard their information. 

8. Consult With Trusted Professionals

Seniors don’t have to navigate financial management on their own. Don’t hesitate to consult with trusted, reputable professionals, such as lawyers and financial advisors, who could answer any specific questions, assist with paperwork and help with making plans for a better, well-planned financial future. 

9. Complete Important Paperwork

Certain aspects of life — such as planning for the end of it — are necessary, yet many people, understandably, want to avoid the subject (as well as the decisions and paperwork). Most people don’t know when their time will come, so having important plans in place sooner rather than later can be a big help for those left behind who have to handle matters. The National Institute on Aging provides tips for getting your affairs in order.

Whether or not seniors have help from family, they don’t have to handle their finances alone; resources are available. There are more options than ever that they can use to make sure current and future financial matters are in as good of shape as possible. Some current major financial planning and decisions may seem overwhelming and exhausting, but they can certainly be worth it. Seniors deserve to make sure all their life’s hard work has paid off and they enjoy every bit of it.