As seniors, there is great joy in being able to retire to relax and spend time with your grandchildren. However, when you stop working, then finances can start to get tight and life can become a bit more stressful. Today, Planning for Good shares some tips for how you can fight stress and anxiety in your elder years while improving your financial situation in the process.
Properly Manage Your Stress and Anxiety
The first thing that you need to do is get control of your anxiety so you can feel better and have a clear head that will allow you to handle your financial situation. There are many small lifestyle changes that you can make to ease your mind. Most important is to get enough sleep every night, notes the Sleep Foundation. By doing so, you can wake up feeling refreshed and ready to take on the day.
You should also start your morning with some exercise, which can be as simple as taking a long walk around the block. In addition to improving your physical fitness, exercise will help you to clear your mind and get a dose of natural energy.
If you still have trouble focusing or fighting your stress, then consider journaling your thoughts or speaking to a professional therapist.
Create a Budget
Now that you are more relaxed, it is time to make a budget. Sit down and notate all of the incoming funds that you get every month, including social security and income from a part-time job. Then, write down all of your recurring expenses. That includes your grocery bills, entertainment costs, utilities, and anything else that you pay every month. If you have loans, refinancing is a great option for reducing your payments, leaving you with more money to work with. Now, look at how much money is left over after paying everything off.
If you find that money is tight, then you need to look at your expenses and decide what you can cut. So, if you buy coffee every morning at Starbucks but you can make it at home instead, then SoFi points out that you could save a bundle every month. Maybe you subscribe to several streaming platforms but you only watch one of them. If so, cancel the rest. Keep doing that for all of your other expenses, and if you don’t need them, then drop them.
Consider Selling Your Company After a Business Valuation
If you have been successful in life and you were able to start a business then you might consider selling it so you can officially retire and make some extra money to pay your bills. It is important that you do your research so you can ensure that you get the best price, so take the time to get a professional business valuation.
An expert will come out and provide their objective perspective on how much your company is worth based on all of your business assets, products, inventory, real estate, and other factors. This is a great idea because not only will you get the money you deserve, but the buyer will know that they are getting a fair price as well.
Take Advantage of Travel Discounts
Seniors get discounts on many different things, and travel is one of them. If you are planning a trip, ask about AARP discounts for everything from hotels to restaurants to air travel. You can also look for discounts in other ways. For instance, Mouse Life Today offers tips for traveling to Disneyland on a budget, which includes using (and even renting) Disney Vacation Club (or DVC) points. With a little sleuthing, you can travel to many great destinations and stay within your budget.
Speak to a Financial Advisor
If you still cannot seem to crack the code on your financial issues, then it may be time to speak to a professional like an accountant or financial advisor. Compile all of your bills and provide them for their review, and they can give you a plan for how you can save money or a strategy for investing your money so it can grow over time. Don’t ever be afraid to ask for help.
Take Control of Your Budget
As you can see, there are many strategies that you can try to cut down on your stress and anxiety and improve your financial situation. Create a budget, refinance your loans, consider selling your company with a complete business valuation, and speak to a financial advisor, and you will get to a better place!