EFFECTS OF MISMANAGING FINANCES AS A SENIOR

EFFECTS OF MISMANAGING FINANCES AS A SENIOR

It is important to ensure that you properly manage your funds as a senior. Seniors have sources of finances that are limited and hence not using their finances in the right way may have dire consequences. One of the effects of poor financial management is that it may lead to increased dependency on one’s family. Using all your money in the wrong way may result into one not having money to cater for their bills which may lead to them asking for help form their family members. Dependency may cause one to be a burden to others and it also limits the financial growth of those that they are depending on.

Poor finance management will also lead to lack of enough medical attention and healthcare. It is very important in old age to ensure that you have regular medical checkups and that you are able to afford to buy drugs that may be needed for supplements or for medical conditions. Not managing funds properly may lead to one not having enough to pay their medical bills which may result into their deteriorating health and to them being prone to other illnesses that may further affect their health.

Since one does not have a source of income as a senior if they are retired, they may end up lacking basic needs such as food, clothing and shelter. As a senior, it is important to eat healthy foods which will help them improve their health. Some of these foods may be expensive and sticking to such a diet may require one to have enough to budget for the same. Some of the senior citizens may also not have completed paying off their mortgage while some of them may be paying their rent. With poor finance management, one may find it difficult to settle such bills which may lead to them becoming homeless or going to old age homes due to lack. Another good money saving tip is getting a medicare advantage plan at https://www.medicareadvantageplans2019.org

Lack of good finance management will also lead to stress related conditions due to lack of enough money to go by. Some of these conditions may include heart attacks and heart failure. By managing your funds properly, one will not have to think too much on where to get money from. These conditions may be caused by debts that one may have accumulated as they tried to settle their bills. With poor finance management, depression is bound to arise.