With every passing minute, we learn about different things because that is what we humans are all about. But with learning comes thinking and with thinking comes anxiety.

With growing age, we tend to be either more anxious or more relaxed. And a bigger part of our anxiety comes with our thoughts on how to manage our money.

When we are young and energetic, it is easier for us to find multiple streams of income but with passing time we need to relax more. But the thought of paying off the bills or the debts that we brought to ourselves with time is scary.

What some seniors do is use their credit cards for paying their bills to overcome their needs but this can only work for a while and can only make things worse.

When talking about this matter, we cannot neglect the fact that not just our elders but their children also are concerned that how come their parents will manage without them because senior citizens need help to manage their money. According to a study, approximately 5-10% of seniors need assistance, and in some studies, the number reaches to 29%.


To be aware of what is coming ahead, it is essential to know what is happening now. People tend to pay lesser attention to what they have right now and what they can do at that moment and worry about their future.


To access your situation, here, means to know how much cash inflow and outflow you have. List down from where your money is coming. May it be a small investment, your pension, help from your kids or anything.

But do not just stop there, to know where you have to spend the money is important because this knowledge helps you out in figuring out that what things can be avoided and what things MUST be avoided.

Sometimes our seniors spend more than they should in the hope that their kids will help them out. If you are one of the kids having this problem, then this is not something you should be ashamed of talking. Sit with them and talk, let them know what you can do and what not this is how they would know what they can do or not.  And if you are that senior, then ask your kids in that matter, maybe they are staying out of respect.


We all need something in our hand to spend for survival. And the best source of income, while you are aging, is the small ones with lesser risk. You just have to know what you are engaging yourself into. If you know the how to buy silver than go ahead with it but if you don’t then go for another option.

People nowadays are investing in bitcoin; I am not entirely in favor of this type of investment. But if you are one of those who knows that ground entirely than I am no one to stop, but know one thing, there is so much we still do not know about this sort of investment.

Following are the investments that could be best for you.


We often hear about this word budgeting but neglect it. For a change do not walk away from this idea. I know it feels a lot to do on a weekend if you are planning out your finances but it is essential. 

Being on a budget does not mean that you cannot enjoy. Manage yourself some timely treats but know your limits. Budgeting maybe something challenging to do for some of us, in that case, use an app for making things easy and if you are unknown to technology ask your juniors to teach you how to use it.

To be healthy on a budget and in life, quite those habits that are only threatening, like, smoking and drinking. I know to ask this from someone who is habitual of these habits is difficult but we have all to do things that are difficult but vital for survival.


The time we are living in, is with so many benefits to avail but make no mistake, with good, comes bad. As an elderly, you have known this better than any other person can, but you may not be familiar with the fact that scams have changed its face. In your times it was in person, and now it is done through technology (mostly). This is why I ask you not to invest in a place you do not understand.

Sarah Smith
Sarah Smith has been a personal finance author for the last five years. She is also an independent and very passionate finance and investment advisor. She regularly posts at www.personalincome.org