January 29, 2024

Money Management and Planning Tools

About Brookdale Senior Living

There are many things to consider when moving into a senior living community. But it’s more than a new home — it’s a new way of life. So, your expenses, bills, wants and needs may change as you enter this new chapter. At Brookdale, we want our residents to be prepared. That’s why we’ve compiled some money management resources for seniors to help provide guidance on this journey.

The National Council on Aging’s Budget CheckUp

This year, the National Council on Aging (NCOA) launched a new online tool to help seniors better manage their finances. Budget CheckUp utilizes user-generated data such as age, stage of retirement, financial goals and household income to generate a customized budget. The best part? The tool is free. Funded in part by the Bank of America Charitable Foundation, Budget CheckUp is just one of NCOA’s online tools that are part of the Age Well Planner.

AARP’s Budget Builder

AARP’s Budget Builder tool allows users to budget for today and plan for tomorrow. The interactive online tool enables you to track your income and expenses, provides guidance for spending and helps you reach your long-term financial goals. Budget Builder is just one aspect of AARP’s digital platform, AARP Money Map™. The platform helps you not only set a budget, but also account for unplanned expenses, manage your debt and plan for savings. Users don’t have to be AARP members to utilize AARP Money Map™ or Budget Builder. Users also get the opportunity to earn points toward sweepstakes entries, local deals and discounted gift cards when they regularly use AARP’s Budget Builder or Savings Planner tools.

Mint

As the number one most downloaded personal finance app, Mint allows you to easily connect all of your accounts — including bank accounts, credit cards, loans, investments and subscriptions — so you can get a better picture of your finances, all in one place. The downloadable app tracks your income and spending patterns so you can budget accordingly. Mint also automatically categorizes your transactions as you make purchases to encourage smart spending. For those without a smartphone, the tool can also be used on a desktop or laptop computer.

The National Council on Aging’s Budget Calendar

Visual learners may want to consider the NCOA’s Budget Calendar. As a physical monthly calendar, this tool is useful because it helps you visualize when your income hits your bank account each month, along with when bills are due. This, in turn, helps enable you to plan your expenses, pay your bills on time, make spending adjustments and save for emergencies. Because you can see your income and expenses in one place, you’re less likely to overspend. The NCOA breaks down the calendar in three easy steps, so no spreadsheets or smartphone apps are necessary.

Goodbudget

Seniors who are familiar and most comfortable with the envelope system of budgeting may find Goodbudget useful. That’s because Goodbudget provides digital “envelopes” that allow you to categorize your spending: groceries, gas, dining out, giving, entertainment, rent and utilities, just to name a few. By labeling expenses in such a visual manner, you’re less likely to be caught off guard when it comes to bills, and you’re encouraged to spend only what you have. Goodbudget syncs between the web and your mobile device so you can budget on the go. A free version of Goodbudget provides you with 10 envelopes; unlimited envelopes will require a paid subscription.

Budget Spreadsheet

Not everyone wants an app to help them budget. Sometimes, a traditional spreadsheet is the best way to track your expenses. Budgeting in a program like Microsoft Excel allows you to categorize expenses, track incoming and outgoing cash, and see where you might be overspending. Microsoft even offers customizable design templates to help make your budget come to life in a way that fits your needs, so you don’t have to start from scratch. Many personal finance bloggers and experts also offer free budget spreadsheets or templates, so see if there’s anything available on your favorite expert’s website to help you get started.

At Brookdale, we want our residents to feel financially prepared. Check out our resources for financing senior living. To learn more about Brookdale’s senior living options, contact a representative today.

^{The above content is shared for educational and informational purposes only. The content is not intended to be a substitute for professional legal or financial advice or counseling from an attorney or financial advisor and should not be relied upon for making legal, financial or other decisions. Never disregard professional legal or financial advice or delay in seeking it because of something you have read on our site. Please consult your attorney or financial advisor before acting on any content on this website. Reference to any products, services, third parties or links to third-party websites does not constitute an endorsement, sponsorship, or recommendation of such products, services, or third parties by Brookdale or its affiliates.}

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