9 Daily Habits of Financially Healthy Seniors

10 daily habits to make part of your routine

Following these 10 daily habits can help you stay on track with your finances, prevent you from running out of money in retirement and reach your goals.

1. Stay informed

News keeps you informed of important events that can affect your finances. If there are changes in Social Security or taxes for example, it’s good to know in advance to prepare for the future. Read the newspaper or subscribe to a financial newsletter you enjoy. However, you should avoid reacting emotionally to topics in your investment portfolio. Selling when other investors are panicking may result in selling when the markets are down.

2. Consider the ‘value addition’ of the purchase

It’s always important to avoid overspending, but it becomes critical when you retire and don’t get a paycheck. Before making any purchases other than essentials, such as groceries, ask yourself if it will really add value to your life. If a gym membership will allow you to pursue your fitness goals, it may be worth the money. But a new kitchen appliance that you’ll only use once or twice a year may not bring enough value to justify the price tag. Pausing before swiping your card can help reduce unexpected spending.

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3. Review the Budget

Regularly monitoring your expenses and staying on top of your budget can help ensure that you make the right financial decisions. Savvy retirees are always cutting back on their expenses, especially when it comes to unused subscriptions. You can spend five minutes a day tracking your expenses and recording them in a spreadsheet, or using a budgeting app like YNAB.

4. Delete junk mail

Junk mail often offers various products and discounts that tempt people to spend money. Unsubscribing from newsletters and unsolicited emails can cut down on your spending — and make it easier to keep your inbox organized.

5. Check the finances

Banking fees, such as those that come with overdrafting or out-of-network ATM usage, can eat into your account balances. Regularly reviewing your accounts for any payments draining your money can help you save more.

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6. Make sure you get your money

You may not be looking for a paycheck anymore, but it’s important to check that you’re getting other income you expect, such as Social Security. Review your accounts to make sure you’re getting all the money you expect so you can act quickly if you don’t.

7. Walk for 30 minutes

While this may seem like a fitness goal rather than a financial one, staying healthy can help lower the cost of your health care needs. Medical expenses can quickly deplete nest eggs. Consider running, cycling and walking for cardio, and lifting weights for strength training.

8. Drink water and get your nutrients

The above goes with drinking water and eating healthy food. Doing so is especially important as you get older, and it can help you avoid expensive health care costs.

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9. Call your friend

It’s not just your physical health that you need to consider. Research shows that older adults are at greater risk of loneliness and social isolation, and that those problems can also lead to health problems such as heart disease, depression and cognitive decline. Try to keep in touch with distant friends over the phone and close ones through social gatherings to stay sane.