Managing finances can be taxing for older adults and caregivers, especially during times of inflation. Luckily, a new online budgeting tool hopes to make the process easier.
The National Council on Aging recently debuted Budget CheckUp, an online tool that gives older adults tips on managing their money from month to month. According to Josh Hodges, NCOA’s chief customer officer, this is particularly needed in today’s economy.
“Many older adults live on a fixed income, which is challenging when the cost of living and inflation are on the rise,” Hodges said in a press release. “The Budget CheckUp can help them stretch their dollars every month.”
The service, which is funded by the Bank of America Charitable Foundation, is designed to help older adults decrease expenses and helps them pay for medication and utilities. It asks users questions about their spending goals, employee status, benefits programs and age to personalize their budget plan.
Having a budget plan is especially important for seniors in 2023. According to the Association of Mature American Citizens, prices of basic necessities, like food, are on the rise and Social Security boosts for seniors have been interrupted by inflation.
“Inflation hit the country hard last year, particularly among seniors, when it hovered in the 9%-plus high in 2022,” John Grimaldi, a writer for the organization, wrote. “It has come down to an uncomfortable 6.3% in the new year, still too high for too many of America’s elderly citizens. And it looks like things are getting worse.”
NCOA’s Age Well Planner
Budget CheckUp helps seniors create a budget plan by offering ideas on how to earn extra income and how to use prepaid cards efficiently. It is part of NCOA’s Age Well Planner, which includes other online tools, like the Job Skills CheckUp, the Medicare Cost Estimator and the Falls Free CheckUp.