How to Create a Budget for Assisted Living in Simi Valley

Every senior has their own set of retirement goals, like visiting a dream country abroad or buying a house near the beach. But before fulfilling this bucket list, it’s vital to prioritize your health first, especially once you reach your golden years. One example is to plan out your elder care and senior living options.

Of course, everyone wants to live in the best assisted living in Simi Valley. But the question is: do you have the right budget for it?

Here are some tips on how you can set a realistic budget for your assisted living costs so you can afford the lifestyle you want and deserve!

1. Know Your Senior living Costs

Before anything else, it’s important to find a senior community that you like, which also offers the level of care you may need in the future and the lifestyle you want. Then, inquire about their care giving costs, monthly rates, entrance rates, and service fees.

List them all down so you’ll have a firm grasp of the amount of money you need to save every month. You can also include an estimated date on when you plan to move into your senior community.

1. List All Income Sources

Next, list down all your income sources, like pension, social security, investments, and other financial earnings you get every month.

1. Break Down Your Expenses

When you enter a senior living community, your list of expenses would probably shrink down since all you have to pay for is the facility’s monthly rate and additional service fees.

But until then, you still need to include your expenses in your budgeting, so you’ll know how much money goes out of the bank. So here’s how you can break down your costs:

• List the fixed costs first, like your rent, utilities, and insurance.

• Next, list down the payments that change every month, like groceries and medical bills.

• List credit card expenses and property or real estate taxes

Breaking down your monthly expenses allows you to see where you might be spending too much money. If you’re not good at numbers, it’s also okay to get the help of a loved one, especially in money matters.

1. Save Money

Now that you have all your expenses listed down, take a good hard look and see if all of them are essential expenses. If not, then maybe it’s time to cut back on unnecessary purchases or limit yourself from overspending.

Save money however you can, such as using senior discounts in traveling, maximizing tax breaks, and opting for a debit card instead of a credit card.

You should also check your card subscriptions and start unsubscribing from services that you don’t use anymore.

1. Check for Senior Benefits

Most assisted living in Simi Valley accept Medicaid or other health insurance policies to help cover its care giving costs. So make sure to inquire about the requirements needed to qualify for this and to other senior benefits that they might know of.

Additionally, there are state programs that provide financial assistance for low-income seniors. You or your loved one can check those out and see if you’re eligible.

Vista is a brand new Senior living at simi valley community offering a wonderful neighborhood setting, modern amenities and cozy apartments For more query contact us at 805-351-8802.