As a senior, your finances can drastically change. Without a young family or a mortgage, it's easy to settle into a senior living spending pattern, but a lack of income may also leave you trying to save more. To protect your finances, practice the following tips.

How to Maintain Healthy Finances as a Senior

1. Budget Carefully

While you may have looked forward to pay raises and life changes in your youth, your senior years may be relatively predictable as you live on a fixed income. To avoid getting caught with unexpected costs, budget carefully to ensure you always have enough money in the bank. Consider your monthly expenses for factors such as your senior living facility, healthcare, food, and entertainment, and don't forget to keep an emergency fund handy.

2. Beware of Scams

Whenever you're approached with new investment or financial opportunities, think very carefully about the source and proceed with extreme caution. If something sounds too good to be true, it probably is. Also, install safeguards on your bank account, such as fraud alerts, so you can spot large withdrawals instantly.

3. Create a Plan

While it may seem silly, think about your five, 10, and even 20-year plan. Consider costs for your fixed expenses, and talk with a financial advisor about whether the idea you have in place seems reasonable. Finally, meet with the professional regularly to discuss your finances so you can make changes as you see fit.

If you’re looking for a place where you can enjoy your golden years, look at the comfortable senior living community in Cathedral Towers. Located in Atlanta, GA, this independent living center for adults aged 62 and older offers large, roomy living quarters and an active community. For more information about becoming a resident, visit their website or call (404) 231-3020.