Budgeting for Seniors: How to Manage Expenses When Income Drops After 60

 How to Manage Expenses When Income Drops After 60

It’s never too late to take control of your finances. In this empowering Gen S Life episode, Gaurang Sanghavi explains why budgeting remains essential even after retirement or when income slows down.

For many seniors, income becomes fixed or limited through pensions, rental income, or fixed deposits while expenses tend to rise faster, especially in areas like healthcare, medicines, and household help. That’s why budgeting becomes a crucial tool to maintain independence and avoid financial strain.

Gaurang suggests writing down the top 5–6 expense categories like groceries, home help, electricity, medicines, and lifestyle spending. When you see where the money flows, you gain control and the ability to make better decisions.

Another important tip is financial transparency with children. Many seniors hesitate to discuss their income or expenses, but Gaurang highlights that sharing financial plans helps families prepare and offer support when needed preventing future emotional and financial stress.

Even without a salary, seniors can have financial goals such as investing surplus funds in fixed deposits, mutual funds, or safe income-generating assets.

Finally, Gaurang reminds us that wealth is not just for saving, it’s for living. Retirement years should include joy, experiences, and time with loved ones. Smart budgeting ensures you can withdraw and enjoy your hard-earned money with confidence.

✨ For more financial wisdom tailored to senior life, subscribe to Gen S Life and watch the full episode with Gaurang Sanghavi.

For more such fianace related content please go through our content :

Smart Ways to Buy Health Insurance Without Burning Your Pocket | Expert Advice by Roopa Venkatkrishnan | Gen S Life

Paisa Bolta Hai! Life Lessons on Money, Wealth & Financial Wisdom | Gaurang Sanghavi x Gen S Life

Timeless Money Lessons with Gaurang Sanghvi on Paisa Talk

‘Never Have I Ever’ Finance Edition With Our Seasoned Seniors!