Many seniors are choosing Emerald Gardens seniors community after retirement to free themselves of excess household responsibilities and have a more social environment.

If you are thinking about moving into a Northern Alberta seniors community it is important to prepare and understand the different expenses that may come with this decision and how to wisely manage finances ahead of time. There are several costs to consider when thinking about moving into assisted living, and there are several easy ways to get started on budgeting for it.

Costs to Consider

When moving into a seniors community, there will still be a few initial move-in costs. For example, to help with the move you may want to consider hiring movers. Along with this, there are monthly payments that will need to be budgeted for as well. The monthly payments will vary depending on the seniors community. Costs such as property taxes, home insurance, utilities, and maintenance are usually less as it is no longer a responsibility of yours once you live in a Northern Alberta seniors community. White content insurance is required, it is not nearly as expensive as home insurance. Your meal plan, transportation, access to health and wellness, community spaces, and more are all bundled in your monthly fee.

Planning & Budgeting Tips

Budgeting your expected transactions, big or small, is especially important when living on a fixed income after retirement. Even with a good retirement fund, planning and managing your expenses is necessary to make sure you can afford unexpected costs.

A great way to start budgeting is to create a monthly expense worksheet. Every month you can track your daily, weekly and monthly expenses to get a visual idea of exactly where your money is going. After even one month, you can start to analyze where you can start cutting back and saving. Often we get used to our usual expenses and do not take the time to see if our spending is effective for our lifestyles. The habit of tracking all your expenses can make you a more responsible spender as you are keeping track of not only the big expenses but the little things as well. You can start to compare how much you pay each month against what assisted living facilities charge each month and from there decide if it makes sense for you financially to move into an assisted living facility.

Before making any final decisions about what type of seniors community you would like to join, it is important to talk to a professional. Seek advice from a financial advisor who can assess your finances and help you make an informed decision on what will work best for you in the long run. If you do not know what to ask an advisor, start with the following questions:

  • How healthy is my financial state at the moment?
  • How will you make sure my money stretches for as long as I need it?
  • How will you make sure my money can keep up with inflation and the overall rising living costs?

Finally, there are an abundance of benefits and government resources available for seniors; therefore, it is important that you check to see if you qualify for any to aid you in your expenses. At Park Place Seniors Living homes there are partially funded accommodation and government-subsidized for some qualifying seniors.

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For seniors considering Park Place locations in Alberta, it is worth taking a look to see if you qualify for SFA Programs which is general financial assistance for seniors.

If you’re looking to find the right seniors community in Grand Prairie, for you or a loved one, book a tour at Emerald Gardens Retirement Residence today! Contact or call 780-539-5538 today to learn more. We look forward to getting to know you!