Q: My husband and I have been retired for several years and are realizing that we might just outlive our expectations.

Even if it's a blessing to be able to spend all these years together, our finances are less clear. When planning our retirement, we budgeted for a comfortable life into our early 80s. Unluckily for us, we've both turned out to be very healthy!

What are your top recommendations for stretching a budget?

A: Being on a restricted budget gives us a new urge to be cost-efficient, but it's hard to know where to start.

When seniors find themselves living on a fixed income, many often find out that they're less financially literate than they'd assumed.

To figure out how to manage your budget, find out where you spend your money.

Gather your receipts in one place and plot out your financial transactions over time. Even doing this on a relatively small scale — a month or so — should reveal your spending patterns.

Figure out what your biggest expense categories are, which may include transportation, food, entertainment, maintenance, debt, medical, utilities, housing or others. Also write down any sources of income you receive, such as Social Security or rent from tenants.

Once you know where the money goes, decide which categories to prioritize.

You'll realize that some expenses are more flexible than others: Food and entertainment are particularly variable. In the short term, those are the categories you should target.

Cut the spending on frequent purchases, if possible. These are usually the easiest to cut down, and we often don't realize how much minor spending adds up.

Many larger purchases, like home repair or automobile problems, are unpredictable and immediate. Even if you'd prefer not to have any surprises, these costs are unavoidable. Give your budget some wiggle room for emergencies.

When possible, buy in bulk and use discounts. The savings over time can be a lifesaver.

Aside from your spending, some seniors also find success in creating new income. Popular suggestions are to rent out a room in your home or get a side job. A side benefit of these options is increased interaction with the outside world — a good cure for isolation.

The best way to stretch a budget is to actually make a budget and stick to it! — Emma, Doug's granddaughter

NURSING HOMES

Q: My mother is in her 90s and can't take care of herself anymore. After a long time spent in denial, my siblings and I are now looking around for a good nursing home.

How can we choose a good facility?

A: Find a facility that meets your mother's needs, watch out for warning signs and stay involved.

With nursing homes, it's also good to stay close to home. If none of your family members live close enough to visit Mom, you'll have no insight into the quality of her care. Family often acts as an advocate for patients' needs and makes sure they're being met.

Many nursing homes are similar, and the biggest differences come with standards of cleanliness and the staff's diligence to care.

Look at the ratio of staff to patients (this is publicly available!), scheduled activities, food quality, and how the staff respond to problems.

Major warning signs are bedsores or a persistent smell of urine in the facility.

Lastly, ask for your mom's input, if she's up to it. Given that her needs aren't being met at home, which nursing home would she prefer? — Doug

Doug Mayberry makes the most of life in a Southern California retirement community. Contact him at deardoug@msn.com. Emma, Doug's granddaughter, helps write this column. To find out more about Doug Mayberry and read features by other Creators Syndicate writers and cartoonists visit the Creators Syndicate website at www.creators.com.

Photo credit: stevepb at Pixabay