Senior citizens can budget effectively by creating a detailed monthly budget that includes all sources of income and expenses. They should prioritize essential expenses such as housing, utilities, and healthcare, and look for ways to cut costs on non-essential items.

Senior citizens can save money on groceries by planning meals ahead of time, buying in bulk, using coupons, shopping at discount stores, and taking advantage of senior discounts. They should also consider buying store brands instead of name brands to save money.

Senior citizens can save on healthcare costs by exploring options such as Medicare, Medicaid, and prescription drug assistance programs. They should also consider generic medications, preventive care, and staying healthy through exercise and proper nutrition.

Senior citizens can generate extra income by taking on part-time work, selling items they no longer need, starting a small business, freelancing, or renting out a room in their home. They can also consider monetizing hobbies or skills they have.