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Financial Guidelines for Seniors to Make the Most of a Fixed Income Thumbnail

Financial Guidelines for Seniors to Make the Most of a Fixed Income

For seniors living on a fixed income, it’s necessary to stick to a strict budget. And this can become stressful and difficult since life is unpredictable and often throws unanticipated expenses your way. Health issues, repair issues, and changes in pricing and bills can become seriously burdensome, and significantly impair one’s quality of life. So, if you are trying to make the most out of your opportunities on a fixed income, here are a few extra tips to help you stretch each dollar as far as it will go.

How to create a budget.

The first thing you need to do, if you’re going to stay within a budget, is to have a budget. So, take a little time to sit down and go over all your expenses, from the biggest to the smallest, as well as to account for all the income you know you can depend on, from one month to the next. Be very detailed about this, and don’t neglect even the smallest expenses, since little expenditures here and there really do add up. Once you are sure you have all your necessities covered, you should make sure you’ve set aside a little bit of cash as padding – then, what remains can be spent on luxuries, entertainment, or extra products or services to make your life more pleasant. Clearly, the more you can reduce your expenses, the more extra cash you’ll have handy for treating yourself or to save for an emergency.

How to shop on a budget.

You can save money shopping if you are conscientious and methodical about it. Go in with a good, comprehensive list, and shop for everything you’ll need for that week. This can be easier to accomplish if you plan meals in advance, so you know exactly what you are looking for and don’t end up forgetting necessities or making impulse buys. Keep an eye on sales and bring coupons when you have them. If your local grocery has a rewards program, sign up for it and tap into the savings it affords.

Reducing other expenses.

Other ways you can reduce your monthly expenses include shopping around for affordable utility providers, utilizing senior discounts on certain services, and bundling telecommunication services. Another potential money-saving solution can be to refinance your home if you are still paying a mortgage. Basically, this means trading in your existing mortgage for a new one with a lower interest rate, and possibly a lower balance as well. With the help of professional and compassionate financial planner services from Life Strategy Financial, you can come up with other ways to reduce your costs and make your funds go further.

Affordable and low-cost entertainment options.

You want to be able to enjoy having free time and being retired, so it’s frustrating when financial considerations limit your ability to pursue simple amusements and entertainments. However, there’s a lot you can do that is enjoyable even on a limited income. If you can get senior discounts, you may be able to get into museums and zoos at a low cost. Look up local arts and cultural festivals, too. And if you are up to it, look for nearby nature destinations and parks where you can explore for free or plan a movie night where you stay in with your partner, friends, or family.

Bringing in extra income.

If you aren’t thrilled at the notion of returning to work when you’re supposed to be retired, you might want to consider starting your own home business to bring in additional cash. Starting a small business out of your home can be easy and inexpensive, but you do need to make a point of protecting your personal assets, so forming your business as an LLC in Texas is a good idea, aside from the tax benefits that come with this business structure.

Seniors who have worked hard their entire lives deserve to enjoy their retirement years without added financial stress. Having a budget, reducing your expenses, and finding other ways to bring in money can alleviate some of this stress and provide more opportunities for you to make the most of your golden years. 

Image via Pixabay

Author: Millie Jones of SENIOR WELLNESS