When you’re retired and living on a fixed income, efficient money management is more important than ever. With only so much coming in each month, it’s essential to save wisely and pad your bottom line when you can. Check out these ideas for how you can succeed on a fixed income, courtesy of Hopeful Minds Counseling Services.
- Perfect Your Budget
Being able to make a detailed budget is one of the benefits of a fixed income. Begin by tallying up stable income sources like Social Security and pension payments, as these are reliable. Next, add up your fixed monthly expenses, such as mortgage, utility bills, and groceries, and then factor in occasional costs like Christmas gifts for grandchildren or yearly membership fees. If you need help managing your finances more easily, consider using a free budget template for personal finance to stay organized and on track.
- Use Online Savings Opportunities, Coupons and Apps
Any money that you save can then be diverted to other areas of life, whether that’s paying off debt or enjoying retirement with your spouse. Paper coupons can still be found in newspapers, but many stores and brands have shifted to digital coupons and rebates. For a different type of savings opportunity, apps such as iBotta, Fetch, and Coupons let you get cashback when you buy certain products. What’s more, their large range of ever-changing offerings means there is almost always something for everyone to earn cashback on.
- Save Time and Money with a Home Maintenance App
Using a home maintenance and repair app to connect with services can save you both time and money. For those living on a fixed income, it’s crucial to get the right repairs done the first time to avoid unnecessary expenses. By connecting with qualified professionals through the app and utilizing features like plumbing live chat, you can ensure that your repairs are completed correctly and efficiently. This streamlined process not only provides peace of mind but also helps maintain the longevity of your household systems.
- Take Up Freelance Work from Home
If you’d like to add a little income to your bank account, but don’t want to leave your home, there are countless freelance ideas you can engage in via computer. Maybe you could set up a consulting business if you have expertise to share. Another idea is to monetize your favorite hobby — selling crocheted blankets, custom woodworking, and raising houseplants to sell are just a few ideas. Many hobbyists have more output than they can use in their own homes anyway, so try offering your wares in local boutiques or through sites like Facebook Marketplace.
- Prioritize Your Health with Healthy Habits
Prioritizing your health with simple, healthy habits can significantly boost your mental wellness and help stave off potentially costly medical issues. Start by drinking at least two liters of water each day to stay hydrated and energized. Keep healthy snacks like fruit and nuts on hand to fuel your body and maintain steady energy levels. Incorporating a daily meditation practice can also help reduce stress and improve focus. By making these small changes, you’ll support both your mental and physical well-being in the long run.
- Consider Downsizing (Sell vs. Renting)
If you’re still struggling to catch up with your expenses or just want more money to work with, downsizing can be a great way to put money into your pockets. Although it can be scary thinking about leaving your home, for many seniors downsizing is a blessing with lower costs, less upkeep, and less space to navigate. The Cottage Market points out that you can also choose to downsize to a more senior-friendly home without features such as stairs which can be difficult to manage and with the added benefit of an accessible bathtub and same-floor laundry.
- Explore Assisted Living Options
Often, seniors moving into assisted living don’t realize how broad their options are. You don’t need to go to the place closest to home, nor do you need to move permanently into a community that does your rehab after a surgery or incident. Instead, shop around for a community that offers the amenities you want, and don’t hesitate to ask questions about what is included in the costs, what you need to pay extra for, and how much more each amenity is. It’s your finances, your health, and your future, so take control when making your decision.
With thoughtful budgeting and a few key decisions, you can make your monthly income for you. Look at your spending habits and find areas to trim or, better yet, capitalize on the current environment with a new venture. Now is the time to get your finances in order and ensure that you have the resources necessary to enjoy this special stage of life comfortably and enjoyably.
For outpatient mental health services for individuals of all ages and backgrounds, visit Hopeful Minds Counseling Services today!
