Important Budgeting Advice for Seniors Living on a Fixed Income
Guest Blog by Jim Vogel of elderaction.org
Photo via Rawpixel
Important Budgeting Advice for Seniors Living on a Fixed Income. For many people, retirement means adapting to a fixed income. You may have to make a few lifestyle tweaks ensure your retirement income will cover all of life’s necessities, but this doesn’t mean you have to give up the fun plans you had for your golden years. Enjoying life on a fixed income just requires some good budgeting practices. As you get settled into retirement, check out the following budgeting tips!
Consider Going Back to Work
There’s nothing wrong with going back to work after retirement. In fact, more and more seniors are rejoining the workforce and picking up part-time jobs. Not only is this a great way to bring in some extra cash, but returning to work can fill your days with meaning and help you stay active in your golden years.
Don’t settle for any old job. This is your opportunity to pursue work that you’re really interested in. Learn a new skill, start a business, or try freelancing. You could freelance as an accountant, writer, customer service representative, social media manager, graphic designer, marketing expert, translator—your options are nearly endless! For example, if a customer service role interests you, you can easily find work opportunities through online job boards.
Downsize Your Home
At some point, many seniors realize that they don’t need as much house as they once did. The kids have moved out and started families of their own, and all of those empty rooms are costing you big bucks in terms of utility bills and property taxes. This could be a great time to downsize your home and move somewhere new! Head somewhere warmer, move closer to family or relocate to the center of town where you can walk everywhere you need to go. If you want to keep your house in the family, consider selling to a family member or renting it out for steady cash flow.
Save Money on Everyday Purchases
No matter how well you plan for retirement, there will be moments when you have to save some extra money. Perhaps you’re planning a trip, buying a new car, or tackling a major home repair. To fit these occasional expenses into your budget, you may have to make some cuts to your everyday spending. Fortunately, it’s easy to save money on food and entertainment. Cook at home as much as possible, use coupons when grocery shopping, grow fresh vegetables in your own backyard, swap your cable cord for a streaming service, use your local library for books and movies, and attend free events and festivals.
Keep Your Health in Good Shape
Medical expenses are a common source of financial stress for seniors. Taking steps to maintain your health is a great way to avoid preventable diseases that tend to crop up as you age. For example, Healthline recommends engaging in a variety of daily exercises to keep your bones, muscles, and joints strong and flexible. Likewise, eating a balanced diet can help prevent cardiovascular disease, cancer, osteoporosis, diabetes, and obesity! Staying healthy will not only save you from some major medical bills in the future but also ensure you get the most out of your golden years.
Plan for Aging-in-Place
Moving into an assisted living facility or care home is often one of the biggest expenses that seniors face. But according to Urban Institute, the majority of American seniors prefer to age-in-place. Staying in your own home can help you save a lot of money! Consider making some home modifications now so you’re ready to handle any challenges that may come with the aging process. Add an outdoor ramp, install grab bars in the bathroom, replace doorknobs and faucets with lever-style handles, apply anti-slip coating to your hard floors, increase your lighting, and upgrade to smart home technology.
Even if you’re living on a fixed income, your retirement years can still be fun and fulfilling. All it takes is some attention to budgeting! Find ways to save money on fixed expenses and everyday purchases, consider bringing in some extra cash with a part-time job, and take preventive steps to avoid high medical bills and care home costs in the future. With a little work, you can enjoy your golden years on any budget!
We hope you find these Important Budgeting Advice for Seniors Living on a Fixed Income helpful in your situation.
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