As a senior, living on a fixed income can make you feel like you have a lot of limitations. While it’s true that you’ll need to be careful about spending, a fixed income doesn’t have to stop you from enjoying life. By tweaking your spending and looking for ways to save, you can create more wiggle room in your budget. Below, Centennial Adultcare Center offers some guidance on what you can do to adjust your spending and even boost your income.
Find Overlooked Savings
Before adjusting your budget or looking for ways to earn extra income, it’s important to make sure you’re not overspending without realizing it. There are lots of ways to spend less without changing your lifestyle.
Some types of savings are just for seniors, such as senior discounts at grocery stores or restaurants. However, anyone can save by clipping coupons, shopping sale items, or using rebates. When it comes to getting savings and discounts, sometimes all you need to do is ask.
Redo Your Budget
After identifying a few ways to spend less, you’ll have a better idea of how much money you really have to work with in your budget. Some people can keep their budget completely in their heads, but others need to write everything down to keep track. Luckily, there are numerous ways to make a budget, so you can experiment until you find a method that’s easy to follow.
Where to Cut Back
Shopping for deals and following a budget will allow you to avoid overspending while also seeing where your money is going. However, those steps sometimes aren’t enough on their own. You may find it’s necessary to cut back your spending in certain areas. This can feel like a daunting task, but it doesn’t mean you have to live with less. Simple changes to your habits can help you save money without making any major sacrifices.
Switching phone carriers or going with a no-contract phone plan is one way to save without necessarily changing your lifestyle. Chances are, you don’t even need all the minutes and data that you currently have. By reducing your plan size and relying on free calling apps, you can save even more money. For example, video calling apps like Skype are free and don’t use any of your phone minutes. You can even use these apps on a computer if you don’t have a smartphone or if you want a bigger screen.
Increase Your Income
Maybe you’ve already retired, or you’re about to leave the workforce in another year or two. Either way, you may be going over your portfolio and wondering if having just a bit more money coming in would allow you to live more comfortably in your golden years. For many retirees, having a side hustle or even starting a small business is the key to financial stability in retirement!
If you want to turn one of your skills into a business, you’ll need to get ready to form an LLC for your business according to the requirements set out by your state. This business structure will grant you personal asset protection and tax benefits. When it’s time to register your LLC, you don’t necessarily need to file the paperwork on your own – you can use an affordable online formation service instead. Look online to easily learn how much to start an LLC in Tennessee.
Look for Free Activities
It’s a myth that you have to spend money in order to have fun or enjoy quality time with your family. For example, starting a book club doesn’t cost anything, and it provides a way for you to connect with more people your age. If reading isn’t your favorite pastime, joining or starting a walking club is another free way to have fun. There are also numerous free museums and public gardens to enjoy.
Living on a fixed income doesn’t mean you can’t enjoy your golden years. Looking for ways to save, improving your budget, doing free activities, and cutting back on spending are just a few ways to free up more money to spend the way you want.
Centennial Adultcare Center offers Adult Day Health Care in three locations across Middle Tennessee. For more information, contact us today!