Tips for Seniors: Budgeting Your Money on a Fixed Income
Your retirement should be one of the best times of your life, and with a budget, it can be. Here are some tips for maximizing your golden years while living on a fixed income. Create a Budget
Keeping track of your finances is the first step to keeping them under control. Since you're on a fixed income, turn your attention to areas where you can cut costs. These can include subscriptions, frequent meals out, and energy consumption. Thanks to financial technology, budgeting doesn't have to be as daunting or time-consuming as it once was. You Need a Budget is a tool to help you stay on top of your finances. You can also use a basic budget template in an Excel spreadsheet if you prefer. Find Fun on a Dime
There are many free or low-cost activities you can participate in. Take a stroll around town, go for a hike, or visit your local library. Additionally, sign up for local mailing lists and newsletters to get the latest information about things happening in and around your town. Start a Business
Consider earning extra money by starting a company doing low-stress jobs, such as house or pet sitting, that allow you to work part-time and set your own hours. Determine what type of business is right for you, and take the necessary steps to write a business plan. This will involve choosing a business structure and suitable name, figuring out your funding needs, and registering your company and opening a business bank account. Finally, you’ll need to apply for any licenses or permits you need to operate your New Jersey business. Rent Out Your Home
If you own your home, consider renting out individual rooms to students, business travelers, and vacationers. With hosting apps, such as Vrbo and AirBnB, you can choose the terms of the arrangement and set your own rates. Consider hiring a professional to stage your home and take photographs to use to market your listing. Additionally, read up on how to evaluate and vet potential tenants before you open up your home to renters. Find Programs for Seniors
Many programs are dedicated to helping seniors like you save money and enjoy retirement. One of these programs is AARP, the American Association of Retired Persons. An AARP membership offers numerous benefits, which range from discounted travel accommodations to lower healthcare costs. Finally, get in the habit of checking if senior discounts are available before making purchases at local establishments. Living on a Fixed Income
A limited income doesn't have to mean a limited life. With some careful budgeting and a little creativity, you can live below your means, while still living a full life as a senior.
If you are a senior in need of home care solutions to keep you or a loved one safe, comfortable, and engaged, Boardwalk Homecare can help. Call (877) 341-6797 to learn more.