Budgeting Tips to Help Make the Most of Your Fixed Income 

Here at Carefree Retirement Funding, we know many seniors live on a fixed income and need to be careful to make ends meet. However, there’s a misconception that you can’t live life to the fullest when you’re on a fixed income. By budgeting and adjusting your spending, you might be able to save more money than you thought. Below, find a few ideas that will help you save more and enjoy the life you want.

Revisit Your Budget

After looking at their budget, many people are surprised to see where their money is actually going. You can’t cut back in every area, but certain things can be reduced or even cut from your spending altogether.

-Address any outstanding debt to free up that money for down the road.

-Cut back on things like eating out, subscriptions, and your cable bill.

-Create an official budget. If you’ve struggled to stick to a budget in the past, try out a few different budgeting methods until you find one that works for you.

Consider Downsizing

MoneyTalksNews asserts that one of the best ways to cut costs and free up more of your money is to downsize.

-Consider moving to a smaller house. Doing this allows you to save money because utilities, mortgage payments, and maintenance costs are usually lower. There are always costs associated with moving and selling your house, so you’ll want to consider these even if you’ll save money in the long run.

-Purge unneeded possessions. Like moving to a smaller home, having less stuff can actually save you money too. According to Home Transition Pros, decluttering your media collections allows you to take stock of what you have, preventing you from wasting money rebuying books and movies you already own. When you declutter items like this, you can also earn a little money selling the things you no longer need.

Start a Small Garden

No matter how big or small your home is, one of the best ways to save money is to grow some of your own food at home. There are many ways to start a budget-friendly and low-maintenance garden.

-Grow a container garden, This is a compact way to get fresh produce at home. You can even grow fresh greens in your windowsill.

-Cook at home. Not only are home-cooked meals better for your health, they are also more budget-friendly than eating out.

-Reduce your food costs even more by meal planning, shopping the sales, and buying generic store brands.

Get a Part-Time Job

If budgeting and cutting costs doesn’t free up as much money as you hoped, another option is to go back to work. You don’t have to get a full-time job to earn extra income.

-Consider becoming a freelancer, which is a great employment alternative that provides flexibility and the ability to work from your home.

-Post your skills on a freelance job board, and you can get hired to do admin support, writing, bookkeeping, customer service, or just about anything else.

–Learn more about the types of jobs you can do on a freelance basis by visiting a site like Upwork.

Living on a fixed income can be difficult, but steps such as budgeting, gardening, going back to work or downsizing can all help stretch your income. By using these tips, it’s easier to live life to the fullest on a fixed income.

Article by Lisa Walker