Budgeting Tips For Seniors On Fixed Incomes

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Dealing with finances is often anxiety provoking, especially in these stressful economic times. Retirees and other seniors often have investments for interest generating income. I think we all know where interest rates are today….nearly extinct!

Here are some tips to stretch those dollars you have:

1.    Make a BUDGET – list your expenses and your income so you know what money is coming in, what money is going out. This way you’ll see what the difference is and where you can make cuts.

2.    Rank the items in the budget in order of importance. For example, rent/mortgage, utilities, transportation, medication are more important than entertainment (cable), restaurants and some clothing items.

3.    Cut back on the amount of non-food items you use.

4.    Shop with a list to prevent impulse buying.

5.    Use coupons, either from the newspaper or go online to coupon sites or to the websites of the products you use.

6.    Buy in bulk if you can.

7.    Use the library for newspapers and magazine instead of subscriptions.

8.    Plan out your route for errands and appointments so you can do more on one trip rather than making multiple trips.

9.    Watch gas prices in your area. Don’t fill up the tank if you don’t need to.

10.    Are you a Veteran? Do you use their clinics and discounted medications?

11.    Split a membership with a friend to discount stores like Costco.

12.    Review your budget every few months and tweak as needed.

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