3 Budgeting Tips for Seniors Living on a Fixed Income

You’ve finally made it to retirement, and you’re still thinking about your finances. Though you may not have to factor in your career, your kids’ school activities, and everything else you had to manage during your working years, it’s important to create and maintain a solid budget during your golden years. When you have an in-depth understanding of your finances in retirement, you can live comfortably without sacrificing fun and excitement.

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The following tips can help you pave the way to financial security and comfort as a retiree:

1. Downsize or Rent Your Home

If you own a home, you may still have to deal with a lot of upkeep, cleaning, and fees associated with the fact that you alone are responsible for managing your residence. If you live alone or with a friend or spouse, consider downsizing to a smaller home, a condo, or even renting an apartment.

Seniors who rent can turn over the maintenance tasks — like when the air conditioner breaks — to the complex’s management. If you dislike living alone, you may also like the idea of being surrounded by a community without having to move into a retirement home.

2. Start a Gig-Based Business

As Career Tool Belt points out, side hustles aren’t just for 20-somethings working for ride-share services. If you’re a person who likes to stay busy, you can offer your services like writing, crafting, bookkeeping, consulting — or even renting out that spare room if you decide to stay in your current home — to supplement your fixed income. A side hustle allows you to pad your budget a bit while pursuing a new hobby or passion project.

If you consider forming a small business, make sure you read up on LLCs and the benefits they afford. Turning your hobby business or side hustle into an LLC can keep your home and personal assets safe while you are free to pursue your passions. Make sure to check your state’s rules and regulations for filing LLC paperwork before moving forward, as they can differ from place to place. Or, rather than wade through the red tape yourself, you can hire an online service to walk you through the process, or hire an attorney to tackle filing on your behalf.

3. Overhaul Your Budget for Unnecessary Spending

Finally, go through your monthly budget with a friend or loved one to make sure that neither of you misses what could be easily cut out. Subscribing to a meal service is great, but if a lot of those meals go to waste because you opt for takeout instead, consider slashing it from your budget. Some other easy-to-cut discretionary expenses include things like subscription services, cable television, beauty services and storage units.

You may want to shift around finances to make room for a home care service that visits twice a week to help around the house. If you have a car you never drive because you walk or take public transportation, consider selling it to add to your income and rid yourself of the worry of auto maintenance, registration fees, and rising insurance prices.

You can also look for ways to enhance satisfaction with your lifestyle while not spending extra money. If you like gardening, EatingWell suggests growing vegetables and herbs you can eat. If you like being out and about, consider signing up for free activities at a library or community center. Those who are simply trying to meet other people to talk to have several avenues for doing so, including taking or even teaching free classes, volunteering, and getting more involved in church or religious activities in their communities.

You don’t need to stop doing everything you consider fun to have a healthy, happy retirement. Consider the above tips and ask family and friends to provide suggestions for thriving on a fixed income.