We are fortunate to have another blogger, Karen Weeks (elderwellness.net ), who has agreed to write this post today about how seniors on fixed incomes can enjoy more financial freedom. Thanks, Karen!
When people reach the age of retirement, they want to enjoy their golden years in peace, not worrying about financial troubles. Those on a fixed income must learn how to create a viable budget that lets them meet financial obligations without depriving them of opportunities to have fun and experience peace of mind. As Senior Living notes, there are programs to help older adults who experience hiccups, but a solid plan can not only help seniors to avoid troubles, but create true financial freedom.
Get Rid of Home Maintenance Costs
Retirees who own their homes and would rather not live in traditional retirement housing may want to consider a different living situation where they rent rather than own. That way, the landlord bears responsibility for appliance maintenance and household repairs, which can put a significant dent in a person’s bank account.
Those who prefer not to move may want to think about renting out rooms to other older adults looking to downsize and save on household maintenance. This not only reduces household costs and allows for the sharing of chores, but also prevents the loneliness that troubles many retirees.
Explore Debt Relief and Assistance Options
Many states offer debt relief and assistance programs for those feeling overwhelmed by financial circumstances. Such assistance may come without charge, but even if it does not, paying a small fee may be worth getting out of a financial quagmire and understanding how to stay out of debt. Repayment ability, employment status and the amount of debt owed are often factors that determine qualification for state-sponsored debt relief.
Eliminate Nonessentials
Twice a year or so, it’s a good idea to go over an existing budget to check for unnecessary spending. Examining past bank statements for recurring expenses helps older adults pinpoint where their dollars go. Eating out, maintenance for multiple cars and subscription services are examples of expenses persons of any age can do without, especially those on a fixed income.
Eat Healthily and Exercise
Many older adults have chronic health conditions that cost money to treat and manage. By eating healthy foods and engaging in regular exercise, retirees may keep themselves out of the doctor’s office except for regular checkups. Fewer hospital bills and prescriptions mean freeing up money to spend elsewhere or save. Also, as the AARP points out, a healthy diet can help older adults live longer, and exercise helps to ensure seniors continue to enjoy the freedom of movement and reduce risk for falls.
Consider Ditching the Car
Besides homeownership, motor vehicle maintenance entails another major cost for retirees. Oil changes, regular tune-ups, car insurance and gas all add up over time, and a single car issue may cost hundreds of dollars. Older adults who live in a city or areas with reliable public transportation often have an easier time living without a car.
Those in rural locations may want to look into asking family and friends to give them rides to appointments and runs to the grocery store, or taking advantage of free rideshare opportunities. Persons with fading eyesight and reflexes should strongly consider hanging up their car keys for good since continuing to drive may increase their risk of a car accident.
Look for Free Activities
Having a good time does not always require spending money. Retirees living on a limited income should explore options for free activities and entertainment. They can check out books, DVDs and more without charge at the local library, and their neighborhood may offer free movie showings or festivals. Tapping into other local resources may reveal no-cost exercise classes and social activities.
Ask About Senior Discounts
Deal News explains seniors have a wide range of opportunities to save. While shopping, traveling, dining out and visiting museums and art galleries, always inquire about senior discounts.
Living on a fixed income does not have to mean living a lackluster life. Spending smarter can keep older adults smiling and enjoying happier retired lives. Address your debts and adjust your budget so you can savor the good life!
For more information, ideas and inspiration to help you make the most of every moment in your golden years, connect with We are Proud Aging Women today!