Welcome to Our Money Management Page

Living on a fixed income is never easy. Unplanned events arise and money can suddenly be in short supply.

Our money management page is designed to help you find the best values to maintain a healthy happy lifestyle.

 

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Senior Scams

demoHere are the Top Ten Scams Targeting Seniors. Get the facts, protect yourself from phone and internet predators.

 

CurrentNews:

Life Expectancy in U.S. Continues to Reach New Highs

demoThe CDC reports that younger Americans will have a life expectancy of 78.8 years. For older Americans women are expected to reach 81.2 years and men 76.4 years.

 

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Possibility of Obesity Leading to Cancer in Older Adults

demoLosing weight can be benefiical but can also be harmful to some older adults. Click here to see the full report.

 

Smart Money Management For Seniors

Tips on Saving, Shopping and Money Management and Living Well On A Fixed Income

LIving on a fixed income is a daily challenge. But it's not a life sentence to poverty.

 

For Retirement and Investing information see our Retirement Page Click Here

 

70 Super Easy and Practical Ways to Save Money

 


Not all investments are safe or smart. Don't

gamble with your future.

 

Don't Gamble with your future

 

A sizeable segment of America is counting on winning a Power Ball Prize as their retirement plan.

For those who do win I guess that's a good plan but for the rest of us we have to exist on what we have.

While we are unqualified to suggest stocks, bonds, or other investments there are some proven ways to make what money you have go further.

 

Fixed Income Alternatives for Retirees - Click Here

7 Ways to Live on One Family Income

 

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Tips to Make Your Fixed Income Go Further

When I began writing down everything we were spending each month I was amazed at how much of our income we were wasting.

 

Wasting Money

 

When I began writing down everything we were spending each month I was amazed at how much of our income we were wasting.

Impulse buys, buying things we really didn't need, but each day there were expenditures that were really not necessary.

Over a month's time it really mounted up.

7 Ways to Live on One Family Income

 

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Money Saving Lifestyle

There are many proven ways that seniors and others can make the most of their limited incomes by being more frugal shoppers. Here are a few we like.

  • Check your Medicare Coverage - The Affordable Care Act is having an effect on medical costs. Last years plan may not be as good as you thought. Check your plan during the open enrollment period each year.

  • Limit Shopping Trips - We budget about 20 percent of our monthly income for food and household. Make a list and stick to it. Fewer trips means less impulse buying.

  • Credit Cards and Other Interest: If you pay your credit card bills on time or pay them off entirely contact them for a better interest rate. If you have a mortgage see if refinancing at a lower rate would be wise.

  • Make Annual Payments Whenever Possible - Your life and car insurance will be cheaper if you can pay annually or quarterly. Monthly payments will be the most expensive for these items.

  • Shop With A Buddy - You may not need 24 rolls of toilet paper but if you spilt it with a friend it makes good sense to take advantage of bulk items. We open take advantage of grocery store case sales and divide them up.

  • Use Your Library - Save money on books and movies by getting them either in person or online. Many libraries are expanding their online availability.

  • No Late Fees - We have one bank account that is used only for direct depostit and automatic bill payment. Besides damaging your credit late fees deplete your bank account unnecessarily.

  • Save On Heating And Cooling - We've all been told to save by turning down the thermostat at night. While this works in some instances turning it down too far can waste money due to the cost of warming the home back up. Is usually costs less to maintain the residence at a constant temperature. Check with a heating or cooling specialist for advice on highs and lows for best savings.

  • Cell Phone and Home Phone - Do you need both? More and more seniors are moving into the smart phone age. You can reduce your total bill by picking one or the other.

  • Generic Brands - You don't have to be a senior on a fixed income to know this one. Both food and drugs are available in generic form and in most cases are just as good as the name brands but at a much lower cost.

  • Senior Citizen Discounts - Restaurants, hotels, airlines, all have senior citizen discounts. Show off your age and take advantage of money saving opportunities. Click Here to go to our Senior Discounts Page.

  • 7 Ways to Live on One Family Income

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Living Well On A Fixed Income

Smart Money Management Can Make Your Finances Worth More

 

Many seniors would do just fine on the incomes they have if they were just better money managers.

Things like impulse buying, over using credit cards and poor planing can create money crises that should not exist.

Below are a few guidelines that should help manage your finances a little better.

Review the Cost of Housing

Unless your home is paid for and you can manage the cost of maintaining it you might want to thing about selling and renting instead. Your home should be about 30 percent or less of your total income.

Taxes, maintenance costs, snow removal, and lawn care will no longer be on your to-do list so some seniors, who are more frugal, or have fewer payments, might be able to comfortably go to 50 percent of their incomes.

 

Review Your Vehicle Expenses

If your car is paid for then it would make sense to keep it. Consolidate trips, and drive as little as possible. If you are recently retired notify your insurance provider that you will be driving less.

If selling your car would help your expenses consider your current location. Are you near mass transit? Are you near grocery stores or shopping centers or is a lower priced used car advisable?

 

Review Your Food Expenses

On the surface, TV dinners that are often on sale for less than a dollar might seem like a good investment your health will suffer in the long run.

Cooking your own meals is always more economical than paying someone to cook them for you.

For tips on eating well for less visit our nutrition page by clicking here.

 

Review Your Bad Habits

Smoking is hazardous to your health. It's plainly written on all smoking products. In addition, and due to lots of taxes, smoking is very expensive.

Certain types of alcohol can be healthy in moderation. But can also be expensive if overdone. Budget the number of drinks you consume each day and you'll find a few more bucks you can use for other things as the end of the month.

 

Review Your Lifestyle Choices

As we age we tend to slow down. We sit more and move less when we should be doing the opposite.

Exercie, while essential to good health, is not always easy. Our joints and muscles don't exactly work the way they used to.

Whatever type of movement you can do will be beneficial. Check with your healthcare provider to see what types of exercises would be beneficial for you to try.

7 Ways to Live on One Family Income

 

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Photo Credits:
Some images courtesy of Ambor at FreeDigitalPhotos.net
Some images courtesy of StockImages at FreeDigitalPhotos.net
 

 

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Free Information to Help Seniors Live Long, Happy, Healthy, Successful, Productive Lives
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