Living on a budget is difficult at any age, but many seniors find it a necessity just to survive. After retirement, most find themselves faced with the challenge of adjusting living without a regular paycheck coming in every month. They are forced to live within strict budgets that allow little leeway for unexpected expenses. Possibly, for the first time in their lives, they find that they must set priorities and make some sacrifices in order to live the life they want.
Owning a vehicle is an expense that can stretch any budget to its limit. Routine maintenance requires a major cash outlay each month. Vehicles require gasoline and all vehicle owners must have liability insurance and a driver’s license. Seniors who live in smaller communities can eliminate these expenditures by walking to their destinations. Not only will they save money, but the exercise has health benefits as well. Public transportation is an option for those living in larger communities or cities. Most transportation companies offer senior discounts and have several convenient pickup locations. Giving up vehicle ownership represents substantial monthly savings.
Save on Groceries
A healthy diet is important for seniors. Eating nutritious meals helps prevent illness and disease and contributes to a healthier lifestyle. Shopping for grocery bargains requires planning, but can result in lower grocery bills. Buying some items in bulk saves the added expense of per item cost. Clip coupons from newspapers for added savings.
Stick to the Basics
Get rid of unnecessary expenses such as magazine subscriptions or cable television. These luxury items can be eliminated. Instead of buying magazines and books, visit the local library and check these out free. Some libraries also have videos and audio books to rent for a small fee. Most communities have free network television that offers many programming choices.
Evaluate Housing Needs
Those with high health care costs or are unable to care for themselves may have to evaluate what is more fiscally responsible when it comes to their housing. Finding a senior community that offers assistance while eliminating the original home ownership costs.
Living within one’s means can be a daunting task, but with careful analysis of personal finances, it is attainable. Planning and ingenuity will help seniors can live the good life even on a budget. Watching expenditures and planning for the unexpected help make the golden years more enjoyable.