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6 Simple Financial Tips For Low-Income Seniors

6 Simple Financial Tips For Low-Income Seniors

Keeping Household Costs Low Housing costs can be one of the largest expenses in the home.

July 4th, 2019

Keeping Household Costs Low

Housing costs can be one of the largest expenses in the home. Between rent or mortgage installments, repairs and maintenance fees, utility bills, and other housing costs, it can be a significant financial drain. Keeping housing fees low can help you put some money away.

For Renters

  • Find economical housing if possible.
  • Speak to your landlord about trading service in exchange for lower rent, i.e., caretaking, etc.
  • Find an apartment, building with a property manager position on offer. In many cases, the rental is free in exchange for your service.

For Homeowners

  • Keep an eye on utility fees and try to cut down wherever it’s possible, i.e., don’t waste water, keeping unused lights off, etc.
  • Think about renting out a room in your home to earn extra income.
  • Maintain your home to avoid costly repairs or upgrades along the line.

2.Avoid Debt If Possible

Accumulating debt means you’ll have to pay more every month to cover the interest. Try to avoid debt, and if you have incurred debt, make sure you pay it off as quickly as possible. Rather path your way towards financial freedom and possibly saving instead.

3.Consider A Retirement Village

It can be beneficial to consider retirement options, which means you can rent out your home or sell it and save the money or invest it instead. Many Virginia retirement homes offer you a safe environment where you can meet like-minded people, have access to medical care, and enjoy the security of being part of a community.

4.Buying Only What You Need

It happens all the time that we tend to waste money on doing impulse buys or engage in unnecessary expenditure. Plan a budget and stick to it. Make sure you buy only what is required and fight the temptation to splurge on things that are not needed. Commit to only buy necessities and instead built up the extra money in a savings account. For the medical side of things, there are ways you can, for example, get incontinence supplies at little to no cost.

5.Saving On Groceries

With careful planning, you can cut your grocery bill in half every month.There are many ways that you can save on groceries, for instance:

  • Organize your weekly meals and only buy what is required on the list.
  • Organize your weekly meal menu according to what is on sale at your local store.
  • Avoid spending money on frivolous food items like soda or chips. Your health will also benefit as a result of cutting down on unhealthy food items.
  • Steer clear from processed meals or snack foods and instead cook your meals from scratch.

Keeping a handle on your grocery expenditure, you can save bucks every month.

6.Automated Saving

This is one of the finest ways of saving more money, no matter your income bracket. By putting away a specific amount (no matter how insignificant) out of your pay checkand putting it towards a non-retirement or retirement savings account before even having the chance to spend it, you can start saving without having to put a lot of effort into it. With a tad ingenuity and willingness, it is possible, even if you have a low-income.

Laura Bartlett

Laura Bartlett

Northern girl Laura is the epitome of a true entrepreneur. Laura’s spirit for adventure and passion for people blaze through House of Coco. She founded House of Coco in 2014 and has grown it in to an internationally recognised brand whilst having a lot of fun along the way. Travel is in her DNA and she is a true visionary and a global citizen.