HOW TO SAVE MONEY ON A FIXED INCOME

Getting the most out of your retirement years requires careful planning, from learning how to stay active to managing financial assets. Perhaps the greatest challenge for the residents of our senior living center in Everett, Washington involves learning how to save money while living on a fixed income. Whether you live off a retirement savings plan or earn interest from one or more investments, you have to account for many financial factors. One of the most important financial factors to consider is the ravages done to a bank account by inflation.

Let’s discover how the residents of our assisted living facility in Arlington can save money on a fixed income.

Stick to a Monthly Budget

Not all budgets are created equal, but the key is to create a monthly budget and then stick with it. Develop a realistic budget that accounts for recurring expenses such as car payments and utility bills. After factoring in regular monthly costs, make sure to add one-time expenses that might include a graduation gift for a grandchild or a down payment on an organized vacation tour.

You cannot expect to achieve your financial goals unless you devise a game plan that demonstrates how you should get there.

Become a Master of Discounts

Becoming a master of discounts is not about cutting every available coupon from the daily newspaper. It is about taking advantage of group discounts, such as the ones offered to seniors and military personnel. Another savvy strategy to take involves buying products in bulk in cases when businesses offer discounts for large purchases. This strategy is especially effective when buying certain types of groceries like canned goods. 

If you go the coupon route, look for online coupons that are usually more generous than the discount coupons cut out of magazines and newspapers.

Make Cash the King of Finances

Why do businesses love it when customers pay for products and services by using credit cards? The answer is credit card purchases are much higher in value than the value of purchases made with cash. For residents of our assisted living facility in Lynnwood, paying for products and services with cash helps them avoid overspending and buying products they do not need. It eliminates impulse purchases because you spend only on what you can afford.

Another benefit of making cash the king of finances is that it takes less time to process a cash transaction than the time it takes to process a credit card transaction.

Be Energy Mindful

One of the most influential factors that impact the rate of inflation concerns energy costs. As you are well aware, energy costs have recently skyrocketed, which has placed a tremendous financial burden on people living on fixed incomes. By paying attention to how much energy you consume, you can ease the financial tension caused by increasing energy costs. Make sure to turn off every light when you leave home, as well as unplug energy-consuming appliances and electronics.

You also should consider getting on a fixed-rate plan for paying utility bills.If you are searching for a senior living center in Everett, WA, we encourage you to take a close look at MorningStar at Silver Lake. Living at an assisted living facility in Arlington helps you manage expenses while living on a fixed income. Everything from meals to utilities is built into one convenient monthly payment.