Tips for Seniors Who Want to Enjoy Life on a Limited Income

“Tips for Seniors Who Want to Enjoy Life on a Limited Income”

Guest Post; Ms. Karen Weeks. Contact: karen@elderwellness.  www.elderwellness.net

Each year, inflation siphons around 2 percent from many seniors’ limited cash flows.
Consequently, living on a fixed income can appear to be a case of diminishing returns. With
each passing year; there seems to be less money to live on. If you are one of these seniors, the
following financial tips can help you overcome the drain of inflation on your limited income.
Making Painless Cuts
There may be some major financial arrangements that you are paying too much for. Medicare
coverage could be one of them. Because plans, costs, and coverages change on an annual
basis, keeping the same Medicare plan could be a costly oversight. Plus, several new health
insurance providers, like Mutual of Omaha, are offering lower-cost prescription-drug plans.
Staying abreast of these changes can result in a significant reduction in your monthly healthcare
premiums. If you have the Part D prescription drug plan or the Advantage Plan, open enrollment
gives you the option to switch plans between October 15 and December 7.

Another potential source of savings comes via your auto insurance coverage. Most people opt
for full coverage, which covers your losses in the event of an accident. However, all states only
require minimum coverage, and because of this, it is important to examine whether you need so
much protection. If full coverage is something you must have, by comparing prices and
gathering quotes from several providers, you could save hundreds of dollars a year.
If you have substantial equity in your home and plan on living there long term, refinancing your
mortgage could also help you save. By giving up some equity in your home, you can reduce
your mortgage payments. Keep in mind that if you go with this option, there are fees for an
appraisal and title insurance.
Losing a Few Habits and Gaining New Habits Help You Save
If you develop a side hustle, your limited income could become less limited. Trading your skills
for some extra cash can be a good way to pad your budget without infringing too much into your
retirement. One nice thing about a side hustle is you can work as few or as many hours as you
want. Some side hustle examples are babysitting your neighbor’s kids, clothes altering, tutoring,
dog walking, errand running, bookkeeping and selling baked goods. The list goes on. There are
internet sites, like Craigslist, that provide you with free or low-cost ways to advertise your
service or skill. Most online job listing sites contain side hustle-type opportunities.
Aside from its overall benefits, eating healthy foods can save you money in many different ways.
As you may know, poor eating habits can cause digestive, sleep, mood and energy problems. It
stands to reason that eating healthy will cut the costs of over-the-counter medications designed
to help these problems. Plus, drinking pure water from a filter tap is healthy and free, whereas
drinking sugary or salty beverages are unhealthy and costly.
By shopping at discount grocers, co-ops, and farmers markets, you can buy fresh vegetables,
fruits, and grains at a reasonable price. These foods deter overeating because they give you a
fuller feeling. As a result, you can lose weight and save money at the same time. Additionally,
most grocers will mark down the price of many fresh food items near their “sell-by” date. Keep in
mind that the sell-by date represents the last day that the food is at its peak freshness, flavor,
and consistency. However, these foods are usually good for about four days after that date.
As you can see, you can use a little due diligence and lifestyle modification to live comfortably
on a limited income. Inflation doesn’t have to be a spoiler for you. These suggestions are only a
few of the available opportunities and programs that can help you enjoy your golden years.

• inflation  — https://www.thebalance.com/u-s-inflation-rate-history-by-year-and-forecast-3306093
• Medicare  — https://www.kiplinger.com/article/insurance/T039-C000-S002-save-money-on-medicare.html
• prescription drug plan — https://www.riteaid.com/pharmacy/prescription-savings/medicare-part-d
• source of savings — https://www.nerdwallet.com/blog/insurance/car-insurance-basics/save-car-insurance/
• there are fees — https://www.redfin.com/definition/refinancing
• side hustle-type opportunities — https://www.entrepreneur.com/article/293954
• eating healthy – https://rootandrevel.com/save-money-eat-healthy-budget/
• farmers markets — https://www.thesilverlining.com/westbendcares/blog/7-reasons-why-you-should-visit-a-farmers-market
• “sell-by” date — https://lifehacker.com/what-do-these-expiration-dates-on-my-food-really-mean-5921708
• programs  — https://www.ncoa.org/economic-security/money-management/budgeting/you-gave-now-save-benefits-for-seniors/
• Unsplash – https://unsplash.com/photos/lhltMGdohc8