Good Lifestyle

Living on a fixed income can be a difficult balance. After all, you probably have all the same expenses you have always made, but you can now have fewer resources to cover them. However, experts say that being with fixed income should not necessarily mean feeling private. There are still means of to save money For the future, and to make sure you have a safety net if you need it.

You don't know where to start? No problem. We talked about a range of financial experts to glean the best money economy advice for fixed income. Read more to hear their best financial advice so that you can start saving today.

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Before defining any other savings strategy, experts recommend reviewing your current spending habits to see where your money is going. By identifying the areas where you can pay too much, you can reduce the things you no longer need and redirect this money to savings.

"Often, we have things that occupy parts of our budget that we may not even be aware or need," explains Andy Kalmon , CEO of Benny . "I most often see it with things like subscription services - I am always subscribed to Apple TV even if Prehistoric planet finished broadcasting months ago! On a fixed income, it is even more important to eliminate these things from your budget where you can. ""

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A fixed income requires a fixed budget, says Andrew Lokenauth , an expert in finance and founder of The finance newsletter . Once you have done your self-audit to see how long you spend on things like accommodation, food, transport and entertainment, you can work to lower and regulate your expenses in each category. AE0FCC31AE342FD3A1346EBB1F342FCB

"This is the most important advice for all those who want to save money, whatever their income," explains Lokenauth Better life . "A budget will help you follow your expenses and see where your money is going. Once you know where your money is going, you can start making changes to save more."

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Whatever your income, one of the best ways to save money is to automate your contributions, according to experts. By creating a transfer of bihebdomedary or monthly in your savings account, you can make sure that you do not spend this money without concern.

According to the group of investment advisor Avant-garde , most financial experts agree that you should have at least three to six months of subsistence costs canceled in an emergency fund. Calculate this number when you make your self-audit and define it as your goal.

If you have the impression that your grocery bill is higher than usual, you are not alone - food costs have recently climbed due to inflation. Experts say that you can compensate for these costs up using coupons, store savings applications and promotional calendars to plan your purchases.

"I highly recommend that those who seek to save money on a fixed income are starting to shop on offers and promotions," said Carter Seuthe , CEO of Consolidation of the credit summit . "This is particularly applicable to grocery store, where certain essential elements can be offered at lower prices depending on where you shop."

Melissa Cid , a consumer savings expert and the site director for MYSAVINGS.COM , says that using coupons is now easier than ever.

"Almost all grocery stores and pharmacies now have digital coupons on their applications that you can cut and chat with your phone. There are even discount applications like Ibotta, Fetch, and Rakuten This will reimburse you for money for your online and store purchases, "she says.

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Selling items you no longer need is another excellent way to save money on a fixed income - and this will also help you unclog your home.

"Everyone has things that they hang out they don't need or do not use," said Cid. "Instead of taking up space in your home, transform your unwanted items into cash. Your old mobile phone, furniture, clothing, kitchen gadgets, spare computer, even a TV! , Nextdoor and Craigslist are free your items. "

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Entertainment costs can quickly add up. If you start to have the impression that it requires money just to leave your home, Lokenauth recommends adopting free and low -cost activities to limit costs and make more space for savings on your fixed income .

"There are a lot of things you can do to entertain yourself without spending money. Make walks in the park, visit the library or enjoy free museum days. You can also find free or low -cost activities online or in your local community, ”explains Lokenauth.

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Even if you have a car, the use of public transport if possible can help you reduce expenses, says Alec Kellzi , CPA, financial and accounting expert in Online IRS extension .

"The use of public transport or carpooling reduces the fuel and maintenance costs associated with the possession of a car," explains Kellzi Better life . "Public transport passes are often cheaper than combined cost of fuel, parking and vehicle maintenance. Carpooling also allows you to share these expenses with others."

If you are on a fixed income because You have retired , you can have an additional time in your hands - and this can be financially precious, say the experts.

"Identify the skills you can exchange with friends or neighbors. Crossing your expertise in cooking or gardening for services such as pets, tutoring or handy work. This approach helps you save 'Money and to build a stronger community network, "explains Kellzi.

Jeff hands , CEO of Champion leadership group , says that beyond the barter, you can also save money by sharing certain expenses with others.

"Cooperative grocery store, carpooling and even community gardening can considerably reduce daily costs while promoting a feeling of community," he recommends. "Sharing subscription services or tools with neighbors can also lead to substantial savings."

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If you have more space than you need, hands recommend you Consider reducing the workforce to a smaller and more economical space.

"The move in a smaller house or a more affordable location can considerably reduce your expenses, including mortgage payments, land taxes and maintenance costs," he explains. "This releases a substantial part of your savings for other purposes, such as emergency funds or leisure activities.

If you are not ready to make this jump, another option is to rent your spare space to generate additional money.

"If you have a spare room, a garage or a parking space, rent it for an additional income. Additional income generated by rental supplements, compensate for expenses such as mortgage payments or public service bills , and reduces financial pressure during unexpected costs, "said Kellzi.

An advantage of being on a fixed income is that a unique discussion with a financial advisor will apply to a foreseeable future. Consultation with an expert in tax opportunities and investment specially intended for those with fixed income can help you set up for years of financial success.

"There are certain deductions and tax credits available for fixed income people. Understanding and maximizing these can help put more money back in your pocket and leave more savings," said Sandi Huynen , a financial expert for Winnipeg mortgage broker .

Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.