Millions of Americans live on a fixed or mostly fixed income from sources such as Social Security, Supplemental Security Income (SSI), pensions or retirement savings. While this provides a steady source of income, it also requires managing expenses carefully to ensure financial security.
With the right tools and strategies, you can stretch your income further while maintaining stability and peace of mind. Here are some important things to keep in mind.
Know Where Every Dollar Goes (And Look for Opportunities)
A strong financial foundation starts with understanding exactly where your money goes. That begins with creating a budget. Start by listing all sources of income: Social Security, pensions, part-time work. Then categorize your spending into essentials like housing, food and health care and discretionary expenses like entertainment.
Consider using one of the AARP’s budgeting tools to track income and expenses easily. This will give you a clear picture of your financial situation and help identify areas where you can adjust.
When reviewing your finances, think outside the box for opportunities. For example, if you don’t drive often, selling a second vehicle could provide extra income. Insurance rates change frequently, so take this time to compare providers for auto, home, renters and health insurance. Small changes can lead to significant savings.
Determine Eligibility for Financial Assistance Programs
There are many assistance programs available to help with everyday expenses like food, health care, utilities and more. The key is knowing where to look.
BenefitsCheckUp, a free tool from the National Council on Aging, connects individuals with financial assistance programs, including:
SNAP (Supplemental Nutrition Assistance Program): Provides grocery funds via an Electronic Benefits Transfer (EBT) card, which can be used just like a prepaid debit card.
Extra Help (from Social Security): Assists in covering Medicare Part D costs.
Transportation Assistance: Many counties offer services to help individuals get to medical appointments, grocery stores and other essential locations.
Lifeline Assistance: A federal program that provides discounted phone or internet service for qualifying low-income households.
Review Other Resources in Your Area
Services like 211 from the United Way are available and can put you in contact with resources for caregiving, mental health and more. Additionally, community-based organizations, such as BEAM in Jacksonville Beach, serve individuals in specific zip codes and counties. You can even check with agencies such as JEA to learn more about resources they offer to help seniors save money. Checking with local nonprofits and government agencies can help uncover additional financial assistance opportunities.
Join Financial Support Communities
Connecting with others in similar financial situations can provide encouragement, fresh ideas and helpful resources. A great place to start is your local government’s website, where you can find Community and Senior Centers, such as:
Online communities can also be a great resource but remember to be cautious when sharing personal information.
Small Changes Add Up
By using the right tools, connecting with supportive communities and taking advantage of financial programs, you can create a budget that feels empowering rather than limiting.