As a senior who is living on a fixed income, you are likely to understand the importance of practicing thrift. This doesn’t necessarily mean that you have to lower your standard of living. You can find a way to live within your means and still enjoy your twilight years. Have a look at these tips for senior folks living on a fixed income and find out how to make your money do the most for you.
Shop Wisely
Living on a fixed income makes it important for you to avoid making purchases that may not be worth your while. Take this a step further by ensuring that you can get the most use out of everything you buy. For instance, in the case of pharmaceutical creams, keep in mind that some only have preservatives and no active ingredients left by the time they’re a year old. That said, avoid buying too much more than you need, even if buying more means you get a wholesale price. If you won’t be able to use it, the money you spend on it will be as good as wasted.
Lower Your Property Taxes
Next. look for ways in which you can lower property taxes. One of these ways may be to plan your estate, something that a surprising number of people don’t do. Work with an expert and do your own research to find out how you can make savings. You may come across facts such as estates worth more than $10,860,000 for married couples and $5,430,000 for single individuals are subject to taxes. When you know such details, you could work with your attorney to find the best way to plan your estate and reap maximum benefits.
Stay Healthy
Your health is your biggest asset, probably more so in your golden years than at any other point in time. This is compounded by the fact that the cost of health care has been on an upward climb over the last few years and it shows no signs of slowing down. As such, stay active and eat a balanced and healthy meal. Try to quit habits that may be impacting your health, such as smoking and excessive consumption of alcohol. Remember to also keep your home clean as this can help you avoid infections like the flu. The infectivity rate for influenza when indoor humidity levels are 23% is between 70% and 77%. This rate decreases to between 14% and 22% when the humidity levels indoors are kept over 43%. This information can help you enjoy better health and avoid having to seek treatment.
Downsize
Finally, as a senior living on a fixed income, you most likely don’t have a number of expenses to your name. For instance, things like child care are probably not an issue for you, so you don’t need to live in a large house. That said, consider selling your large house and moving to a smaller dwelling. This could give you a tidy sum to add to any existing savings that you have. You can also sell any items around the house that you no longer need and get more money. Take advantage of senior discounts and also collect reward cards. Doing this can help you make more of your income while you live a comfortable life.
Try these tips and save money that you can put to some other use or simply save for a rainy day. With the different ways you can get the most out of what you have, it’s possible to enjoy your golden years a lot. Remember to keep the company of happy friends and family, as this is one of the most valuable things you could have in your life, regardless of your age.
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