I just joined this community. I am in need of putting some money away for mostly medical copays and other expenses. I am on disability and work a part time job that I enjoy but the pay is not enough to meet my monthly bills or copays. I am 63 and full of life and I also would like to enjoy my life by going on a small mini vacation sometime, but I am not able to. What are some tips that you can share with me on how to save… I already am in my pt jobs 401K however my income is low so I can’t really contribute but thats all I do to save. I need some help…
Thanks in advance
Hi Linda, welcome to the community.
Do you have any specific skills, passions or hobbies that you could possibly turn into a side hustle?
Without knowing your income and expenses, the best I can tell you is let’s say you have $1500.00 income. Usually, I would tell someone to have 10% or $150.00 direct deposited to a high-yield savings account so that they never touch it and budget off the rest of their money. However, since that sounds like 10% might be too high, play with the numbers 5%, 2.5%. Even if all you can do is 1% $15.00, squirrel that away. You would be surprised how quickly it adds up. Do you get SNAP to help cover your food costs? If not, apply for that since you’re on disability and get to a food pantry at least once a month if you can to help offset the cost of food.
There are many online hustles that can generate a little money if you do the follow thru. google mystery shopping, paid surveys or follow the class action lawsuits. I just got a $95 check from Hearst magazines because they kept rebilling me without notice! who knew?
Are you receiving all the services you are able to based on your disability? I would take a good look at that first- sign up or get on wait lists for housing assistance, fuel/heat assistance if you live somewhere you need that, medical assistance, food, etc etc.
Review your budget and see where your money is going and what can be cut out and what should be prioritized. Also consider opening a no-fee savings and put $5 in it with every paycheck. When you do this for awhile, you can increase it. Do you get a COLA in Jan with disability? If yes, then you can take whatever that is and put it in savings each month. Small amounts will add up, and may even lead to saving bigger amounts.