I mentioned this in my Welcome message but hope to get a conversation going to learn how people save money while living on a fixed income.  I'm 64 years old and live in Michigan, work 35 hours a week right now and am lucky to be debt free.  I hope to retire in the next year or two and feel that my biggest challenge will be learning how to save extra money and if after a crisis may arise, how to rebuild my emergency fund.  I'm currently trying to set myself up with extra jobs such as house/pet sitting and some babysitting.  Any/all ideas and suggestions are welcome!  Thanks in advance!

Original Post

Thank Theodora.  I'll read this!  I discovered sinking funds while watching YouTube budgeting videos in the middle of the night!    I've set up a sinking funds spreadsheet and move a set amount from my checking to the SF account each payday.  Then on the spreadsheet I divide the amount between my items and the money is there when I need it!  I may have to make some big adjustments come social security time.  I'm determined to become even more frugal in the next year or so to be used to living on more, while discovering how to make some extra retirement income!

Thank you!

Jeanne Featherston posted:

I mentioned this in my Welcome message but hope to get a conversation going to learn how people save money while living on a fixed income.  I'm 64 years old and live in Michigan, work 35 hours a week right now and am lucky to be debt free.  I hope to retire in the next year or two and feel that my biggest challenge will be learning how to save extra money and if after a crisis may arise, how to rebuild my emergency fund.  I'm currently trying to set myself up with extra jobs such as house/pet sitting and some babysitting.  Any/all ideas and suggestions are welcome!  Thanks in advance!

Hi Jeanne;

Downsize, seek answers from Clark Howard and Dave Ramsey. Coupons.

Rich

Jeanne Featherston posted:

I mentioned this in my Welcome message but hope to get a conversation going to learn how people save money while living on a fixed income.  I'm 64 years old and live in Michigan, work 35 hours a week right now and am lucky to be debt free.  I hope to retire in the next year or two and feel that my biggest challenge will be learning how to save extra money and if after a crisis may arise, how to rebuild my emergency fund.  I'm currently trying to set myself up with extra jobs such as house/pet sitting and some babysitting.  Any/all ideas and suggestions are welcome!  Thanks in advance!

Hey Jeanne, I'm on a fixed income and it really comes down to you separating your needs from your wants. For instance some times, eating out is a want, not a need, even tho sometimes people disguise it as a need. When you can do that, then you can stretch your money far and really build your emergency fund. And also you may want to do this, when your wanting to buy something, ask your self, How many hours does it cost me to recoup the money I'm going to spend on this? And if it is alot and the money your going to spend, isnt much or it doesnt cost you much, then maybe itll be ok to get it, but always outweigh the cost of the item cas then, that way you will see if you can not only afford it, but does it fit in with what you think you can spend by the hours, itll take to recoup the money that your about to spend on the item. Something to think about. And also trying to follow a budget is really good as well. What helps me is, the cash envelope method, it really keeps me to my goals. And how do you do that. Easy, just mark any envelope with the amount money you want to spend on any given category and then when you get paid or you get your money from social security then put them in each envelope and only use what is in each one and when they're gone, then you don't spend anymore. It's really a eye opener when it comes to spending too much of that's your problem. Try it and of course there are u tube videos you can watch that are sure to help.

I have changed the way I treat myself. I no longer say 'No' to me. Instead, if I have an impulse to buy something, I say 'Yes' I can have it - if I want it. 

Then I put the item in my shopping cart, and continue shopping. While I 'have' the item, I think about what I already own that can do just as well, or the same function. I know that many products go on sale after a while. I think of other more necessary items that I could buy with the money that this item costs. I could put the 'saved' money towards things on my 'Wish List' of special purchases.

After Really thinking about buying  'splurge' item, I will put it back about 90 percent of the time. But, I didn't say 'No' to myself. And I feel happy with my choice.

 

 

 

 

Don't be afraid to ask for help. Community health centers often have resources and social workers to help guide you in the right direction. 211 can also guide you to help with bills and other services. There are state and federal programs many people qualify for. And Food stamps! Their offices also often have other resorces or know where to find help.

Arthur Mantzouris posted:
Jeanne Featherston posted:

I mentioned this in my Welcome message but hope to get a conversation going to learn how people save money while living on a fixed income.  I'm 64 years old and live in Michigan, work 35 hours a week right now and am lucky to be debt free.  I hope to retire in the next year or two and feel that my biggest challenge will be learning how to save extra money and if after a crisis may arise, how to rebuild my emergency fund.  I'm currently trying to set myself up with extra jobs such as house/pet sitting and some babysitting.  Any/all ideas and suggestions are welcome!  Thanks in advance!

Hey Jeanne, I'm on a fixed income and it really comes down to you separating your needs from your wants. For instance some times, eating out is a want, not a need, even tho sometimes people disguise it as a need. When you can do that, then you can stretch your money far and really build your emergency fund. And also you may want to do this, when your wanting to buy something, ask your self, How many hours does it cost me to recoup the money I'm going to spend on this? And if it is alot and the money your going to spend, isnt much or it doesnt cost you much, then maybe itll be ok to get it, but always outweigh the cost of the item cas then, that way you will see if you can not only afford it, but does it fit in with what you think you can spend by the hours, itll take to recoup the money that your about to spend on the item. Something to think about. And also trying to follow a budget is really good as well. What helps me is, the cash envelope method, it really keeps me to my goals. And how do you do that. Easy, just mark any envelope with the amount money you want to spend on any given category and then when you get paid or you get your money from social security then put them in each envelope and only use what is in each one and when they're gone, then you don't spend anymore. It's really a eye opener when it comes to spending too much of that's your problem. Try it and of course there are u tube videos you can watch that are sure to help.

Thanks.  I do already live on a zero-based budget and it REALLY works for me.   Hopefully my diligence and looking for extra side-income will keep me focused.

My husband and I are retired and live in Michigan also. We’ve been here and retired for 7 years. Several things I have found helpful are belonging to our town Senior Center, which often gives us free Panara bread a couple times a month, free Hallmark greeting cards, cheep vegetables from the community garden, classes and activities that keep us active. I also have joined many restaurant rewards programs and get free food, gas and market reward programs and I do lots of surveys on line that give rewards. One last but important thing to join is your town library. Ours offers all sort of discount tickets and passes for different places, free downloadable music, books and classes and even useful items like cameras, telescopes, metal detectors, etc.  

I've ben through your area-it is nice! I'm in Fenton and love it here. I actually went to a church camp in Chelsea when I was young-Judson Collins. What great memories!

Jeanne Featherston posted:

I mentioned this in my Welcome message but hope to get a conversation going to learn how people save money while living on a fixed income.  I'm 64 years old and live in Michigan, work 35 hours a week right now and am lucky to be debt free.  I hope to retire in the next year or two and feel that my biggest challenge will be learning how to save extra money and if after a crisis may arise, how to rebuild my emergency fund.  I'm currently trying to set myself up with extra jobs such as house/pet sitting and some babysitting.  Any/all ideas and suggestions are welcome!  Thanks in advance!

Jeanne. I'm on a fixed income which means I need to make smart desicions when I spend. You need to separate yr needs from yr wants. Like for instance, can I watch how you spend yr money on food? Food is always a big drain on anyone of our pockets, esp as the food in the store goes up. So there is a way to cut spending when it comes to that. Before you go to the store, look at what u have already in yr fridge or pantry or freezer and try if u can to make a list of items, that will be of the taste of food you like to eat, such as breakfast or lunch or dinner, and buy the items you need to go with what u already have in the fridge or freezer or pantry, so the ones you buy, that time, will go well with what u already have. And then make a list of those items so you only buy what's on the list and that way you can easily save up to 20 percent while still getting what u need to make some meals that will last you for however long u want them to last. That's one way to cut yr food spending while still getting what u need to make the food you buy last, while at the same time, you'll be eating healthy.

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