Living on a Fixed Income

Living comfortably within your means can be accomplished by being smart with your resources. This guide is about living on a fixed income.

Ad
Hand Holding $100 Bill

Question: Living on a Fixed Income

By victoria walker 1

I am in financial crisis. After I am out this situation, how do I budget my fixed income so that every need is met?

By Victoria from Portsmouth, VA

AnswerWas this helpful? Yes

Ad

Most Recent Answer

By Lelia Jo Cordell 51 1,936 Flag

September 3, 2010

I've been living on an essentially fixed income for 7+ years now. First I started finding creative ways to cut back on expenses. (For example, I reduced our auto coverage from full to liability because we can get our car fixed for pennies compared to the insurance carrier's recommended auto shop.) Then I found a part-time job I can do from home to supplement my income. It isn't a lot, but the little bit I make helps. Now that hubby is getting a glimmer of how tough it is to make ends meet and that I physically can't handle a 2nd job, he's agreed to cut back on borrowing. (Finally!)

One thing I do is, when any money arrives in my checking account, I shift it straight to savings until I actually need to spend it. It may earn me less than $1 a month, but when you're as poor as we are, pennies count. Speaking of pennies, I collect those, too. When my little penny bank gets full, I take it to my credit union's CoinStar machine. Those pennies have helped us get by until payday more than once.

Do try very hard to stay away from payday lenders. It's a vicious cycle and nearly impossible to escape. Keep a close eye on your checking balance and avoid insufficient-funds charges. That alone will save you quite a bit, as will paying all your bills on time. Late fees are awful, and they sure don't help your credit score!

ReplyWas this helpful? Yes


Categories
Budget & Finance AdviceNovember 20, 2012
More to Explore
ThriftyFun on Facebook ThriftyFun on Pinterest Enter a Contest Free Newsletters Ask a Question Share a Post
Related Guides
older blind woman sitting on a bench
Receiving Supplemental Security Income (SSI)
A young girl holding a gift.
Saving Money on Gifts for Grandchildren
Low Income Senior Applying for Grant
Grants for Low Income Seniors
Single Income Mom
Single Income Living
© 1997-2016 by Cumuli, Inc. All Rights Reserved. Published by . Page generated on February 8, 2016 at 11:18:08 AM on 10.0.2.55 in 1 seconds. Use of this web site constitutes acceptance of ThriftyFun's Disclaimer and Privacy Policy. If you have any problems or suggestions feel free to Contact Us.
 
Site MenuShare a PostContestsAsk a QuestionAbout ThriftyFun
BrowseAll By DateAll GuidesAll QuestionsAll VideosRecent FeedbackLonely Questions
CategoriesBetter LivingBudget & FinanceBusiness & LegalConsumer AdviceCraftsEducationEntertainmentFood & RecipesGarage SalesHealth & BeautyHolidays & PartiesHome & GardenMake Your OwnOrganizingParentingPetsTravel & RecreationWeddings