Over 23 million Americans who are 60 years old or older are economically insecure- living at or below 250% of the federal poverty level. One-third of senior households either has no money left over each month or is in debt after paying fundamental expenses. If you are one of the many whom live on a budget there are a lot of factors to think about for instance your expenses and income, and steps to take to handle your finances. Below is a budgeting outline to use as your guide.
3. Utilities (gas, electric, water, trash)
8. Auto Payments
9. Credit CardsIncome:
1. Social Security
3. InvestmentsThree D’s:
1. Develop-mental frame of mind
2. Decision/thinking process
3. Determine-set goals/motivation/pay off debtsBaby Steps:
1. Pay off the lowest payment first/tackle the next one
2. Treat yourself when bill is paid-off
3. Work to earn extra money to pay off bills
4. Organize*Rule of Thumb is to always save 10% of your earnings to avoid future debt.
The three major national credit bureaus are:
Fraud Hotline: 1-888-766-0008
Fraud Hotline: 1-888-397-3742
Fraud Hotline: 1-800-680-7289
Request your free credit report by calling 1-877-322-8228 Tips:
- Make extra money by saving change in a jar, recycle, and garage sales, baby sitting, sell jewelry/antiques/old jeans, etc.
- Organize with a bill box, stamps, return address labels, small/large envelopes. Use a different envelope for grocery, bills, misc. Use supplies such as rubber bands, highlighters, calculator, note pad, paper clips, etc.
Source: NCOA & Institute on Assets and Social Policy
Article From Inter Valley Health Plan