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Things to Consider When Budgeting on a Fixed Income

By: Inter Valley Health Plan






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.

Budgeting


Expenses:

1. Tithes/Offerings
2. Mortgage/Rent
3. Utilities (gas, electric, water, trash)
4. Cable
5. Phone
6. Internet
7. Insurance
8. Auto Payments
9. Credit Cards

Income:
1. Social Security
2. Pension
3. Investments

Three D’s:
1. Develop-mental frame of mind
2. Decision/thinking process
3. Determine-set goals/motivation/pay off debts

Baby 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:

Equifax, 1-800-685-1111
Fraud Hotline: 1-888-766-0008

Experian, 1-888-397-3742
Fraud Hotline: 1-888-397-3742

TransUnion, 1-800-916-8800
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

 





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