Our Guest Post today is provided by Harry Cline at NewCareGiver.org. Visit his website titled The New Caregiver’s Comprehensive Resource: Advice, Tips, and Solutions from Around the Web for more great senior care information.
As a retired Senior myself, this information from Mr. Cline is important as it highlights several things we can do to increase our disposable income each month so that we can do the things we want to do in our Golden Years.
While some people say retirement is a time to slow down, we know how important it is for seniors to stay active and engaged. Seeing friends, enjoying hobbies, traveling — retirement is the perfect time to do more of what you love. Unfortunately, it’s all too common for seniors to worry about money, and that worry may even keep you from doing the activities you enjoy most. The good news is that you can get on better financial footing by making just a few simple changes — leaving you with more money and less worry.
Set a Smart Budget
If you don’t yet have a budget, the first thing you should do is create one. An easy option is to print a budget template or consider using an online budgeting app. The great thing about budgeting apps is that they do a lot of the work for you, plus they work hand in hand with automated banking, which makes your life easier.
In fact, the blog Better Money Habits from Bank of America recommends that seniors simplify their financial tasks, including setting up a direct deposit and automatic bill payments. Even if you need some help getting started, once you get used to online budgeting and banking, you’ll appreciate how much easier it is to keep track of where your money goes.
Add to Your Income
Getting a clear picture of how much money you have coming in and going out is a good first step. If you look at those numbers and decide that your income could use a boost, consider getting a part-time job. The great thing about working in retirement is that it doesn’t have to feel like an obligation. As Secrets of Aging explains, the perfect retirement job can be consulting, tax preparing, or dog walking, depending on your experience.
The ultimate goal is to find work that’s fulfilling, along with the flexibility to set your own schedule. If this sounds like what you’re looking for, you may want to consider freelance work. Freelancing allows you to find jobs that fit your skill level and interests; plus, you’re in the driver’s seat when it comes to the projects you choose. Think about the skills you have and how they can be put to use in this role. For example, if you have experience writing, try working as a ghostwriter.
Consider Starting a Business
If you’re looking for other ways to boost your income, why not become an entrepreneur? It’s an opportunity to ease your budget, and it’s a flexible way to fill your piggy bank and your hours.
Offer something you enjoy doing. Handyman skills, bookkeeping, pet sitting or housekeeping are a few popular services. Another option is to sell a product. Maybe you love refurbishing old motorcycles or you bake amazing scones.
There are limitless possibilities, but whatever you choose, lay the right foundation. This starts with your business structure. Entrepreneurs often like the security an LLC (limited liability company) provides, plus it’s easy to apply for an Arizona LLC registration via an online service. Also, consider building a website. This is simpler than it sounds, thanks to intuitive website builders. Lastly, consider marketing your venture, which social media makes easy. You’ll be up and running in about a day, and then you can loosen those purse strings!
Focus on Fixed Expenses
Along with bringing in more money, the other obvious solution is to spend less. We tend to think of major expenses like housing and healthcare as fixed, but you may be able to lower these expenses, even if you can’t do away with them altogether. If you own a home, you may want to downsize to a smaller house or even move to a more affordable area. Or, if you’re living on your own, consider renting out an extra bedroom. Having a roommate is an easy way to lower your housing costs, and sharing your home with a friend helps seniors avoid loneliness and isolation.
Spend Less on Extras
If you worry that cutting costs means you have to cut the fun stuff, think again! There are countless ways you can keep the fun in life while spending less. For example, you can spend a little time each year negotiating bills. With just a little effort on your part, you can save thousands by lowering everything from cable and cell service charges to getting interest rates reduced. Seniors are also eligible for all kinds of benefits and discounts.
The reality is that saving money doesn’t mean you have to miss out. There are opportunities to save everywhere you look: you just have to be willing to find them. Retirement truly is the time to live your best life without letting worry about money drag you down.
For more advice on thriving in your golden years, including tips and techniques on looking and feeling younger, visit Secrets of Aging.
Photo credit: Pexels
Leave a Reply