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Tips for Living on Fixed Income

Tips for Living on Fixed Income - Living on a fixed income is often associated with the retirement years. Others find themselves living on fixed incomes because of disability or the loss of a job. The financial situation requires careful planning and spending. Cutting back and using the income you have wisely is crucial.
Budget

Tips for Living on Fixed Income

A budget is the first step to living on a fixed income. Determine exactly how much money is coming in each month. Write a list of every bill and other expenses such as groceries and gas. Total the expenses list to determine how much is going out each month. This will tell you how much extra you have each month for savings or other extra expenses. Saving the money is a good idea in case you overspend one month or have an unexpected expense such as a large medical bill or car repair.
Document Spending

Documenting every penny that you spend for a few weeks to a month gives you a good idea of where your money is going. Most people overlook the small expenses, but a few dollars here and there adds up quickly. One too many meals out in a given month can put you over your spending limit for the month if you don't have much extra after all of your bills. Keep every receipt for the selected period as a record. Total how much you spend. If the amount is more than you thought, break it down to determine exactly where the money went. Use this exercise to find ways to cut back on spending.

Tips for Living on Fixed Income

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