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Budgeting on a Fixed Income
By Charles Park on January 19, 2010

CC44-(1).jpgFluctuating gas prices and rising costs in everyday commodities such as groceries and prescription drugs have placed a steady burden especially on those individuals with fixed income. If you are living on a fixed income, it is essential to keep unnecessary expenses at a minimum. By adopting a budget plan and exercising smart buying habits, you can take control over your money.

In order to get started, you need to know exactly how much money is available on a timely basis. This depends on the nature of your income such as monthly basis, bi-weekly basis, etc. Once this is established, be sure that all mandatory expenses including rent or mortgage, prescription medications, utilities, food and insurance are covered before pursuing other expenditures.

Smart buying habits are habits that get the most out of your money. Instead of shopping whenever the need arises, plan trips ahead of time. Other tips for getting the most out of your money are:
  • Make your home more energy-efficient. For instance, purchasing energy efficient light bulbs can save you money in the long run. Also, consider improving home insulation to save on the heating bill.
  • Watch for sales at grocery or retail stores and consider cooking more and eating out less. Planning meals around seasonal goods is another cost-saving measure.
  • When using coupons, be sure that the transaction is a bargain.
  • If you have ample room for storage, consider buying some items in bulk.
  • Watch for price patterns in your local gas stations. Gas prices tend to be cheaper in the beginning of the week.
Establish an emergency fund. In case of an unexpected major expense from immediate medical attention and/or repairs, consistently set aside an amount from your monthly budget into a separate bank account.

An effective budget is a flexible one. Keep the parts that work for you and adjust the rest according to changes in your finances. Be sure to review your budget periodically.
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