Thriving and Surviving on a Fixed Income

ADDED NOTE

*****
This video about living on fixed budget that got a lot of response. I was trying to think of a way to share specific things women could do in retirement to make money and suddenly remembered I had recorded a video last year based on an article we wrote years ago. 60 Creative Ways to Make Money. Hopefully this might help.

Please check all the information because it may be a little out of date - but a good place to get some inspiration!!

This video tackles a crucial issue faced by many: thriving and surviving on a fixed income, a reality for numerous women over 60 in the US. We explore practical, actionable strategies that can make a significant difference in managing finances effectively. From budgeting tips to smart saving hacks, this guide is packed with valuable advice tailored for those navigating the complexities of a fixed income.

I also highlight the depth and seriousness of financial challenges in today's economic landscape, offering insights and solutions that empower and inspire. Join me in exploring ways to not just survive, but thrive, despite financial constraints.

#FixedIncomeSolutions
#FinancialEmpowerment
#BudgetingTips
#SeniorFinancialHealth
#economicresilience

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[susanclancy-kelly]

Retirement and living on a fixed income has been an adjustment for me, for sure. Budgeting, tracking spending. Making small changes such as brewing my own coffee, bringing a homemade lunch when going out for the day. Sell clothes I don't need to a consignment store. As someone who used to love clothes shopping, I now only replace clothes as they wear out. Buy used rather than new clothes - I buy mostly from local thrift stores. Changed my diet - we eat very little meat, more vegetables, beans, tofu etc. Shop around for cheapest food. Above all, don't compare yourself to others - you don't really know their situation.

[janetstonerook]

I am in my 70s and doing intermittent fasting (for weight loss and health reasons). But it has helped me realize that getting healthier and ridding my diet of prepackaged and snack foods makes for a tremendous financial savings. My food costs are about half of what they were previously!
I still buy a ready made treat occasionally but it's much healthier to make my own at home. My point is that it doesn't have to be deprivation. I've lost 27 lbs in 4 months and am halfway to my weight loss goal, am healthier and am saving a lot of money at the same time! When we educate ourselves about the food industry's "sins" and begin reading content labels, we might find ways to feel stronger, more alert and energetic, and save money! Win-win!❤😊👍

[patti.j]

Very good video and I am one of those seniors. I was living independently on my own and I incurred over $12, 000 in dental services which really put me in a bind. As much as I didn’t want to I had to ask my son for help. He allowed me to move out of my apartment and move into his house so I can pay down my debt and also save some money. Thank god for him. So I do understand the struggle.😣

[peggyduncanbaggenstoss]

For years I have been using Castile liquid and bar soap, coconut oil, baking soda, vinegar, and other natural ingredients for healing, cleaning.
Liquid Castile soap can be used as shampoo, body wash, dish wash liquid, hand wash lingerie and clothes.
I make my laundry detergent…a 5 gallon container costs less than $5.00 and will last me about one year. I do three loads of laundry a week.
I mix coconut oil and baking soda to use for underarm deodorant, coconut oil is only face and body moisturizer I’ve used in about 25 years.
I only eat out once a week or less. Socializing with others is awesome for the mental health so I budget for it at least 4 times a month.
As you mentioned, a budget is necessary… I started that habit in 1985.

I live alone on less than $1700.00 a month in the best housing I’ve ever had in my 70 years of living.

Thanks for sharing this much needed information for many retired ladies.

Hugs from Arkansas USA 🇺🇸

[marnasorensen]

It grieves me that we, who worked and contributed throughout the years when most of our personal and financial resources were expended on others, should be doing without so much. Nothing fancy, just treats like coffee, a comfortably warm home...something is very wrong here.

[lindat]

I cook most of my meals, and probably eat out 2-4 times per month. Started stocking my pantry for the past 2 years, and that’s been a blessing with rising grocery costs. Our senior center participates in no spend months where you’re only paying rent/mortgage, utilities and gas - no eating out for those months. While it was difficult at first when you have a stocked food supply it becomes easier. Seniors choose which months to participate, and the average is 3-4 times per year. Those months without weekly grocery shopping help pay for yearly car insurance, and other expenses that are not monthly.

Most of my friends are either a widow like myself or divorced, and we take small budget trips. Generally stay at an air bnb and split the cost by number of travelers, cook most of our meals, and have one nice dinner. If one friend is short on the travel budget we all pitch in to make up for the difference. Our community has lots of beautiful parks and free events that we take advantage of, and on park days we each bring food for lunch. Twice a month we have movie nights and alternate homes. While we don’t have everything we want, we certainly have what we need and feel blessed 😇 Here in the U.S. it’s challenging to live on social security with inflation, but as a group working together we manage to have a good life.

[buckeyedav]

I have just started this journey after losing my husband of 37 years who worked up till 3 months before he died. I am on a fixed social security income but a Big Thing is we have been frugal most of our life's so maybe not as much of a challenge as some. My home is paid off, my 5 year old car is paid off. I live in a small house 672 sq feet and am mindful of my utility use. I do have a budget set up a certain amount is allotted for groceries, another for my savings account and another from money left over from his life insurance policy. I took some of that money and prepaid for my burial expenses so I don't have to pay for a life insurance policy it's done down to the very last detail. Things I do is buy dry beans and "Can" them up, it's much cheaper to Can your own versus buying in the store but even buying cans of beans will still save you money versus eating out and healthier. Tonight was Tostada Corn Shells with lettuce, a container of chili I made and froze the extra's with shredded cheese ( I shred from a bar of cheese versus buying it premade). I used tomatoes I grew and canned last summer over the top with sour cream. Learning to Cook in Batches and freezing or canning the leftovers is a savings. I drink a lot of lemon water if you don't like that you could add sugar and make it lemonade. I use my library a lot for books and DVD's. Socialization.. I go once a week to my sister's house and we have lunch at her house and watch a rented or sometimes free movie together ( her adult children still live at home and have streaming, netflix, etc which is on their main tv. Lunch is alot of times left overs her husband Batch Cooks. I have 2 friends my age that live in my neighborhood we go out to lunch together a couple times a month and pick on the menu at a country restaurant the same thing most of the time $11.00 for a meal and then of course we always tip our waitress for about $20.00 for me with the tip. In the spring/summer/fall we usually hang out on one of their porches and just have coffee together and catch up on what all the kids are up to. For us, simple things are enjoyable. We sometimes go to antique or vintage stores or thrift store hunts. They both have grandchildren or great grandchildren so we also have a lot of birthday parties together for the kids which is always a good time as we catch up with our bigger Circle and enjoy the kids. Staying socially active is important for our health and spirit. I also have 5 dogs and use a Senior organization that helps me with low cost yearly shots and nail trims. I put in my savings budget money for doctor wellness check up's yearly, their flea prevention and heartworm prevention meds. That is one important thing: We all have yearly expenses Property Taxes, Accountant Fee's, Insurance for home and auto, health insurance ( mine is monthly not Medicare yet), Water bills that come out every 3 months, AAA insurance.. I take that total and divide it out by 12 and that is what I keep in a seperate account and keep adding to it so I am not scrambling trying to come up with a expense I forgot about. I know this is long and your eyes are probably glazed over but it is working for me. And I try to not waste food I still cook like I would have when my husband was alive but freeze in single portions so when I am hungry and don't feel like cooking I just grab a meal out of the deep freezer. I watch a lot of you tubes on meals on a budget to keep inspired. Anna In Ohio

[mjrdedhed]

I did the math and realized that it was more cost effective for me to downsize and rent. The cost of owning my home, with taxes, insurance, HOA, repairs etc., far outweighed what I now pay for rent.
I also have the flexibility to move to a cheaper location if needed.

[venitanudd]

My daughter and son-in-law invited us to live with them. They have a large home and two active teens who I love to be with. We pay them so much a month to help with utilities.

[kathyabeauty]

After my divorce in 2019, I had to start over at 63. I started collecting social security payments early at 64, but have to work part time to pay bills, probably forever. In usa, you cannot earn more than $21K or they hold social security payments back until you turn 70! I get $1200 a month, but my rent is $1000 and I have electricity bill, car payments, insurance, internet and a phone bill each month. This is not including food and gas (petrol) for my living. I never planned for this and Im pretty scared. I used 4 credit cards to their maximum and now am paying them off.
I lived for the day as a younger person, with a husbands 2nd income, I had no worries. Now at 66, Im alone and paycheck to paycheck. You hit it on the head. Id love to retire, but that is not possible right now. Its something I am sure others are going thru also.Thanks Margaret for addressing this.
I buy clothes from thrift shops, make my own coffee, prepare meals and freeze portions for later use, dont eat a lot of meat, and most importantly... stay positive.

[BethanyWenger-fm]

In Illinois we were paying $4000 per year in property tax. We decided when we retired to move to a state with low property tax. So, we moved to Alabama. We save $3, 600 per year just in property tax. Money that would go out and we could never recoup. It was scary moving away from family and friends, but we did the right thing. No severe winter weather to deal with. We take day trips to explore the deep south and enjoy doing that. We would not have been able to afford that freedom if we would have stayed in Illinois. No regrets! We did the right thing.

[jeannekrenk]

I started “small” by getting rid of Cable TV, did away with my newspaper subscription as well as the house phone/only cell now … as my magazine subscriptions ran out, I didn’t renew them … love using our Public Library … I do want to keep my Internet; it provides me with news and a connection with the world etc…I eat out very little; save that for a very special occasion or maybe a special treat. I enjoy so many “free” forms of entertainment that our community provides … it’s a total change of your mindset and how you view things; start “small” a little at a time and make progress from there … I have more ways that I can save money and make more progress; it just takes changing that mindset. Love reading all of your comments; so very helpful! Thank you for your great videos, Margaret!

[christopherhennessey]

I’m a retired, RN and I’m fortunate enough to have a pension as well as my Social Security benefits.
I became virtually debt-free at the end of 2021 and continue to keep debt to a minimum.

[rubydarlene]

Single since standing back issues...now 68 and making it on SS and some marriage reward retirement....just enough to not qualify for additional the expat living but landed back in my home state a few years ago....living month to month but a huge key for me is being happy...finding the peace in the midst of it all...and I make my budget fun, like a game to met my needs...in other words, except the challenges with grace...and lastly downsizing with all aspects of life is a beautiful thang. Thanks to all who shared their stories...what a time we live in...:)

[janemoore]

Hi there, can I start by saying what a lovely human being you are and I want to thank you for your caring attitude and sincerity.
I live in the UK with my lovely dog Poppy. I am 71years of age and have been retired from the NHS for just over 10 years and I have a small works pension plus an even smaller state pension and I have a mortgage which will end when I reach 80 years of age.
Thank goodness I have always been frugal and although I like nice things I am in no way materialistic.
I have done what you suggested jotting down money coming in and money going out and thank goodness the outgoings are a little less than my income and I endeavour to save as much of this as I can for unexpected emergencies or little treats now and then. I review this budget regularly as sometimes I think I no longer wish to subscribe to whatever it may, magazines, newspapers etc.
I only have myself to cook for so I always cook more than I need and pop what is left from my meal in the freezer so I always have a meal to fall back on if money is a little bit tight one month.
I don’t go into town very much because I don’t want to be tempted into buying things I cannot afford.
Once a month I do a food and household shop online which stops me being tempted by offers in the supermarket.
I haven’t had a holiday for several years now and would very much like to go somewhere different and interesting but I have to accept that this is not possible at the moment because I cannot afford it, acceptance is a good word don’t you think?
I try to remember to count my blessings, I live in a nice little village and my health is an issue but I am so lucky we have access to free treatment and medicines on the NHS, how long this will continue who knows.
I look forward to your videos and emails, thank you so much for them. Kind regards Jane

[seacrow]

In my neighborhood we have a "Buy Nothing" group online where members post items they have to give free to other members of the group. It can be furniture, food, clothing, plants, etc. Members can also ask if anyone has something they need. Our town also has several free food boxes (similar to little free libraries) where unneeded canned goods, new toiletries, etc. can be accessed by anyone.

[mkbrown]

I'm caring for my 95 year old dad with alzheimers. I live on social security. My dad's care is expensive and his assets are running out. It's very scary. I'm definitely financial insecure. Thanks for this video.

[sjordan]

Such an important topic, Margaret.! Living frugally, is the only way to go. Personally, I adopted a frugal lifestyle many moons ago as a child living in England. Both my parents survived and thrived during two World Wars, and what they didn't know about 'stretching pennies' is nobody's business. I am so thankful I have prepped for self, pets and adult family. If I had not, there is no way, I would be able to manage now days. There is also some kind of unexpected expense that rears its ugly head, and makes one scramble to juggle and rejuggle one's budget. Yesterday, I went to the Dental School in Seattle. Worth the cost of driving and parking. All day parking cost $19.50. My appointment lasted the entire day, from 9.30 am to 5pm. Takes a lot longer to have treatment done by a student and Attending Dentist, but my savings will be 30-40% over a private dental office where I live. Even to do this, I use a Care Credit card, so that I can pay for treatment without having to pay interest. Even so, a gold bridge will be over $2000.00. I pay for quality, because it lasts a lifetime and is worth it.

Sometimes, I think about moving, but, even that is not feasible, because I cannot afford to, and family is already a three hour drive away, as it is. Possibly, I could save for an RV large enough to live and travel in, but that would be down the road from now. Excuse the pun!

Having pets, brings great joy, and I am unwilling to give them up, as all were rescues. Sometimes, the idea of having a room-mate comes with its own problems, if the person is not compatible, does not share a similar lifestyle, and is not careful in their use of utilities or care of property. I am working on sorting my treasures, and selling my stash of books and other items. I plan to grow fruits and veggies in the garden, and make a DIY hydroponic set up to grow tomatoes. I also bought grow lights, so it could also be used in the garage. I pick wild blackberries during the season. So, other than very few things such as car expenses, for my elderly Toyota, vet bills, and a rare Beauty School hair- do, everything comes either from discount grocery stores and Thrift Stores, or Yard Sales. I live like a queen, but doing so is becoming more and more difficult, no matter how creative one is. I live simply and make use of free community entertainment, go on picnics and ferry rides. I take care of possessions and never waste anything. And, have soap making items, for personal use and make for gifts. I buy material and notions at thrift stores to sew dresses and other items for my grand-daughter, and a little girl my daughter and I sponsor. A form of tithing, that some consider a brings abundance.

Instead of taking vacations, I have a vintage RV, to use for occasional overnight local trips and visiting family, and hopefully one day, National and State Parks. It is very economical, 4 cylinder Toyota, small and compact so gets 16miles to the gallon, insurance is less than $300.00 for the entire year. Local Museum offers exhibitions, events and various talks/classes. I also volunteer at a Humane Society Thrift Store occasionally. And, I often meet new people at one of many beautiful parks our town is blessed with. Being vegetarian. Plain and simple is how I live, thankfully, all Medical expenses are taken care of by insurance and/or plans of various hospitals which write off the difference if one's income is limited. Such help requires applying for on a regular three or six month basis.


In a rather large nutshell, Margaret, that is how I manage. And, I watch a couple of wonderful Youtubers, like yourself, who inspire me, and add peace to my life.

[CathyLaws-zetj]

This topic resonates with me. I am retired after working all my life but after a vicious divorce I am without assets. So I started over and live in a tiny home. This lifestyle is not what I have had and worked for but its my reality. I do have a fixed income and shop frugally. I don't know any other solution. I don't buy luxury anything, and no nice vacations. I won't be taking a cruise or anything similar. I am trying to be content and at peace. I don't compare myself to other people, avoid the news and most social media. Life in America is very difficult for those of us without financial assets. Its the bottom line here. Unfortunately.

[funwithFred]

I am 67 on disability with PTSD, able to work 20-25 hrs a week, homeless. No safe affordable housing for JUST women, no drug/alcohol problems, had have much to give, with no safe affordable housing to live. If you don't have family willing or able to help, you're screwed.