Seniors living on a fixed income may find it difficult to deal with finances. And with the rising costs of food and other expenses, achieving financial stability may seem to be a far-fetched dream.

If you are a senior person living on a fixed income, you can't go on living waiting for your pension to settle bills every month. If you have a family, you need to think of them and if you don't, you have your own health to think of!

Here are a few tips that will help you achieve financial stability.

Create a Budget

Creating a budget is the first thing you need to do if you want to achieve financial stability. You need to know how much money is coming in and how much you are spending on a monthly basis.

Consider all your sources of income- payments from your part-time job, annuity, pension payments, Social Security check, etc. List all your monthly expenses next. Break down taxes and other annual or semi-annual bills into a monthly figure and note the figure under the expenses column.

Separate essential household expenses such as utility bills, mortgage payments, etc. from fast-food and entertainment bills. Once you determine the necessities, pay those bills first. Refrain from spending your monthly income on anything else until you've paid your electricity bill, mortgage or rent, health insurance, etc. Don't forget your prescription refills!

Spend Wisely

Whether you're out buying things from your 'essentials' list or indulging yourself, be smart about it.

Ask for generic medicines instead of brands; they are a lot cheaper. Your doctor might have free samples of certain medicines available, so be sure to check with him. Also ask your pharmacist if he can offer you senior citizen discounts.

Check at grocery stores and supermarkets for senior citizen discounts as well as special discounts. Sign up for free rewards programs and make good use of coupons. Make a list of items that you need to buy before hitting the store; you don't want to impulse buy.

Compare prices at different stores before buying groceries and other items. Try store brands instead of the big brands; the difference in prices will be high but the difference in quality will be as good as nil.

When it comes to buying fruits and vegetables, always buy seasonal produce. Not only will it be fresh, it will be cheaper too. Stick to buying frozen or canned versions of produce that you want but isn't in season.

When shopping online, be sure to check out the clearance or bargain section. You could land a great deal on some items. Remember to make use of promotional codes and coupons!

If you're planning to buy a power chair or a mobility scooter, always buy a quality product so that it can last you for years.

Additionally, if you’re planning to go on a vacation, make sure you plan a trip in the off-season. Everything from the tickets to the accommodation will be priced cheaper. If you love a little exercise, head to public parks and community centers. Sports enthusiasts can visit sports arenas that offer a discount to seniors.

Get Rid of All That's Unnecessary

If you don't have a mobile phone yet because you think you won't be comfortable using it, you need to think again. A mobile phone is convenient and if you buy one that's senior-friendly, you'll find that it's pretty easy to operate. You'll also be able to set reminders to take your medicines on time. So just ditch your land line and go mobile!

If you already are mobile phone-savvy, you may want to re-consider your plan. Perhaps you don't need the old mobile plan now. Switch to a pay-as-you-go plan or a family plan.

Also consider if you need cable TV. You could easily spend over a thousand dollars for the same! Hulu Plus, Amazon, and Netflix are better and cheaper alternatives. You could also become a member at the local library and bring home DVDs that you find interesting. And yes, you could bring books to read too!

Say No to Debt

If you already owe a huge sum, aim to pay it down as soon as possible. You may need to make sacrifices for the same- perhaps you'll have to forget about that week-long vacation you were planning or see if you can generate an income by working part-time.

Also avoid taking new loans and choose to save up enough money to buy things you want. For example, if you’re having some trouble sitting down and getting up, and want to buy a Pride lift chair, just wait until you’ve got enough dough to buy it.

On the other hand, if you need to finance something huge, like a car, it might not be possible to save enough money quickly. In such a case, strive to save as much as possible for the down payment. Going for a shorter repayment term will also help you get rid of the debt faster.


Improving your financial status can seem to be unachievable if whatever income you receive is spent on paying pills. However, it is important to put aside something for a rainy day. You never know when unforeseen expenses may crop up.

With the tips mentioned here, it’s easy to see that financial stability can become a reality. Just follow the tips and you are sure to save money and set off on the road to financial stability!

Author's Bio: 

Julie Howard is a freelance health, mobility and business writer from Hudson, FL. Besides writing, she also enjoy shopping, photography and traveling.