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Tips for stretching your budget during inflation
Those of us living on fixed incomes really feel the bite inflation takes out of our wallets. Here are some maybe not-so-obvious tips to help beat inflation and maybe even improve our lifestyle.
1. Make a monthly budget
This is the most important thing you can do. A monthly budget is (surprisingly) something many people fail to do whether they are on a fixed income or not. Be very detailed about what you are currently spending, including utilities, rent, mortgage, groceries, and all other household expenses. Include what you spend monthly to fill your gas tank, order take-out, and even your daily coffee. And don’t forget what you’re paying for ALL your cable TV and streaming services, your mobile charges, and digital apps.
2. Decide what you can live without
Now that you know what you are spending, you might be surprised to find what you are not really using. Decide what you can easily live without and cut it out of your budget.
3. Choose alternate entertainment
It’s surprising how much we tend to spend on entertainment, including cable TV, streaming services, shopping, and dining at restaurants. Consider reading more and socializing with friends on walks or over coffee instead of over restaurant meals.
4. Trade Down
If you have been holding onto a large home now is the time to consider if the pressure on your lifestyle is worth the cost. Housing prices are still robust in many places, so you might improve your income and lifestyle by downsizing now rather than later. And if you own a large car, consider trading in that gas guzzler for a small hybrid car of an older year. You might be shocked at how much a hybrid will save on fill-ups.
5. Stay healthy
If you have been meaning to diet and exercise now is a great time to start. You’ll save on groceries and spend more time taking care of yourself instead of spending on entertainment and eating out. And as we all know, being ill can be expensive in uncovered healthcare costs.
Get to know Visiting Nurse Association of Northern New Jersey (VNA) now, and all the home health services available to you and your loved ones, before you have a health emergency. We are proud to be the longest-serving VNA in the state of New Jersey, so we know a thing or two about helping seniors.
The Visiting Nurse Association of Northern New Jersey (VNA) is a leading provider of comprehensive home health care services in Morris, Hunterdon, Sussex, Warren, Somerset, and Passaic Counties in Northern New Jersey. Established in 1898, generations have known that just one call to VNA opens the door to quality, patient-centered home health care solutions that allow patients to remain in the comfort of their homes with dignity, health, and independence.
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