3 Tips to Make Your Fixed Income Last

Whether you’re a senior enjoying your golden years or someone living on a set income, making the most of your finances is an important skill. The key to feeling secure and empowered is stretching your fixed income to cover your needs and even some of your wants. 

So here are 3 helpful tips to start. 

Downsize Living Expenses

Reducing living expenses is key for stretching your fixed income because housing costs can really eat up a big chunk of your budget. Chances are by downsizing, you can free up more cash for other important stuff.


  • Take a good look at where you’re living now and ask yourself if it’s too much for your needs. Maybe you’re in a place that’s way bigger (and pricier) than you need.
  • Look around for neighborhoods or towns where living costs are lower. You might find spots with cheaper rent, property taxes, and utility bills.
  • If you’re living alone, consider teaming up with a roommate or family member to split the costs. And it’s not just about saving money; it can be nice to have someone around, too.
  • Clear out the clutter and sell off things you don’t need anymore. Use the cash to cover moving expenses or beef up your savings.

Optimize Healthcare Costs

Healthcare expenses can be a real drain on your fixed income, especially as you get older and need more medical care. Getting smart about healthcare costs means you can get the care you need without blowing your budget.

You want to:

  • Take advantage of the things your insurance covers for free, like check-ups and screenings. Catching health issues early can save you a ton in the long run.
  • Look into discount programs for your meds. 
  • Check out government assistance programs. They can help take the edge off your healthcare costs if you’re on a tight budget.

Use Community Resources

Community resources can be a lifesaver when you’re on a fixed income, offering up all sorts of help and support to keep you going without breaking the bank.


  • Look into local resources like food banks, senior centers, and transportation services. They often have free or discounted stuff that can make a big difference.
  • Check out what your community has going on, whether it’s free meals, exercise classes, or workshops. You might find something you love that doesn’t cost a dime. Plus, some places offer discounts or vouchers in exchange for a bit of your time. It’s a win-win—you help out and get a little something in return.
  • Reach out to your neighbors, friends, or local groups to swap tips and support each other. You might learn about resources you never knew existed.

By following these tips, you can extend the reach of your fixed income and approach the future with greater financial peace of mind.