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How to Stretch a Fixed Income: 3 Practical Tips

Track your spending to catch forgotten charges, ask for the senior discounts you've earned, and check for benefit programs you may qualify for. Three practical ways to make a fixed income go further. This is general information, not financial advice.

What you'll learn

  1. Track the basics. One. Track where your money goes for one month. Write down every bill and purchase. Most people find a few recurring charges they forgot, like unused subscriptions or services. Canceling those frees up cash without changing how you actually live.
  2. Ask for discounts. Two. Ask for the discounts you have earned. Many stores, pharmacies, restaurants, and transit systems offer senior rates, but you have to ask. Call your phone, internet, and insurance providers once a year too, and ask plainly if there is a lower plan.
  3. Check for benefits. Three. Check for benefits you may be missing. Programs help with food, energy bills, and prescription costs, and many older adults who qualify never sign up. A free tool called BenefitsCheckUp can show what you might receive based on your situation.

Full transcript

One, track where your money goes for one month. Write down every bill and purchase. Most people find a few recurring charges they forgot, like unused subscriptions or services. Cancelling those frees up cash without changing how you actually live. Two, ask for the discounts you have earned. Many stores, pharmacies, restaurants, and transit systems offer senior rates, but you have to ask. Call your phone, internet, and insurance providers once a year, too, and ask plainly if there is a lower plan. Three, check for benefits you may be missing. Programs help with food, energy bills, and prescription costs, and many older adults who qualify never sign up. A free tool called Benefits Checkup can show what you might receive based on your situation.

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