How can I save on a fixed income and disability?

The key to saving is quite simply, to spend less than you make. This works for all incomes, whether it’s from a job, retirement, or government benefits like disability.

If you are spending everything that you have each month, then consider checking your spending for a leak in your wallet. When I say “leak,” I mean those little things you occasionally buy, that you justify because “it’s just a few bucks.”

Start by going to your bank account and get a 30-day history. Every time money came out of your account, put it under its specific category. You will have food, eating out, and gas, just to name a few. Once you have done this for the entire 30 days, add up each category. Is there one that surprised you? Does your spending match what is on your budget sheet?

If not, you have some changes to make. But now that you know where your leak is, you can fix it. Instead of buying a coffee every day, make your own. Maybe you could set up a car pool if your gas is more than you thought. Is the eating out category too high? Make more meals at home. Whatever your leak is, start to make changes to plug it, and start putting the extra money into your savings.

Even if its only $5 a week, that $5 will make a difference. Before you know it, that small savings will grow to be $100, and then $200. Every time you spend money, ask yourself, “Is this necessary or could I be putting this money into my savings account?” Those little savings will add up just as quickly as those little purchases will. The difference is, one works for you and one works against you.