Many of us live paycheck to paycheck. Once I retired, I found myself having to manage on about half of what I was making while I was working. What a shock to the system that was! I am the one responsible for paying my bills and making sure they are paid on time. Like many of us, I’m finding that it is not always easy when your primary source of income is Social Security.
Retirement can bring relief in some ways, but it can also bring new money worries. My income is more fixed now. That means I have less room to make mistakes. I have to be more careful about when money comes in and when it goes out. Even small late fees can make a tight month harder. That is why I have had to learn simple systems that help me stay on track.
In order to know that my bills are paid on time I use a “bill calendar.” This was something I learned through a program called “Your Money, Your Goals,” distributed by the Consumer Financial Credit Bureau, and it’s a tool I’ve come to rely on. The bill calendar is simply a calendar that lists the dates when each of my bills are due. Since paying them late results in a service charge being added on, it’s wise to pay them on time.
A bill calendar does not have to be fancy. It can be a paper calendar on the wall, a notebook, or a digital calendar on a phone if that is easier. The important thing is to write down the due date for each bill in one place. It helps to include the amount due too, if you know it. That way, I can see what is coming up before it surprises me. I can plan ahead instead of guessing.
I also use a budget sheet listing the specific bills I have to pay each month. It saves me a lot of worry about whether I’ve paid each bill or not. It’s not easy getting them all paid on time…and it’s not easy making sure I have the money on hand to pay them. I’ve found the best way to do that is to sit down first thing on the day my Social Security check is deposited and pay all of my major bills at once. Whatever is left over is money I can use for groceries, gas, entertainment, etc. I can’t tell you how much better it is to know that I won’t have creditors constantly phoning me to demand money.
This step takes discipline, but it also brings peace of mind. When I pay the major bills first, I know the basics are covered. Then I can look at what is left and make choices from there. That leftover money has to stretch until the next check. So I try to spend it carefully. I ask myself what I really need right away and what can wait. That keeps me from spending money twice in my head before it is even in my hand.
I try to set aside something for my saving account each month too, so I have a little extra to fall back on in emergency situations. I’ve had times in the past where I had to choose paying up front for an unexpected expense or having to charge it. It’s much better to pay it immediately as charging it means having interest added on.
Saving even a small amount can help. It does not have to be a big sum. The point is to build a cushion, little by little. A cushion can help with a car repair, a prescription, a special trip to the store, or another need that comes up without warning. When I can pay cash or use money I have already set aside, I avoid more debt and more worry. That makes a real difference when every dollar matters.
It can also help to look for ways to make the most of what you already have. I have learned to compare prices when I shop. I try to make a list before I go to the store so I do not buy extra things I do not need. I also check whether a bill can be paid online, by mail, or by phone in the easiest and least stressful way. Simple habits like these can save time and sometimes save money too.
I remember those days of being afraid to answer the phone because someone wanted money I didn’t have. I remember spending days worrying about whether I’d have the money to pay an important bill on time and what it would mean if I didn’t. Using the tricks and tools I learned from some basic budgeting classes, I no longer go through that stress. Yes, it’s still difficult learning to live on half of what my income was, but I know where I stand now and I’m comfortable knowing my bills are paid. Living on less may not be desirable but it is possible!
I also know that learning to manage money is easier when you do not have to figure it out alone. A class, a worksheet, or just talking things through with someone who understands can make a big difference. If you are trying to build a budget, keep up with bills, or find a system that works for your life, start with one small step. Make a list. Put due dates on a calendar. Write down what comes in and what goes out. Then review it often. Small steps can lead to better habits.
If you would like to learn more about creating a budget, and using tools like budget forms and bill calendars to manage your money, please contact Disability Network Lakeshore at 616-396-5326. DNL is a nonprofit Center for Independent Living serving people with disabilities in Ottawa and Allegan counties, and services are free.
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