[Debbie]

.. I love to spend, and I need to save and only spend on necessities. I am 63, and renting a room. I will be applying for survivor security benefits next month and work part time. Once it all is processed and I start receiving it, I want to be mostly out of debt and buy a home.

So, I am looking forward to your wonderful wisdom!

[Candye]

If you’re 63 and a widow you can get retirement benefits from Social Security on yourself or draw your late husbands.

[Emily]

Good luck 🍀

When you consider a home to purchase, add up taxes and home owners insurance, closing costs, home owners association fees, etc. then realize you must have a savings account so when something needs repaired or replaced.

(Big things like roof or HVAC as well as appliances, windows, & doors you are able to pay and NOT go into debt.

Also, is there yard maintenance that you can do or will need to pay for is an expense and needs maintained.

If it’s a wooden house, it will need repainted periodically. Owning a home is not like paying rent.

[Evelyn]

I have found it helpful to keep a log of ALL the things I buy and expenses I have each and every day. That shows were money goes and spending/buying trends over weeks and months.

[Lynn]

Don’t eat out unless the meal is enough for leftovers and not expensive.

[Barbara]

Pay yourself first even if it may be $5 into savings. Also, only spending on necessities is not sustainable. Even if it’s that same $5 to save toward something extra, do it! I buy extra groceries etc on holidays to make a frugal holiday feel special.

[Margie]

What do you love to spend on, and why?

Once you answer that (to yourself) you will be able to move forward.

I wonder whether you have a budget? It is a good place to start. Write down how much money comes in on one side. Then record every receipt, cash withdrawal, online purchase for the month. Take one away from the other, and allocate that amount to savings.

Each month thereafter, do your best to reduce the spend column, and increase the saving column. Celebrate the growth of the savings.

Incorporate the excellent ideas given here and you are well on your way!

[Author]

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